Management is a very different contract from all your other contracts because it is management to whom you turn when you need guidance or assistance ... management gets blamed for everything from rising assessments to the neighbor's dog pooping on the lawn.
Delinquencies not only impact a community’s ability to meet operating expenses but also have a nearly direct effect on property values. Whether you have high delinquencies or low, you will be asked to report on them. Do you know how? Well, it depends on who is asking.
Snow and other variables pose the most difficult budget challenges. To some degree, the answer is, “Guess!” But, there is a better answer: budget for the average. But there's another important step...
One of the more confusing aspects of condominium living is the master insurance and who pays the deductible in a claim. What it boils down to is the source of the damage. As an owner, you pay assessments that are determined by the budget. The budget includes various kinds of insurance. So, you are insured by the condominium master policies, but there are limitations.