Property Management

The section on Property Management in a Condominium introduces the various approaches to managing a Condominium Corporation, highlighting the benefits and drawbacks of each method. The three main approaches are self-management, direct hiring of a site manager, and contracting with a professional property management company. The advantages of self-management include a sense of accomplishment and personal touch, but it may lack expertise and continuity. Direct hiring allows more control over the site manager but requires dealing with employer responsibilities. Property management contracts provide professional expertise, cost savings, and support, but may limit some decision-making power. Best practices for governance involve clear communication and division of duties between the Board of Directors and the property manager to achieve the Condominium's goals effectively.