Frequently Asked Questions
With over 25 years of professional property management experience, The Property Group (TPG) understands your needs and concerns.
Please browse through the most commonly asked questions about our services. If your question is not answered here, contact us – we will be happy to assist you!
What are the benefits of professional management?
As the largest and most experienced professional management company, TPG has the ability to provide services to its clients not attainable by a smaller company or by an individual manager. TPG's professional management provides continuity in operations, single source accountability, multiple levels of expertise in cooperative/condominium/homeowner association management, price stability, better buying and negotiating power, detailed extensive financial services, etc.
How is the initial transition handled?
Upon being awarded a management contract, TPG immediately begins the transition of management. This is not a difficult process. Our Director of Marketing and New Business coordinates the paperwork processes with your Treasurer and/or prior management company. Introduction/announcement letters with pertinent emergency contact information are sent out. Owner names and account balances are entered into our database and, simultaneously, billing reports and statements are generated. Our property inspector schedules a visit to the property to photograph any and all concerns or possible hazards and provides these to the property manager assigned to the account. The property manager and director arrange a start-up meeting with the Board and go over any outstanding issues that need immediate attention. Day-to-day management then begins.
Will the Board lose control?
This is the most commonly asked question in self-managed properties. In actuality, the Board has a greater level of control and leverage. The Board continues to function in the capacity of setting policy and direction. The Board continues to sign all checks and contracts. All professionals (such as the Association's attorney and CPA) continue providing their services. TPG's function is to carry out Board directives, provide experienced recommendations, set up documented operating systems and procedures and establish a level of continuity through management support.
Will the Board have to put in as much time?
No. Although the Board ultimately has final authority and responsibility for the operation of the Association, TPG provides many useful tools in assisting the Board in their decision making, such as comprehensive monthly management reports, identifying qualified contractors, development of certain non-technical bid specifications, detailed spreadsheets to accurately compare bids from competing vendors, etc. All of these functions help alleviate the amount of time required by the Board in the operation of the Association.
Will the Association continue to need consultants?
The Association will still have the need for consultants in certain areas. Qualified consultants, like professional management, can ultimately add significant value to the Association. TPG reviews the services of all consultants retained by the Association and makes appropriate recommendations to the Board.
Will costs be reduced over a period of time?
TPG has significant buying and negotiating power with various vendors providing goods and services to associations. Initially, all service contracts are reviewed and service levels and costs are compared to similar-sized properties within our portfolio. In some situations, utility audits are recommended to confirm whether or not the association is paying the correct and most economical billing rates and taxes.
Is there a conflict of interest?
One of TPG's roles as a management company is to negotiate and obtain the lowest price for services provided to its communities, without compromising the quality of that service. All goods and services provided by vendors are done in a direct association/vendor relation.TPG does not pass any services through our contract and receives absolutely no compensation in any manner from vendors. Any cost benefit as a result of TPG's buying power is passed on to benefit the association.
In addition to management, TPG also provides other ancillary services such as maintenance, construction, and roofing services. If an opportunity arises where these services are needed, TPG asks the Board for permission to be a bidder. Should the Board approve, TPG will submit its sealed bid to the Board first, then specifications are sent to qualified contractors. Sealed bids are then forwarded directly to the Board. The final selection of a contractor is always made by the Board.