As we pointed out earlier, condominium management can be done differently, whether through self-management or an administrator service.
In the first case, a condominium manager will be chosen. This, in turn, will be responsible for the entire condominium administration. However, the liquidator can count on some assistants to fulfill its obligations, such as a legal advisor.
Thinking about it, any problem that may occur in the condominium environment will be the liquidator’s responsibility. Being able to answer, even, judicially. Therefore, this is a very delicate function that requires total attention.
Regardless of how management takes place in your condominium for example Kaset condo (คอนโด เกษตร which is the term in Thai), there will always be a liquidator. In cases where an administrator has been hired, she will work together with the liquidator. The question is to understand well what are the responsibilities of each one.
With that in mind, here are some tips for both self-management condos and condominium administrators.
Financial Organization In Condominiums
First of all, one of the main points of good condominium management is reasonable financial control. For this, it can be understood that the condominium’s finances are like that of a common company.
In other words, it is necessary to know how to classify each type of expenditure and develop an annual plan. This budget planning and forecast, in turn, must be based on previous years, taking into account the readjustments.
To Help You Keep Your Condo Finances In Order, Here Are A Few Items:
Ordinary expenses: These are routine expenses, referring to maintenance, salaries, and charges. What usually is within what was planned;
Extraordinary expenses: Improvements to the condominium (building, houses, or environment) and expenses not foreseen in the planning;
Work’s fund: Fund for the condominium works. Considered extraordinary budget;
Reserve Fund: Emergency funds intended for unforeseen expenses. Considered extraordinary budget;
Labor Fund: Amount allocated for the payment of wages. Considered ordinary budget;
Necessary works: Works related to the infrastructure of the condominium, either for repair or conservation. Considered ordinary budget;
Useful works: Works that aim to facilitate the use of condominium infrastructure. They depend on the vote of the majority of the tenants. Considered extraordinary budget;
Voluptuous works: Works that do not directly interfere with the normal use of the infrastructure. Works that aim at the aesthetic improvement of the condominium. They depend on the vote of the tenants.