One of the functions of real estate asset managers is handling some of the commercial condominium complexes nationwide.
Association Challenges
The associations face several important challenges. They set rules, for example, as to what constitutes an unacceptable deviation from the development’s uniform architectural and esthetic standards. They decide questions about the window coverings and signage. They determine parking lot rules. They decide questions about shrubs, landscaping and any plants in the interior of the common areas. They set rules governing use of any outside areas, such as the lighting for both the inside and outside of the buildings.
The Money Concern
One of the most troublesome problems facing these associations is how to finance the major repairs that will eventually be needed. How much money should be assessed property owners now to be able to pay for a new roof on the development 15 or 20 years in the future? How will the streets and parking areas within the development be repaved in the next 5 or 10 years unless some money is assessed for that purpose now?
Value Counts
What individual condo owners really care about is maintaining the value of their businesses. The upkeep of the buildings and the common areas must be maintained to perfection.