The old adage “you get what you pay for” can too often be true in the negative sense and worse, you may even be paying far too much when you don’t pay for what you need. It’s a complex matter that involves not knowing what you don’t know and one which fortunately, has some acceptable options.
This question involves the decision to be self-managed or to engage a professional condominium manager. Generally, we see this reserved more and more, for smaller properties with limited budgets; but even so, this requires a very careful look at what’s at stake. There is always danger when you aren’t aware of what you don’t know. If you think you know what you’re doing, please be sure you have Errors and Omissions coverage and that your Director’s and Officer’s insurance is up to date.
Two main influences are becoming more common: first, many of the retired residents in condominiums are moving to other accommodations and second, more households need to have more than one income; both situations result in fewer people who perhaps had the time to look after administering the property in years past. So with fewer people and less time, many necessary issues are not attended to, or worse are being done incorrectly.
