Striving to be the Best How Management Companies Stay Competative

 There certainly is no shortage of co-op and condo management companies in New  Jersey. And since there are hundreds of management companies vying for your  attention and your business regardless of the size of your condo or HOA, it can  be tough for them to set themselves apart from their competitors. Modern  management companies come in a variety of shapes and sizes, and offer  everything from the basics of accounting and project management to more  specialized services. There are plenty of differences from one management to  the next, so before randomly choosing one, it helps to do some homework  beforehand so that you can find the perfect fit for your community.  

 Hiring a Manager or Self-Managed?

 According to the Community Associations Institute (CAI), a nationwide  organization providing information, education and resources to community  associations, there are about 60,000 community association managers nationwide,  and there are 10,000 community association management companies. Only 15 or 25  percent of common interest communities—co-ops and condos—are self-managed and don’t employ an on-site manager or management company.  

 Therefore, it takes a lot for a management company to stand out in the crowd.  Some attempt to do so by marketing themselves as 'boutique' firms specializing  in a certain type of building or level of service; others go broad, offering  everything from day-to-day administration to capital project management. Still  others focus on bigger building complexes, which inevitably need more services  than smaller communities.  

 The Basics

 Beyond renting services, every management company is expected to provide basic  services. While what 'basic' is, is different for every particular company,  most will offer financial management, administration, insurance administration,  board guidance, support and board meetings logistics, site management and  vendor monitoring and communications such as social media, says Scott Dalley,  senior vice president at Access Property Management in Flemington.  

 And while the basics typically remain the same throughout the years—collect the income, pay the bills, watch the staff and keep excellent records,  new technology has made these transactions much faster than in previous years.  

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