The Ultimate Do It Yourself Project Self Managing Your Community

 With busy lives and what seems like an ever-dwindling number of hours in the  day, why would an association choose to take on the extra work of self-managing  their property? Convenience and saving money are just a couple of compelling  reasons—but outside managing firms and property managers are hired and employed for good  reason. The job requires collecting monthly condo fees, hiring and managing  staff, responding to residents’ issues, among other expected and unexpected tasks.  

 Before a board chooses to self manage, there are many factors to consider. “Self-managed properties oversee the finances, administration and physical  working of their property without engaging with a professional management  company,” explains Joe Colella of YES Property Management Group LLC in Nutley. “Typically, board members and volunteers perform the greater part of the required  work.”  

 Pros & Cons

 The primary advantages of self-management are a significant expense savings for  the association though industry experts caution that this may be a tainted  viewpoint. “One perceived advantage could be saving the cost of management fees,” says Brian Weaver, director of business development with Wilkin Management  Group in Mahwah. However, Weaver goes on to say that an experienced management  company can often save a community more money thanks to the company's  experience and vendor contacts than the community would have saved in  management fees alone through self-managing.  

 Another benefit of self-management is the ability to take control over the  direction and operations of the building. Often, management companies have  their own set protocol for dealing with delinquencies or hiring contractors  that may conflict with the needs and preferences of a particular board.  

 A self-managed board may be more involved with its residents, since they are  neighbors who are in charge, but having an emotional involvement can be tricky.  With self-managed communities, the board and residents often become a  close-knit group, which can make it difficult for board members to crack down  on delinquencies or rule violations. “Sometimes, it stops being run like a professional business,”says Bonnie Bertan, president of Association Advisors in Freehold.  

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