We are a new board and would like advice on how to select our professional advisers: auditors, engineers, investment advisor, management and lawyers. Can you help us?
Q. We are a new board and would like advice on how to select our professional advisers: auditors, engineers, investment advisor, management and lawyers. Can you help us?
A. Condominiums are unique organizations. Probably the most important criteria is that the professionals you choose have experience with and expertise in condominiums. Among other issues, auditors have to be conversant with the accounting differences in condominiums, engineers with the requirements for reserve fund studies, investment advisors with the appropriate investments, management with many, many special requirements of condominium operations and lawyers with all the myriad problems of condominiums and their possible solutions.
Second in importance in our view is that advisors must be able to communicate clearly. All professionals must avoid jargon and communicate in everyday language so that the Directors and unit owners understand what the costs are to operate their community and the problems and challenges the condominium faces. This is most important for management who has the biggest communication need as they have to communicate the myriad of issues that are involved in the operation of both the building and its relationship with owners, residents and suppliers.
Experienced professionals who communicate clearly will more than pay their way. They will be able to identify problems early and suggest cost-effective solutions so that the overall costs of operations are minimized. And they will be able to communicate those benefits to the Directors and unit owners.
Hope this helps you and answers your question. However, the best investment your board can make is to hire the best professional management company available. One that has been in business a long time and has the network of professionals that are experts in the fields you mentioned. A company that is a member of CAI (Community Association Institute) has (on staff) certified property managers (CPMs) and a general contractor and are experienced in setting budgets to maintain and enhance your home, increase each owners equity and provide quiet enjoyment for all residents. Check our website at www.wemanageproperty.com. You can also contact “Ask the C.P.M” Tom Loegering at 623-374-2430 or email Tom at tomsr@vel.net.
