Condo Media - November 2016 - 50
The Region
NEW HAMPSHIRE
The
Right Fit
Managing the
Process of Obtaining
Management
[by Gary M. Daddario, Esq., CCAL]
In this issue of Condo Media, our
attention turns to management.
Property managers play an integral role
in the operation of many associations.
They handle everything from day-today matters and investigation of routine
complaints to supervision of major
projects, insurance claims, and the
association's financial reports. Clearly,
having the right property manager can
be a matter of critical importance for
those associations relying on professional management. As a condominium
attorney, I write this month to provide
some guidance on the decision to retain
professional property management as
well as the process for doing so.
PROFESSIONAL MANAGEMENT
CONSIDERATIONS
First comes the initial question: is professional property management right
for our association? In many cases, the
response is a resounding "yes." Pardon
me while I channel Jeff Foxworthy,
but...if your association is large enough
to afford it, you might need professional property management. If your
association has many units in multiple
buildings, you might need professional
property management. If your association has large and/or complex grounds,
facilities or amenities, you might need
professional property management.
If your association's budget requires
significant time and attention for timely
and proper collection of assessments
and payment of bills, you might need
professional property management. If
your association is likely to need major
50
CONDOMEDIA
construction and/or renovation, repairs
or replacements in the near future,
you might need professional property
management. If the board wants the
rules enforced but wants to limit personal involvement in controversies with
neighbors, you might need professional
property management. I could go on,
but you get the idea. Many communities
will fall into one or more of the above
categories.
Next, if you have decided that professional property management is right for
your association, how do you go about
retaining the best management? For
many associations, the process begins
with a Request for Proposals ("RFP").
An RFP is a document prepared by the
association and provided to potential
management candidates for the collection of information. The benefits of
an RFP include the ability to set forth
questions that you create to gain the
information important to you. While
studying the marketing materials of
various companies might produce an
understanding of the differing qualities
and unique offerings of various management companies, an RFP allows for an
"apples-to-apples" comparison by collecting the responses to an identical set
of questions from each of your potential
candidates.
When drafting an RFP, use subquestions to collect specific data. For
example, asking "what is your monthly
management fee?" will obtain a dollar
figure. However, asking "what is your
monthly management fee?" and "do
you charge any additional fees for your
services?" and "please list all services resulting in an additional fee and the corresponding fees" will certainly produce for
you a better understanding of what your
actual monthly expenses will be with the
different management candidates.
COMPARING AND
EVALUATING CANDIDATES
When it comes to investigating potential candidates, do not "skimp" on your
homework. Obtain and compare the
specifics of each company's insurance.
In the event of a tragic incident, accident, or wrongdoing, this insurance
could be your safety net. Further, collect
multiple references and actually contact them. One tip for gaining balanced
Condo Media - November 2016
Table of Contents for the Digital Edition of Condo Media - November 2016
Table of Contents
Condo Media - November 2016 - Cover1
Condo Media - November 2016 - Cover2
Condo Media - November 2016 - Table of Contents
Condo Media - November 2016 - 2
Condo Media - November 2016 - 3
Condo Media - November 2016 - 4
Condo Media - November 2016 - 5
Condo Media - November 2016 - 6
Condo Media - November 2016 - 7
Condo Media - November 2016 - 8
Condo Media - November 2016 - 9
Condo Media - November 2016 - 10
Condo Media - November 2016 - 11
Condo Media - November 2016 - 12
Condo Media - November 2016 - 13
Condo Media - November 2016 - 14
Condo Media - November 2016 - 15
Condo Media - November 2016 - 16
Condo Media - November 2016 - 17
Condo Media - November 2016 - 18
Condo Media - November 2016 - 19
Condo Media - November 2016 - 20
Condo Media - November 2016 - 21
Condo Media - November 2016 - 22
Condo Media - November 2016 - 23
Condo Media - November 2016 - 24
Condo Media - November 2016 - 25
Condo Media - November 2016 - 26
Condo Media - November 2016 - 27
Condo Media - November 2016 - 28
Condo Media - November 2016 - 29
Condo Media - November 2016 - 30
Condo Media - November 2016 - 31
Condo Media - November 2016 - 32
Condo Media - November 2016 - 33
Condo Media - November 2016 - 34
Condo Media - November 2016 - 35
Condo Media - November 2016 - 36
Condo Media - November 2016 - 37
Condo Media - November 2016 - 38
Condo Media - November 2016 - 39
Condo Media - November 2016 - 40
Condo Media - November 2016 - 41
Condo Media - November 2016 - 42
Condo Media - November 2016 - 43
Condo Media - November 2016 - 44
Condo Media - November 2016 - 45
Condo Media - November 2016 - 46
Condo Media - November 2016 - 47
Condo Media - November 2016 - 48
Condo Media - November 2016 - 49
Condo Media - November 2016 - 50
Condo Media - November 2016 - 51
Condo Media - November 2016 - 52
Condo Media - November 2016 - 53
Condo Media - November 2016 - 54
Condo Media - November 2016 - 55
Condo Media - November 2016 - 56
Condo Media - November 2016 - 57
Condo Media - November 2016 - 58
Condo Media - November 2016 - 59
Condo Media - November 2016 - 60
Condo Media - November 2016 - 61
Condo Media - November 2016 - 62
Condo Media - November 2016 - 63
Condo Media - November 2016 - 64
Condo Media - November 2016 - 65
Condo Media - November 2016 - 66
Condo Media - November 2016 - 67
Condo Media - November 2016 - 68
Condo Media - November 2016 - 69
Condo Media - November 2016 - 70
Condo Media - November 2016 - 71
Condo Media - November 2016 - 72
Condo Media - November 2016 - Cover3
Condo Media - November 2016 - Cover4
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