Do you know the true cost of your Condo/HOA manager?

By
Managing Real Estate Broker with Full Circle Property Management

So every condo/HOA manager charges to manage your Association, but do you know what they really charge and how they get paid?

 

On the surface it seems pretty straight-forward, they present your Association with a contract and the price is usually so much per unit managed per month. Or maybe just a flat monthly fee? Either way it looks pretty simple-right? But what about the hidden costs-or did you know about that?

Some common costs and fees levied on owners or Associations are:

  • Late Fees for late dues payments- Where do these go? Does the association get the money, or a percentage of it, or none of it?
  • Fees for violations-how about these? Does the manager pocket this, or a part of this, and generate lots of violations for extra income?
  • Fees for modifications? Does it cost your owners to apply to plant a tree or paint their shutters? Really? Where does that go?
  • Inspections? Do they send their team to do monthly inspections and charge for that?
  • Mailing notices? Whats the cost for that and who gets that money?

 

We provide management with no hidden costs, so we do not burden your owners with fees and expenses. We may be a few pennies higher than some of the low cost managers, but we save you and your owners hundreds of dollars per month in hidden fees....something to ask about!

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Topic:
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Tags:
condo management
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Rainmaker
4,149,497
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I hope local condo boards will read this and hire you to be their property manager.

Jan 25, 2017 04:31 AM #1
Rainmaker
4,433,091
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Good morning Dennis.  Many HOA and Condo managers are getting quite creative with their costs.

Jan 26, 2017 05:23 AM #2
Rainmaker
2,949,274
Michael Jacobs
Coldwell Banker Residential Brokerage - Pasadena, CA
Los Angeles Pasadena Area Real Estate 818.516.4393

Hi Dennis -- I like the format of this post.  It's very straight forward and definitely provides food for thought for a board to consider when reviewing different management companies.   

Jan 30, 2017 06:16 AM #3
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Rainmaker
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Dennis Swartz

MBA, GRI...experience counts!
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