Beware of Realtors doing double duty as property managers
While Realtors can do both, hiring one for both jobs can be problematic
Asking a set of five people to voluntarily handle the day-to-day of condominium duties can be a handful. On top of volunteers’ own families, parenthood, bills and jobs, these board members will be taking on all the responsibility of an entire building’s bills, common-area repairs and owner-to-owner complaints. While smaller condominium associations (25 units or less) can usually take on this task much easier than larger condominium associations, past board members all give each other the same knowing look once they’ve stepped down or been voted out: relief.
There are major perks to being on a condo board though. With an investment in the property, you’ll be one of the first to weigh in on major decisions about upgrades. You’ll get to know other unit owners (and tenants) that may have slipped under the radar. And it’s a beneficial time to network with new contractors should that common-area repair become a unit-only repair.
Still, whether you’re on a condominium board or not, as long as you own a unit on that property, you are part of the condo board association. And if the self-run condo board has a change of heart and wants to hire a property manager, the association should be comfortable with the final decision. Depending on your bylaws, it may be the condo board’s responsibility or the entire association’s responsibility to choose a property manager.
One of the first things an association should be aware of when filtering for a new property manager is how this company will benefit versus the board, specifically when it comes to cancellation rates and the role a Realtor plays.