Hiring a manager can be beneficial if you live somewhere else or don’t want to deal with the hassles of condominium ownership. However, it is imperative that you choose a management company in Chicago that understands condo association needs because you want to be successful and want the community to be happy. Choosing to be your own manager can work if the community is small, but you may have a full-time job elsewhere. Therefore, a manager can be helpful, especially when you consider all that they can do.
What They Can Handle
Of course, every condo association management company in Chicago is different, so you should find out more about their particular services. However, they will likely collect monthly dues, handle assessments, determine late fees, talk to delinquent homeowners, and provide you with monthly financial statements. They may also help to establish rules and procedures to handle daily operating needs, as well as ensuring that all the bills are paid on time and documented. You can also use them to establish or help prepare the annual budget, supervise all maintenance and repair needs, and more.
A condo association management firm in Chicago will have the training necessary to know what to do and how to do it. They are likely to have some legal expertise, as well. However, don’t focus primarily on their education because you also want someone who’s worked in the industry before and has hands-on experience, as well.
Work Well Together
The manager you choose will likely talk directly to you and the board of directors. Therefore, you must all work together to be fair and concise. They can help you develop procedures to handle concerns for the homeowners, but should also work with the board to make sure everyone is satisfied or that compromises are fair for everyone.