January 24, 2025 • 1 minute read
Kerry Patterson, Executive Director of Property Management at Senné, was featured in an illuminating article on management fees and advice for board members on NewEnglandCondo.com. For more on what our Property Management team can do for you, click here.
Among the many factors necessary for multifamily residential buildings to achieve financial stability, proper budget planning, compliance, and trust among shareholders, effective fee management is one of the most important. Understanding the billing structures property management companies use with different client communities can help determine which one is the best fit for your particular building or HOA.
Kerry Patterson, Executive Director of Property Management at real estate advisory firm Senné advises boards to evaluate the scope of their needs before committing to any fee structure and to “weigh the pros and cons of a flat retainer fee” versus paying piecemeal for individual tasks and services. “Look at what your association needs, and what you need timewise,” he says. “Don’t try to do à la carte hybrid format.”
Published: January 24, 2025
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