top of page

Tips and tools for Self-Managed Condos and Co-ops

Managing a condo (or co-op) on your own can be a great way to save on operating costs and make decisions that best serve the community. However, it's important to remember that volunteers may not have extensive experience in condo management. That's where condo self-management software comes in.


One key role in a self-managed condo is the treasurer. The treasurer is responsible for handling the association's finances, including creating an annual budget, performing audits, generating financial reports, and collecting dues. Here are some best practices for self-managed condo association treasurers




Be transparent

Always maintain records and a paper trail so that every decision is documented. condo self-management software can help with this by hosting everything pertaining to the condo association.


Build a budget

Consult the community directly to figure out their vision for the upcoming year and use that to create a draft budget. Make sure to consider things like insurance, reserves, and maintenance.




Plan ahead

Use tools like investment policies, long-term operating budgets, and reserve studies to plan for the future. Schedule maintenance in advance to avoid expensive repairs and maintain property value.


Communicate

Keep members informed about the association's finances and major projects. Communicating frequently with members helps keep everyone engaged and invested in the community.




Collect dues

Dues are the fuel that keeps a condo association operating. Set up autopay to make the process easier for everyone involved and prevent issues with late or unpaid dues.


By following these best practices and using condo self-management software, a self-managed condo association can be run just as effectively (if not more so) as one managed by a property management company.


To summarize, the condo president is responsible for handling the finances, including creating a budget, generating financial reports, and collecting dues. Best practices include being transparent, building a budget with community input, planning ahead, communicating with members, and setting up autopay for dues. Using condo self-management software such as Domos can aid in these efforts.

Contact us now to learn more!

26 views

Comments


bottom of page