A condominium management company is directly accountable for and must comprehend a myriad of functions, disciplines, and responsibilities, including:
- real estate principles and laws dealing with property rights
- liens, encumbrances, and easements
- reciprocal easement agreements
- trade fixtures
- real estate tax assessments
- building and life-safety codes
Additionally, a capable condominium management company understands accounting principles, including budgeting and forecasting. The property management company must have skilled negotiators, understand contract law, bidding practices and procedures, and have project management skills. Finally, it must be knowledgeable about all aspects of operating and maintaining a commercial building, including its systems and equipment.
Considering the complex interaction of skills, disciplines, and principles that comprise property management, the condominium management company is usually the most knowledgeable group involved with the association.
Partial List of the Functions, Disciplines, and Responsibilities of a Condominium Management Company