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Cutting costs in condominium operations: maximizing results

Everyone is taking an aim at this concept nowadays. Many Board candidates and industry service providers are talking about and vowing on reducing operating costs. Overall, all with good intentions, but no one is actually disseminating the process, or have a good plan in place. Many times, at budget time, the first place a client will look to cut costs will be on management fees. This could mean a few things like maybe something went wrong with the level of service, maybe expectations are not properly managed or maybe a lack of education on the client's part leading to not understanding the major role of the manager. On the other side, this could mean something very simple, either we (managers) have not found a way to add value or even worst, we are unable to quantify the real savings achieved through good, sound condominium management.

Today's reality in condominium management is not easy sailing. The industry is at crossroads on many levels. The insurance industry turning is back on condominiums. The workforce is heading into a crisis both on the shortage of managers and definitely an even bigger lack of good, trained managers.

With the above in mind, we will be providing a series of blog postings with our initiatives on providing real solutions to real problems. Stay tuned, sign up for our blog and thank you for visiting.

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