Operating a condominium corporation takes a lot of work. Being a Condo Board Director, an entirely volunteer-based position, can be a very time-consuming and stressful role, especially for those who also have busy full-time jobs. Depending on the board you join, your time commitment may be more or less, as some boards have more experience and may be more efficient than others.
As a board member, you are already committing many hours of your free time towards attending board meetings, and all of the dealings associated with ensuring that your corporation is managed smoothly and efficiently. Therefore, hiring an experienced property manager to help you oversee the extensive responsibilities associated with running a condominium corporation will not only make you a reliable board director, but award you many payoffs as well. Here are the top three benefits for you and your corporation:
Free Time
Choosing the right property manager will help free up more of your time so that you can prioritize your personal interests. You will no longer need to worry about various day-to-day requirements like resolving maintenance issues, building repairs, negotiating contracts on behalf of the corporation and managing numerous on-site and off-site suppliers.
Alleviate Stress
A knowledgeable property manager will help take some of the burden off the Board of Directors leading them to make the best possible decisions in the interest of the corporation. They will not only handle all of the necessary aspects that ensure your building runs as proficiently as possible, but also act as a buffer between you and your residents, responding to all of their inquiries and demands in a timely and satisfactory fashion.
Legal and Financial Guidance
Property managers are professionally licensed and trained to navigate through potential legal issues. Regulation and legal compliance will help you avoid possible lawsuits, saving your corporation an exorbitant amount of money. In addition, property managers are accountable for keeping detailed financial records of all expenses as well as income that is generated by the corporation. Their financial expertise will ensure that you achieve a successfully balanced budget, earning the trust of your fellow condo owners by granting them the security of having elected responsible board members who are committed to protecting their investment growth.
The support of a professional property manager is essential to further ease many of your responsibilities associated with managing your property and help you run a thriving condominium corporation.
