It is getting more difficult to get volunteers for filling in the 5 seats on the condo board. We have 4 buildings, 30 units per building, a 55+ community. What would it cost us to hire a firm to take over as condo board members?
Unfortunately property managers will not take over as the Condo Association Trustees or Condo Board Members. Property Managersv work with the condo board to make their job easier and less burdensome.
The condo board will still be the decision makers and responsible parties to insure that the Condo Association or HOA is run properly. Property Managers or Condo Association Management should do the leg work and provide information to the Condo Board for decisions. Once a decision is made, the property manager will implement and carry out the decision.
Property Management Fees are typically based on a perceived amount of work that will be necessary on the part of the property management company to run the condo association or HOA. In many cases property management fees are referred to on a per door basis. You will find that prices can fluctuate greatly between many property managers based upon their experience and level of services provided. Condo associations and condo boards should always interview several companies.
The best way to find property managers is to speak with friends in other condo associations that are happy with their current property management company. Your current attorney may have suggestions for you as well. Since the question was how much it should cost, a range of pricing for your association would be between $25.00 per unit and $35.00 per unit; however this may change based upon conversations with condo association management regarding your expectations.