News   Dec 07, 2023
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News   Dec 07, 2023
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News   Dec 07, 2023
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First Step - Fire your property manager?

Most condos do not hire Managers themselves, they hire PM Companies and the fee they charge is for the time of the PM plus all the (considerable) back-office time to process fees, pay bills and so on. Is the $1-00K you talk of the total fee paid to a PM company or what you think your PM gets annually.
This is a very important distinction that too many residents and board members don’t fully understand. They complain about the fees paid to the property management company and think the solution is to hire their own staff. What they don’t realize is that makes them an employer, with all that comes with that including the need to remit payroll taxes and the associated liability of having employees. And if an employee quits or is ill, the board has to deal with that, and it can be quite an issue especially for high turnover positions such as cleaning and security staff. Having a company provide all of that and avoid employer status is a big benefit. It’s not always about saving a few bucks here and there … those few saved dollars can end up costing you big time down the road.
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I can personally attest to that, I cannot tell you how much HR headaches you deal with if you directly employee as a board. The difficulty is things seem ok until they are not, and trust me, you'll then regret and miscue savings you think you may have garnered. Just to touch on the savings, when you factor in everything, I really don't find you save as much as you think (depending on the role e.g. security / live in super / ...).