The board of directors and property Manager act in a partnership. Each one has its strengths, that together work towards being a successful team. When hiring a Property management company, it is important to define what services are being provided.
Board members are responsible for making choices that are in the best interest of the community. The board of directors are the decision makers voted on by condo owners in the building. This includes decisions on condo finances, maintenance and making sure all relevant documents are easily accessible to owners in the building. The board sets policies and regulations, while the management company enforces them. Elected offices of a condo board include president, vice president, secretary, and treasure.
The property managers are the face of the building and take care of the day to day operations of the community. They ensure all systems are in working order and property maintenance is held to a high standard. They also manage bookkeeping, common element fee payments, supervise any onsite staff and owner communication. Additionally, management companies help boards plan for future maintenance, prospect and qualify vendors and seek bids for contracts. Good property managers are in contact with owners constantly and respond quickly to all inquiries.
Below is an in-depth list of responsibilities and who would normally be responsible for each task.