What is the average fee that a condominium property management firm charges?

Answer 1

Since there is no standard, there can be no average.

You could calculate an average of these fees after compiling data from among a set of local competitors that might not be willing to share these details with you.

Here's why: each individual fee depends on the condominium association's assets and level of service desired..

No two condominium properties, complexes, high-rises or communities are exactly alike, and no two boards are alike in their skills, shortcomings or business experience in operating a community.

Each has a separate location, a separate set of amenities, it's own terms for insurance coverage, its own age, its own status within the development process, its own set of governing documents, and so forth.

A condominium management firm may be willing to give you a list of associations it manages indicating an entry in each of these categories, and more, and give you a range of fees it charges for such a range of properties that it manages. Or not.

If you sample three condominium managers by asking each what they would charge you to manage your association, you can average the three answers you receive.

Another Answer
That said, above, an association manager that you'll choose is one that may be able to offer you a smörgåsbord of services, beginning with financial services. Other services you may want from an association manager include governance and the business issues that every association faces.

Beware of 'property' managers, who may specialize in managing 'property' -- i.e., apartment buildings, when what you really want is an association manager. Association managers understand associations, often non-profit corporations, with governing documents and state laws that apply directly to these kinds of living situations that involve real estate assets.

Dealing with a diverse set of owners always presents its own challenges: property managers are used to dealing with a single owner. Association managers understand how to handle multiple owners, often with different ideas about the real estate assets.