Janek Property Management
Condominium Property Management FAQs
Q: What is a "property management company" and what exactly do they do?
A: A management company is contracted by the Board of Directors to provide such
services as: collection of assessments, supervision of subcontractors, obtaining bids for
subcontracted services, providing financial statements and collection reports, as well
as a general clearing house for problem solving, communications with homeowners and
the Board of Directors. The management company reports directly to the Board and all
decisions are made by a majority vote of the Board of Directors.
Q: How is the amount of my assessment determined?
A: The assessment is the periodic amount due from each homeowner to cover the
operating expenses of the common area and provide for reserve funds for replacement
of common facilities in future years. Your assessments are due on the first of the
month. Statements will be sent for assessments as a reminder of the amount due.
Q: What happens if I don't pay my assessment?
A: The maintenance and management services incurred by the Association are
dependent upon timely receipt of the assessments due from each homeowner. Late
payments will result in a late charge as assessments are due on the first of the month.
In addition, the Association may charge late charges and proceed with a lien on your
property, or foreclosure proceeding for nonpayment of assessments.