Every successful condominium community considers one thing before implementing any project – longevity. They all plan for the future and make sure that homes can match up to the future standard. The long-term nature of condo homes requires long-term thinking. This will enable proper management of resources to last through the different timelines of every project. Apart from deciphering the right project, having a good budget, the right bidding process, condo homes also rely so much on maintenance.
Maintenance, however, is more short-term and needs a quicker decision process. Great condo managers foresee maintenance needs and are proactive to handling such projects. The radical decision-making process of maintaining condos can make or mar the association. Here are community maintenance tips for long-term success.
Find the best maintenance partners
Plumbing, landscaping, snow removal, roofing, insulation, electricity, etc requires trusted maintenance partners. You want to make sure that partners with who you work can maintain the balance of costs and efficiency. Take time to access the company’s references. You can take the extra step to verify their qualifications to determine if they are the right fit for your maintenance projects. Long term success of every condo maintenance always begins with strategic partnership.
Create a Maintenance Calendar
As mentioned earlier, community maintenance procedures that ensure long-term success are proactive. You need to develop a maintenance calendar. This calendar will provide areas of importance and time frames when maintenance should be done. Having a maintenance calendar also ensures that faults are discovered before they get out of hand. It also helps to point new condo association members in the right direction of how to continue or improve maintenance.
Maintenance calendars are drawn by considering mapped-out areas with board members. The board members should involve maintenance partners to narrow down on which assets require maintenance needs, how often the maintenance should be done and the costs or options of carrying out such maintenance projects.
Consider bundled services
Handling different maintenance projects with different partners requires complex logistics. It also requires more management engagement and supervision. Looking for maintenance partners that offer more than one service takes a weight of responsibilities off management shoulders to enable them to focus on other things. This also helps condo associations to develop long-term relationships which are seamless or maintenance needs.
Conduct a study of financial reserves
Keeping track of reserve funds is a must. You don’t want to encounter shortfalls in maintenance costs. But to ensure proper management of funds and reserves, you need to have a reliable accounting service for your condo association. Accounting makes it easier to avoid piling up costs. It also ensures that provisions can be made in setting aside extra funds in cases of maintenance emergencies.
Set Aside a Reserve Fund
Part of studying financial reserves involves discerning if more funds should be added to reserve funds or not. There are inevitable repairs that are obligated to community associations. This makes reserving funds at every given opportunity a worthy investment. These repairs will make sure that property values are maintained over the course of an association’s administration.
Some of the maintenance needs why you need a reserve fund are;
- Roof replacements
- Pool pumps
- Playground renovation and upgrade
- Replacing fencing in common areas
- Major landscaping projects
- Construction and major renovations
- Road and sidewalk resurfacing
Carry out routine inspections
Apart from maintaining a high standard for condo properties, you need to carry out routine inspections to maintain permits; federal, provincial, and local. Make it a duty to inspect even if it means hiring an inspector. They should keep the association updated on breakdowns that can go unnoticed. In the long run, condo associations can save a lot of money by beating down disrepair at minimal levels.
Keep Homeowners Informed
Regular communication with homeowners ensures lasting success. Homeowners are major stakeholders that determine the long-term success of condo associations. They should be educated on the importance of certain decisions, your duty to maintain, and how they can be part of making their environment a better place. This ensures active stewardship and creates an openness for community maintenance to attain long-term success.
Find the right maintenance strategy for your community
Condo associations are unique; in their plan, landscape, needs, and special needs. This also implies that each community has unique maintenance needs. Questions that need to be answered around maintenance in condo associations should include;
- Maintenance interval
- Growth and
Core Accounting are associates that have specialized in condo accounting. We deal with every financial need for associations and ensure that your books stay in the greens. We have got a lot of experience and expertise with the financial needs of condo associations. We have also got documents and tools to enable condo associations with the periodic review processes. If you care about the long-term sustainability of your community, you can always reach out to us and learn more about how we can help you.