Cohousing-L Mailing List: DIY Accounting vs Management Company

[Sharon Villines (sharon]

We have hired management companies since we moved in. Some have been horrible — 
losing all our records and not paying bills — and some have been good but also 
have not paid bills or noticed that when we switched credit card accounts there 
was a lapse in transferring payments so other things were cut off. No 
perceptible difference in the cost of purchases and services which they promise 
— we have clout.

My personal opinion is that we have them because it gives some people 
confidence but they aren’t worth the money. We spend as much time communicating 
problems as we would just doing the job ourselves. With all the online property 
management services or Freshbooks for accounting, invoicing, tracking condo 
fees, etc. it is much easier now that it ever has been. 

It seems like a no brainer to me since we have many more professional managers, 
including budget analysis experts, in house than we have carpenters and 
cleaners. I think we are paying the wrong people. The fees with everything 
included are approaching $20,000 an year— an average of $465 per unit. I think 
we can save $15,000 by using online condo management software or Freshbooks.

My question is for those who do it in house. How much time does it take? How 
many people are involved? How many units do you have? Does it create tensions?

Sharon
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Sharon Villines
Takoma Village Cohousing, Washington DC
http://www.takomavillage.org