Operational Agreement

Started by StephenO4 • 2 replies • 397 views

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StephenO4 (New York)
Posts: 11

Posted:

In searching for a new Property Management company, the issue of maintaining 3 sets of books affects the overall charge by the management company. We have been advised that the community can enter into an OPERATIONAL AGREEMENT among the 3 boards thereby saving money. Anyone with knowledge about this arrangement, pros and cons.

SheliaH (Indiana)
Posts: 6,964

Posted:

Not enough information to respond - what kind of community is this? If three boards are required to run each community, why can't each have their own deal with the property manager? And what is an operational agreement and what would make that different from a conventional agreement

If it is not right do not do it; if it is not true do not say it. Marcus Aurelius

MarkM19 (Texas)
Posts: 1,459

Posted:

Only a few things harder than dealing with a board. The first one would be dealing with two boards. The second thing would be dealing with 3 boards.

I see that it could save some duplication of services but many bring actions to the slowest point ever.

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