Self-managed condominiums are a puzzle to many, especially considering that one major driving force for purchasing a condominium is to offload countless common home ownership responsibilities to someone else. A community that assumes the supervision and administration of their condominium without an outside property management firm is viewed as counter to the purpose of buying a condominium.
Additionally, more often than not the self-management cons can outweigh the pros, especially considering an increasingly time-drained society and chance of heightened conflicts among owners-turned-managers.
It’s a wonder that any community is willing to take on self-management. However, some condominiums are finding this alternative a viable and beneficial option to the more traditional management arrangement. In the process, they are saving money andbuilding a stronger community base.
Deciding if self-management is rightfor a community is no easy task and entails a fair amount of exploration to determine if the community would make a good candidate for such an endeavor. To create and sustain a successful self-managed condo it takes a certain owner, property and community “profile.”
Time vs. Expertise
When it comes to self-management, time and expertise are not mutually exclusive. However, when evaluating if your condo would make a good candidate for self-management, common sense dictates first and foremost to examine the knowledgeable business-oriented individuals in a community that would be available to oversee the self-managing responsibilities. “More than anything else, self-management is more about who makes up the boardand oversees the process,” explains Thomas D. Rich, CPA, who has an accounting and management services firm in Stratford, Connecticut, and whose clients include several self-managed condominiums. “It is important that there is the expertise.”