Can A Property Management Firm Take Over Our Board?

Mortgage and Lending with CondoAssociation

It is getting more difficult to get volunteers for filling in the 5 seats as a trustee. We have 4 buildings, 30 units per building, a 55+ community. What would it cost us to hire a firm to take over as trustees?

Unfortunately management will not take over as the Trustees or Directors of the Association.  Management works with the Board of Directors to make their job easier and less burdensome. 

The directors will still be the decision makers and responsible parties to insure that the Condo Association or HOA is run properly.  Property or Association Management should do the leg work and provide information to the Board for decisions.  Once a decision is made, the property manager will implement and carry out the decision.  

Fees are typically based on a perceived amount of work that will be necessary on the part of the management company to run the condo association.  In many cases management fees are referred to on a per door basis.  You will find that prices can fluctuate greatly between many companies based upon their experience and level of services provided.  Condo association and HOA boards should always interview several companies. 

The best way to find companies is to speak with friends in other condo associations that are happy with their current management.  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 management regarding your expectations.


Comments (2)

Peg Gilliland
Charlottesville Solutions - Charlottesville, VA
Broker, GRI, CDPE

I see that you are new to Active Rain and I just wanted to welcome you. I hope that you enjoy it as much as I do and that you find it a great resource.

Aug 31, 2008 10:43 AM
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

Hi, Roger

       We invite you back to ActiveRain.  Log in, leave some comments, write a blog post!

Nov 18, 2017 07:10 PM