Do Condo Associations Need A Property Mgmt Company
Q: My husband and I are buying a condo. Will there be a property management company to do the work? Cassandra, Jersey City, NJ
A: The owners of a condominium through their condominium association can elect to hire a property management company to manage all or some of the affairs of a condominium’s building(s) and/or common areas. The owners of a condominium can also choose to self-manage the affairs of a condominium’s building(s) and/or its common areas. Smaller condo complexes with not many individual units and owners are better suited for self-management than complexes with many units and owners. Bigger condo complexes are more complicated to run and often have more moving parts and expenses to manage like cleaning, maintenance and elevator servicing and repair. Hiring a property management company will ultimately cost the individual condo owners more money than self-managing will but it may be necessary if the owners don’t actually live in the complex or just don’t want to take on the management responsibility. Thanks for your question, Cassandra.
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