Anyone using professional condo property management for their building?
Hi all, our 80-unit condo has been mostly self-managed up until now, but with more owners renting out units and increasing turnover, things are getting messy. Maintenance delays, uneven fee collection, constant vendor haggling, and endless emails about rules or repairs are wearing everyone down. The board is seriously looking at hiring a full-service management company to handle the operational side. For those who’ve made the switch to condo property management, how much did it change things day-to-day? Do they actually reduce stress for the board and improve responsiveness for owners? What’s a realistic monthly cost range for a building our size, and any red flags to watch for when picking a company?
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We went through the same thing in our 75-unit building a couple of years back and decided to bring in professionals. It took some getting used to at first, but it’s been a net positive. They handle collecting assessments (including sending reminders and following up on delinquents), coordinating all maintenance and repairs (big and small), managing vendor contracts, preparing monthly financials for the board, enforcing bylaws/CC&Rs, dealing with owner requests/complaints, and even helping run elections and annual meetings. It’s freed up board members’ time a lot and things feel more organized and consistent. Cost-wise, for our size it runs roughly $25–$40 per unit per month depending on the scope, which isn’t cheap but it’s offset by fewer headaches and better compliance. When shopping around, ask for recent references from similar-sized condos and check how long their on-site managers stay (high turnover can be an issue). I got some helpful comparison info and service breakdowns from City Towers here condo property management Their site lists what’s typically included and has a contact form if you want to get a quote tailored to your building.