Transitioning from self-managed to professional?
Is it worth the extra cost to hire a firm to manage a smaller 40-unit building? We’ve been doing it ourselves for years, but the workload is becoming a bit too much for the current board members.
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Even for smaller buildings, the legal and financial risks of self-managing are becoming quite high these days. We made the jump last year, and honestly, the time saved for the board members was worth every penny. If you check out https://citytowersinc.com/ , you can see the breadth of services they offer even for smaller communities. They handle the boring stuff like insurance renewals and late fee collections, allowing the board to focus on the big-picture decisions. It definitely prevents "board burnout," which is a very real thing in our community.