Are you struggling to keep up with the demands of day-to-day operations in your co-op, condo, or HOA because you are self-managing your community? If so, you may benefit from making the switch to professional property management. Below are ten reasons to make the change:
Follow Us on Social Media:
Who Should Consider Professional Property Management?
This article is for homeowners and shareholders (specifically board members), who are elected to facilitate the governance or management of their cooperative, condominium, or homeowner association.
Residential Property Management requires expertise in a wide range of areas. However, you and your fellow board members do not have to take on this task alone. Gain your sanity and free time back by hiring professionals that will help you tackle all aspects of management ranging from financial to physical operations.
10 Reasons to Switch from Self-Management to Professional Management
1. Reclaim Your Free Time
Balancing the responsibilities of managing a community with your personal obligations can become overwhelming quickly. For example, juggling everything from budget to communications can become a full-time (and unpaid) role when you are a board member in a self-managed community. Therefore, hiring a professional management company is prudent because it can help you regain your free time back. A team of professionals will guide and advise you through all aspects of management so that you can enjoy your home, life, and community.
2. Restore Your Privacy
Constant emails, calls, and knocks on your door from fellow residents can start to feel like an infringement on your privacy. However, a management company can serve as a buffer for resident inquiries and complaints. Establishing this new protocol will give you back your privacy and peace and quiet.
3. Emergency Assistance
Should an emergency arise, having a professional management team to rely on can be invaluable. For example, a property manager would assist with coordinating prompt communications, managing repairs, or insurance claims. A professional helping hand can help you navigate challenging (and sometimes stressful) situations effectively.
4. Streamline Financial Management
Reduce your personal workload significantly by outsourcing the “back office” tasks such as the financial management of your community. Residential property management companies have the tools and expertise to handle financial efficiently and transparently. Examples of services include dunning (generating late letters, violation letters, collections, and other fees), bill generation, invoice retrieval and remittance, budgeting, financial reporting, and more.
5. Let Management Play Bad Cop
Nobody likes to feel like public enemy #1 in their own community! Leaving tough tasks such as issuing violations and late letters to management allows you to maintain positive relationships with your neighbors, while ensuring that community rules are upheld.
6. Tap Into Industry Expertise for Day-To-Day and Long-Term Planning
By hiring a management company, you gain access to a network of industry experts who can provide guidance on various community issues. For example, a property management team can provide expertise and guidance in areas such as construction management, building maintenance and repairs, compliance, communication, and more.
7. Simplify Sales Processes
Professional management companies can assist with the gathering of sales application requirements, ownership changes, and closings, which will streamline the process for buyers, sellers, and board members within the community. For example, our sales department facilitates the application and interview process for many co-ops that we manage.
8. Gain a Neutral Team Member
It is no surprise that homeowners have a deeply personal financial, physical, and emotional investment to their homes. Therefore, tensions can sometimes arise on sensitive topics surrounding your co-op, condo, or HOA. Having a property manager involved in board meetings and community-related topics can help facilitate constructive discussions. Additionally, having a neutral party can help you mitigate conflicts among residents or board members.
9. Eliminate Staffing Hassles
If your community employs onsite staff, hiring a professional management company means you no longer must personally oversee payroll or performance. Thus, you and fellow board members can focus on the big picture when it comes to your community.
10. Go on Vacation. For Real!
If you handle everything in your community, then you might feel like it’s hard to step away from your role on the board. Don’t let community management become a barrier to spending time with your loved ones!
Let Einsidler Management, Inc. Sweat the Small Stuff
The benefits of making the switch to professional management far outweigh the fear of change. For example, you can gain free time and privacy back. Hire professional management to spend more time thinking about the big picture issues rather than getting caught up in the processes of a million tasks ranging from dunning to vendor payments.
At Einsidler Management, Inc., we’re committed to advocating for the best interests of your community while lightening your workload as an elected volunteer in your community. Contact us today to learn more about how we can help your community thrive while you get back your sanity and free time.
