October 2015
Some contend it is best that a property management company be replaced every few years. Proponents of this view believe that people become complacent, less committed and/or disinterested as they become comfortable in their role.
Others believe that a property management company should only be replaced when it is unable to provide effective management or when problems arise.
Both views have merit.
Replacing a property management company is a time consuming process that involves changes in record keeping and book keeping. Residents who have become comfortable with a current property manager and how they operate may prefer the status quo.
Yet it should not be forgotten that a condominium corporation is a dynamic organization. People move into and out of the building each year. New directors are elected to the board. New problems arise and need to be tackled with a new and enthusiastic perspective.
A key role of condo directors is to maintain and increase the value of the condominium corporation. Being effective in this endeavor periodically requires a fresh and outside perspective. A condominium corporation that strives to improve may be best served by periodically changing their property manager.
