CONDOMINIUM & HOA PROPERTY MANAGEMENT

Ownership of real estate and more specifically homeownership represents one of the largest financial transactions most people will encounter in their lives.  Ownership also comes with a variety of responsibilities from administration of loans to maintenance and repair.  Even with these obligations for the owner, the ownership of real estate is typically viewed as a strong investment and brings with it many additional benefits like financial returns, tax benefits, and quality of life.  The conversation of homeownership typically focuses on single-family homes without mention of other homeownership options like condominiums/ HOA’s.  It’s worth noting that condominiums/ HOA’s are a very popular ownership option, as the ownership agreement typically includes the sharing of expenses related to the physical structure and/or common areas in a building with the owners responsible for their specific unit or home.

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Professional Condo & HOA Management Company

It’s very common for the condominium owners to work with a professional condominium property management company.  This is in large part due to the often overwhelming realities of managing condominiums & HOA’s which include the areas owned “in-common” as well as an individuals’ unit.  The tasks and responsibilities associated with management are often beyond the abilities of the homeowners themselves, making the value of a property manager easy to establish.  In most instances, an association made up of homeowners is established to manage the property on behalf of all owners and effectively distribute the responsibilities of management and ensure representation of the larger group in all management matters.  However, these associations are made up of owners, and often lack the skills and experience necessary.  A few of the most common areas where homeowners experience problems with the management of their condominium include:

Administrative responsibilities

Among the many responsibilities of a condominium/ HOA ownership group, conducting meetings, taking votes, managing sales and purchases, and enforcing guidelines can quickly become overwhelming.  A single point of contact is ideal and condominium/ HOA property management companies provide that individual.  A property manager will coordinate all of these items, document and keep records, and provide a sense of order to all administrative aspects of condo management.  This alone can be of significant value to homeowners.

Experience

A reputable condominium/ HOA property management company (like Ciminelli) will attract the best property managers in the area.  These individuals will have the experience and skills to navigate complex issues, provide direction, and establish order in the most challenging situations.  Employing a professional with the insights that come from managing dozens of properties can save homeowners time and money almost immediately.  Most homeowners just don’t have the amount of exposure to various management issues to be able to manage the responsibility and predict the outcomes their decisions will have long term.  An experienced property manager will do just that.

Oversight of contractors/service providers

Managing contractors responsible for landscaping, snow removal, trash removal, elevator service, heating and cooling can be a full-time job.  Not to mention the time involved to find reputable contractors in each of these areas.  Property management professionals will likely have a list of preferred vendors, an established procurement process to get pricing and maintain value, and the ability to oversee work and manage the process to achieve the desired result.  Contractor and vendor management requires time and experience.

Utilizing the services of a property management professional, such as Ciminelli Real Estate Corporation, to take on these tasks and countless others can help create a great deal of value for homeowners in both time and money, but it goes without saying that the greatest value comes from maintaining or increasing the value of your home under professional management. Properly managed real estate provides excellent returns for owners over time, and engaging with a skilled property management professional to partner on the management of your condominium/ HOA ensures a positive outcome.

Rely on Ciminelli today for the professional condominium/ HOA property management services that will help to bring value to you and your tenants.

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“The Ciminelli maintenance team is very respectful. We come first, which is huge. They’ve always done things timely, never waiting 2 or 3 weeks to complete maintenance requests, they are typically taken care of the day the request is submitted.”

Stephen T.,
Resident at The Sinclair

“The Mentholatum stood out quite dramatically because of the type of construction, the views, the big windows. We’ve enjoyed the personnel, they are very helpful.”

Bonnie S.,
Resident at The Mentholatum

“Our board sat down with Ciminelli’s prospective new managers and were really impressed with the depth and breadth of services offered… the board is very confident we are not only improving our existence at Parkway, but we’re also saving money”

Craig A.,
Member Board of Managers, The Parkway Condominium

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