There are hundreds of condominium management companies not just throughout the state of Texas, but nationwide. The difference is, when it comes to condominium management companies there are really two types:
- The kind that will do the basics for day to day operation, or as I like to say whatever is easiest, just enough to get by.
- Then there is comprehensive condominium management with a firm that is partnering with you for success. They do it all: financial management, risk management, capital investment planning, facility management and best of all, they do it tailored to your particular property.
Condominium management-evolution and impact
Wait, you’ve never heard of a firm like the second one? Well, things have evolved in the condominium management arena and when you consider the integration of all of these things it only makes sense to have one condominium management company that offers the whole package. Each of these areas adds value to your daily living experience and your overall investment.
- Financial Management-When a complete financial plan is followed, there is an adequate reserve fund in place. Monthly homeowner’s payments are current and maintained. The result, fewer surprise assessments, adequate funding and higher resale value because a potential buyer sees a fiscally responsible property with engaged condominium management.
- Risk Management-Risk unmanaged and unidentified, financial or physical has the potential for disaster not just at the association level, but at the owners’ level as well. It’s more than identifying it, you have to manage it and know how to mitigate the effect. This takes the skill of an advanced condominium management group. Your reward as an owner is peace of mind and an exceptional living environment.
- Capital Investment Planning-Texas weather is brutal in summer, triple digit heat with unbelievable humidity; not a time for the chiller to need replacement. Not a time for multiple days without air conditioning, long wait times for service and equipment and a lack of funding, resulting in an enormous assessment for a major component. Condominium management that includes a five-year plan for critical systems with a detailed cost analysis and timeline alleviates this issue.
- Facility Management-Day to day facility management means attractive and non-damaging landscaping, little problems like dripping faucets repaired before they become big cost, a pool/hot tub that is clean and sanitary, security to insure your safety and a condominium management company that WILL pick up the phone 24/7 to address your issues. As a past facility manager I tell people, it you don’t see us out there putting out fires, then we are doing our job and doing it exceptionally well.
Where do you find comprehensive condominium management?
Times have changed and we all want to streamline and simplify things without sacrificing quality or service. This is the concept behind comprehensive condominium management, one company, insuring you are covered fiscally, environmentally and physically every day. In Texas, Rise Association Management Group is a great place to start exploring this comprehensive approach to condominium finance management.