Condominium associations are made up of condo owners who may include both individuals who reside in the condo community or individuals and companies who own condo units within the community but are operating under lease agreements with tenants. One of the essential services contracted by a condo association are the services of a condo management company. These companies are employed to tend to the daily administrative and management tasks of the condo community. This includes insuring that condo owners timely pay associational dues, and contracting services for the care and upkeep of the condo grounds and common areas. It also includes insuring that essential community-wide information is distributed to residents and owners. The condo management company's agency contract agreement may also include instituting legal proceedings on behalf of the association. If you want to start a condo management company, here is a plan of action.
Items you will need
- Office space
Write a business plan. The U.S. Small Business Administration website provides business-plan templates and tutorials. The business plan includes market analysis such as target market demographic information, competitor information, and a list of core property-management services that will be provided by the condo management company. Identify business licenses, certifications, and permits that may be required on the local and state level where the business is operated.
Join the National Board of Certification for Community Association Managers (NBC-CAM). NBC-CAM administers the Certified Manager of Community Associations (CMCA) certification program. The CMCA program was designed to provide core industry knowledge to homeowner and condominium associations and cooperatives management. The Community Associations Institute (CAI) provides education and resources to condo management professionals.
Obtain operational facilities, supplies, and equipment. This will include office space. Property-management management companies may operate an office on the condo grounds or near the condo for the convenience of the occupants. It may also be operated at off-site business facilities. Office equipment is simple--you'll need a desk, chairs, computer, printer, copier machine and a fax machine.
Market and advertise your business to condo associations. Check local business newspapers for newly formed condo associations. These are prime sources for marketing a condo management company's services. Advertise in local property-related publications, especially those specifically geared towards condo associations. Design a website for the management company. Look at other condo management company sites for marketing ideas. Check out publications such as Condo Management Magazine.
This article is for informational purposes only and should not be used as a substitute for legal advice.
- Jupiterimages/Photos.com/Getty Images