realtyreport
What's Your Style?
A condo's management can make or break your enjoyment of life. So before you buy a condo, be sure you learn about and are comfortable with its management style.
Mid-size and large condos tend to be professionally managed, meaning that day-to-day operations are contracted out to a property management company appointed and overseen by the condo's Board of Directors. Such operations include things like paying bills, collecting residents' monthly dues, arranging meetings, landscaping, trash and snow removal, and building maintenance.
Small condos, on the other hand, tend to be self-managed, whether because self-managing is more cost-effective or the condo doesn't have the resources to hire a property management company (as well, some companies don't offer their services to condos with too few units). Under this management style, the condo's daily operations are carried out by its Board of Directors and, in some cases, unit owners acting as volunteers.
Some buyers prefer self-managed condos because they like the hands-on management style and intimate feel of smaller communities - plus, monthly fees are often lower in self-managed condos. Conversely, other buyers, especially those who plan to be absentee owners, think that self-management is antithetical to the reason they're purchasing a condo in the first place, which is to have someone else do all the work.
Which style is right for you? Your choice can have an impact on your monthly condo fees and the level of involvement you have in the daily operation of the condo - not to mention your happiness - so be sure to discuss your options with a real estate sales representative in order to make the decision that best suits your needs.
