According to the Florida Department of Business & Professional Regulation, the rate at which real estate professionals in Florida are seeking licenses has fallen 75 percent in the past five years. Many professionals believe the decrease of license seekers is due to the state’s residential market meltdown, but the fact remains: condominium and cooperative management companies are a dime a dozen in the Sunshine State.
Despite the slow growth in Florida’s real estate market, existing condos and co-ops need smart management more than ever. Management companies continue to vie for business across South Florida, and sorting through all the options can be tricky. But, a proper assessment of your association’s needs, can make all the difference in helping you make an informed decision.
Hiring a Manager or Self-Managed
According to the Community Associations Institute (CAI), a nationwide organization providing information, education, and resources to community associations, there are about 60,000 community association managers nationwide, and there are 10,000 community association management companies. Between 15 and 25 percent of common interest communities—co-ops and condos, respectively—are self-managed and don’t employ an on-site manager or management company.
Therefore, it takes a lot for a management company to stand out in the crowd.
Some attempt to do so by marketing themselves as “boutique” firms, specializing in a certain type of building or level of service. Others go broader, offering everything from day-to-day administration to maintenance services and capital project management. Still, others focus on bigger building complexes, which inevitably need more services than smaller communities.