T.H.E. Management Inc.
Condominium Management Specialists, Fully Licensed and Accredited
Frequently Asked Questions
At times, condo management may seem confusing. Here are some commonly asked questions answered by our CEO, Samuel Lewis.
What is the role of a Property Manager?
Property Managers for a condo association work to bridge the gap between the association and the outside world. Property Managers also communicate with the condo association unit owners and board members about finding venders, reviewing contracts, inspecting maintenance contract work and compliance. Also, Property Managers take over all administrative duties of the condo association, which can include mailers and paying utility bills. Lastly, Property Managers always remain in service to the condo association board, and attend all board meetings and writes up status reports for the condo association records.
Why do I need a Property Manager?
Most associations are run by board members who are unit owners. Therefore, their background is usually not in property management. A Property Manager can help the board make informed decisions for the association to help solve all current and future problems. This allows the board the freedom to focus on the problems at hand without bogging them down with legalities and protocol of legal documents that most board members don’t have time to familiarize themselves with. Property Managers also allow for one location for all of the buildings records, files, and documents for ultimate efficiency and organization.
What should I be looking for in a Property Manger?
When looking for a property manager, make sure that they are licensed by the state. It should be a current IDFPR issued license. Also, make sure that the Property Manager is familiar with the Illinois Condominium Property Act and that they have an understanding of condo community living. It is also important determine if the property manager is easily reachable. Finally, the Property Manager should have at least 2 years experience in the field.
What is the Illinois Condominium Property Act?
The Illinois Condominium Property Act is the legal statue of Illinois that supremely governs condominium property and administration. Every condo owner is bound to agree and follow the act. If you are unfamiliar with the Illinois Condominium Property Act, please click here.
Where can I find my association's Rules and Regulations, Meeting Minutes, Declarations, and Bylaws?
If you currently have a management company, they should have all of the above records on file. There are certain documents you are entitled to, such as the Rules and Regulations, Declaration, and bylaws. You can also get these documents from your counties Recorder of Records. However, Meeting Minutes may not be entitled to you depending on your current situation. They can sometimes be acquired for a fee.
Our association is very small. We also have a limited budget. Is Property Management something I can afford?
Yes. The cost of a Property Management company is generally a few dollars more per unit owner. As a small association, it is better to have a Property Manager on staff to help guide board decisions that, without proper guidance, can end up costing the association more money. T. H. E. Management has created customized packages that we can tailor fit to your associations needs. We are confident that we can make any condo association budget work.
We already have a management company, but we are unsatisfied by the quality of their work. Can you still assist us?
If you are under contract with another company, review your current contract with them and consult with your attorney as to what it would require to terminate the contract. If you are currently under contract, we can tell you the procedures of a property management company and you can assess if they are properly fulfilling their duties. However, if and when your contract is up for expiration, we can help through the transition of changing management companies.
Our condo association is in turmoil. We have foreclosed units and condominium unit owners that have not paid assessments. Can you still assist us?
Absolutely. In this economy, we understand that many associations are struggling. You are not alone. Many of our clients came to us under very similar circumstances. We will sit down with you and assess the best strategy to help you and your association.
How do you deal with unit owners that do not pay assessments?
We make sure that the condo association has a collection policy in place. Then, we send proper notification to a unit owner requesting that they make their accounts currently. If the unit owner is non-compliant, we file for the attorneys to take legal action.
What happens in cases of emergency on evenings and weekends?
For non-medical emergencies, we have a 24/7 emergency hot-line. We will respond immediately to the current crisis.
Will a Property Manager help with upkeep and maintain our building?
T. H. E. Management will seek a maintenance company that will be able to work with the association's budget and standards.