Any decent-sized community association – whether it’s a condo complex, co-op, or other homeowners’ group – depends on an experienced property manager to function. This need is never more acute than after a major property loss, when the property manager becomes the go-to person for coordinating post-event response. The property manager suddenly must oversee insurance adjusters and contractors, as well as ensure that everyone in the association gets information and access to their property in the fastest time possible.
SMW has extensive experience working closely with property managers of large (40-unit and more) condominium associations that have suffered major losses due to fire or other catastrophes. Based on this experience, we have identified two key phases – before and after – of a major property loss, and have developed advice for what a top-notch property manager can do in each phase to ensure the best possible results.
The following advice initially appeared in the November 2018 edition of Condo Media Magazine. These tips are designed to help management companies, trustees and community association members prepare for and deal with a major property loss.