Many condominiums use the services of a property management company. In theory, and hopefully in reality, they know the laws governing condominiums, are prepared to offer guidance and recommendations, and are equipped to handle the affairs of the condo.
Of course, property management companies are in the business of making money. Their services do not come with a small price tag, and little things add up quickly. Having property management services in place does not free a homeowners association from overseeing the details of how the condo is run and money is spent. Assigning a board member to the duties of treasurer is not a decision to be made lightly.
In the news is a story about a Portland property management company that apparently went amok. Northwest Empire Community Management manages 30 properties locally. An executive there is now suspected of embezzlement of more than $1.5 million of homeowners’ HOA fees now missing.
Good property management services can be a godsend. Anything less could be a nightmare.