The Road to Self-Management: Independence Has Its Pros and Cons
Management by definition is a process; a series of ongoing systems and controls put in place with a specific outcome in mind. The management needs and requirements of HOAs, co-ops and condominiums have helped define the overall property management industry. Most condominium, co-op, and HOA properties have a management company handling their day-to-day operations; regardless of size, most buildings have many similar overall management needs and requirements. Systems like operations, maintenance, finance, accounting, billing, collections, insurance, landscaping, contract negotiations, vendor selection and compliance with federal, state, and local laws, remains consistent regardless of a property’s size. With all the moving parts requiring 24/7 awareness, knowledge and experience why would any HOA, condo, or co-op even consider self-management? Read the article………….
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