As a member of the Condo board of directors, ensuring that the condo management company you have hired is delivering top-notch services is crucial for the overall satisfaction of residents and the smooth running of operations. Evaluating the performance of your condo management company is an essential task that requires a thoughtful approach. To help you navigate this process effectively, here are the top 5 ways to evaluate the service provided by your condo management company:
1. Communication Efficiency
Effective communication is the cornerstone of a successful relationship between the condo board of directors and the management company. Evaluate the communication channels used by the management company. Are they responsive to queries and concerns? Do they provide regular updates on property maintenance, financial reports, and upcoming projects? Assess the clarity and transparency of communication to ensure that all stakeholders are informed and engaged.
2. Property Maintenance Standards
Maintaining the property in top condition is a key responsibility of any condo management company. Conduct regular inspections of common areas, landscaping, and building infrastructure to assess the maintenance standards. Are repairs and maintenance tasks promptly addressed? Is the property clean, well-maintained, and aesthetically pleasing? Evaluate the overall upkeep of the property to determine if the management company is meeting the agreed-upon standards.
3. Financial Management Practices
Sound financial management is vital for the financial stability of the condominium association. Review financial reports, budgets, and expenditure records provided by your management company. Are financial transactions accurately recorded and transparent? Are budgets effectively managed to ensure fiscal responsibility? Assess the financial management practices to ensure that the association's funds are being managed judiciously.
4. Resident Services and Satisfaction
The satisfaction of residents is a key indicator of the performance of the condo management company. Gather feedback from residents through surveys or town hall meetings to assess their satisfaction levels. Are resident inquiries and complaints handled promptly and professionally? Are amenities and services meeting the needs and expectations of residents? Evaluate resident services and satisfaction to gauge the overall performance of the management company.
5. Compliance with Regulations and Best Practices
Condominium management companies are required to comply with relevant regulations and best practices in the industry. Verify that the management company is adhering to all legal requirements, such as insurance coverage, safety regulations, and adherence to condominium bylaws. Evaluate if the management company follows industry best practices in areas such as governance, risk management, and environmental sustainability. Compliance with regulations and best practices is essential for the smooth operation of the condominium association.
What if they check the boxes, but something still feels off?
If your condo management company is doing a decent job at all the elements listed above but you still aren't feeling satisfied, it may be a mis-alignment of values. Hiring a management company that prides themselves on being "old-school", who still keeps paper copies of documents and isn't open to adapting technology that improves processes would be completely mis-aligned with a progressive condo board that values the use of technology. Onyx has 4 key values that help condo boards know if we would be the right fit for them: We believe in empowering our property managers and supporting work/life balance, we embrace digital tools and technology and have a commitment to environmental awareness.
Evaluating the service provided by your condo management company is a critical task that requires a comprehensive assessment of various factors. By focusing on communication efficiency, property maintenance standards, financial management practices, resident services and satisfaction, and compliance with regulations and best practices, the condo board of directors can ensure that the management company is delivering high-quality services that align with the association's goals and objectives. Conducting regular evaluations using these five key criteria will help maintain a positive and productive relationship with your condo management company.
We have created a FREE Report Card tool for you to use so you can evaluate the condominium management company you currently work with. You can get it here.
Contribution made by Jenn Bowdring
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