Condo FAQ's

How does M&M oversee timely regular preparation of finical statements and budgets to review and resolve issues with the board?
M&M: We distribute detailed monthly financial statements to the board by the 15th of each month. Financial statements also include a monthly budget comparison report, which allows the board/management track the progress of how actual income/expenses are following the annual budget. We issue the annual proposed budget by November 1 (or sooner if the board desires) each year giving the board a chance to review, revise, and approve for the upcoming year.

Will M&M contract, manage and regularly audit quality of work of services provided by janitorial, general repair, security, snow removal, laundry, landscaping, trash removal and other associated services?
M&M: Property Manager will do routine weekly building inspections to oversee any work being done to the common elements of the building. Monthly inspection reports can also be provided to the board.

Does M&M have legal team available to review contracts to assure:

  • Accuracy?
  • Liability?
  • Written out clauses if either side is not satisfied with the services being providing no less then 30 days notice of termination

 

M&M: We currently work with Kovitz Shifrin Nesbit with many of our associations. KSN provides collection services on behalf of the association as well as monthly retainer programs which would include legal advice and contract reviews. (See attached retainer letter)

Does M&M regularly monitor the performance of contractors to assure work is completed on committed time lines?
M&M: Property Manager will oversee the day-to-day contractors who are onsite, i.e. landscapers, janitor, cleaning company, etc. M&M charges $90 per hour for oversight over and above normal building activities, such as one time projects.

When will M&M visit to inspect grounds, facilities and equipment to determine whether repairs/maintenance is needed to assure safety, value and assurance compliance with local codes/laws/regulations?
M&M: Property Manager will make routine visits and weekly inspections of the property. Property Manager will work with qualified contractors and/or building engineer to ensure facilities and equipment are working properly and meet federal, state, and local ordinances. Property Manager will alert the board to any additional maintenance or repair needs at the property. M&M also recommends the association conduct a Reserve Study, to be done by a third party firm, if they have not already done so.

Will M&M be accessible at all times to investigate and resolve complaints/requests from not just current property owners but also to prospective property owners to assure their timely resolution?
M&M: Property Manager will be accessible via email and business phone. It is our policy to return all regular phone calls and emails within one business day. The majority of emails and phone calls are returned on the same day. Property Manager’s cell phone will be given to the board only. Owners can also contact an on-call property manager via M&M’s emergency service line 24/7.

Does M&M have experience in purchasing/contracting services/repairs that cannot be covered by regular property maintenance staff?
M&M: M&M has an extensive vendor list that we have accumulated over the last 20+ years. Our list comprises of qualified, licensed, and insured vendors that we have trusted throughout the years. We continually update our vendor list to provide our associations and buildings with vendors who are competitively priced and are up to date with advances in their respective fields.

Does M&M understand and comply with pertinent legislation such as the Americans with Disabilities Act, the Federal Fair Housing Amendment Act and all local laws pertaining to repair/maintenance of housing as well as all other associated federal, state, municipal and local regulations/laws/codes/taxes?
M&M: M&M is a member of BOMA, CAI, and the Oak Park Chamber of Commerce. Through these organizations and our involvement with the Village of Forest Park we receive regular updates to any changes in local, state or federal laws. All property managers hold a current Illinois salesperson license and CMCA certificate. These certificates require recertification every two years, which helps keep our managers updated with fair housing practices and other housing regulations.

Does M&M have the ability to manage the budget including collecting assessments (must be available to collect electronically or via regular paper bill) and on-time payment of bills?
M&M: Property Manager reviews the monthly financials and manages the association financials to stay with in the budget guidelines for the year. Any possible expenses that are outside the annual budget will be brought to the board’s attention for the project/expense to be approved by the board. M&M does provide collection of assessments and bill paying in our monthly management service. Through Community Bank of Oak Park and River Forest we offer electronic ACH payments for homeowner’s monthly assessments (see attached ACH form to be filled out by individual homeowner). We also accept regular checks, money orders and cashier checks which can be mailed to our PO Box in Oak Park or dropped off at our office located at 649 Madison St. Oak Park, IL; we also have a 24 hour drop box located at our office.

Will M&M attend quarterly meetings set up on site with owners of units and association board members?
M&M: Property Manager will attend four board meetings per year, also stated in our management proposal. Manager will also assist in preparing handouts, sign up sheets, notices, proxy ballots and any other duties that may arise for a board meeting.

How will M&M abide by all association bylaws and be accountable to the association board?
M&M: Our job is to implement the board’s decisions and we will work closely with the board on all association issues. We will also communicate frequently with the board on all association issues.

Can M&M provide at least 3 references of buildings currently managed and contact information for those building associations? 
M&M: Our references are listed with our formal proposal. We encourage you to contact all of our references as they will give you testimony on how we manage our properties and work with association boards and homeowners.


          
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