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To Whom It May Concern:
I am writing to convey my recommendation of Liam Monaghan as Property Manager of Park Place Condominiums in Hyannis.
When the board of trustees undertook a search for a new property manager in October of 2005, the financial and managerial state of the complex was dismal. The previous property management company had mismanaged both the finances and the property. The association was in a lot of debt, and there were serious structural issues with the buildings that needed to be addressed.
Today the complex has a well-managed budget, some savings accrued, sound buildings, and improvements to the appearance of the complex underway. Liams contributions to these achievements have been significant.
Liam improved the financials by:
- Negotiating a debt payment schedule and mitigation of the amount with the previous management company
- Collecting outstanding condo fees from owners
- Reducing costs through effective evaluation of bids and vendors
- Soliciting multiple insurance bids, and working closely with insurance vendors. (This was particularly important in recent years as many insurers started declining to cover condominium complexes.)
- Managing ongoing budget so that the complex now has a savings
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He improved the state of the buildings by:
Thoroughly inspecting all the buildings, and identifying problems
Dealing with individual owners to resolve unit-specific issues
Initiating safety improvements, especially lighting
Fostering awareness of rules and regulations
Initiating, championing, and executing the structural and appearance improvements to buildings 3 and 5, including surveying comparable condo complexes, researching exterior treatments (stains, paints, siding, etc.), and making recommendations for an approach that would both yield lasting results and be cost-effective. He also suggested several color schemes, created sample sections on a building and solicited owner feedback.
Getting the structures on a solid maintenance schedule
When we interviewed Liam for the position, we were impressed with his previous property management experience, his forthright manner, and his can-do attitude. We hired him in a part-time capacity. In my opinion, this has proven to be an excellent decision. He has embraced the values the board identified as important during the candidate evaluation, still relevant today:
1) Property Manager, not Property Management Company
Because the complex is small, we wanted it to get individualized attention, and felt that goal would be best realized by hiring an individual as property manager rather than hiring a management firm.
2) Communication
We emphasized our expectation for frequent and honest communication with the trustees, and clear record keeping and reporting.
3) Hiring for work that needs to be done on the property
We charged the new manager with ensuring that the hired parties do the work agreed upon in a timely and high-quality manner.
I feel that Liam has done an outstanding job as property manager. He tackled the initial outstanding issues and those that have arisen during his employment effectively. He continues to meet the challenge of working with a small association (only 20 units) that nevertheless has five separate buildings to maintain.
As chairman and treasurer, I appreciated Liams work with the trustees at board meetings keeping us apprised of issues and suggesting options for addressing them. I also appreciated his thorough record-keeping and preparation for the annual meetings. He created succinct financial reports, budgets, and maintenance/improvement goals, and explained them clearly to the assembled owners.
Liam has proven to be an able property manager and a valued adjunct to the board management team. I enjoyed working with him, and feel sure that under his care the complex will continue to move in a positive direction.
Joyce L. Vigneau
Former Chairman and Treasurer
Park Place Condominium Trust
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