Community Association: The Good and the Bad
It would be fair to say that more and more of the country's housing stock is falling under community associations, which have something of a mixed reputation amongst the general public.
Bearing the above mind, as a developer it's absolutely paramount to understand exactly what determines a good community management association in comparison to the bad. Through the remainder of this guide, we'll take a look at a few of the factors which dictate this.
Almost everything in property is related to the bottom line, so it should come as no surprise to see that the same applies with community management associations. The fees charged to property owners have come under scrutiny in the past and have made some projects for developers utterly unaffordable. In other words, this should be the first thing you check the small print for.
One of the primary roles of this management team is to be on hand if something goes wrong. Some management firms are seemingly armed with experts from all over the region, and these can resolve problems in a flash. Others, perhaps with a chequered reputation or those that just lack experience, don't possess these contacts. This means that any problems with properties can take an age to resolve and this ultimately creates a lot of unhappy tenants.
This final point can probably sum everything up, but the reputation of a community management association is not to be scoffed at. We’re by no means suggesting that you should ignore any of the new firms on the block, but those that have years under their belts and have already won the plaudits are much likely to promote an easier ride. When it comes to the hustle and bustle of property, this is something that most developers would take in a flash.