In managing condominiums and cooperatives, what is the primary focus?

The primary focus in managing condominiums and cooperatives is value management. This approach involves ensuring that the property retains and potentially increases its overall value. It encompasses aspects such as effective financial management, maintenance of the property, enhancement of common areas, and compliance with relevant regulations. By focusing on value management, property managers can implement strategies that not only maintain but also improve property values, which ultimately benefits the owners and residents.

Moreover, managing financial aspects, such as budgeting and reserve funds, plays a critical role in achieving this value management goal. When property values are maintained or increased, residents benefit from a stable investment, making it a paramount focus in the context of condominiums and cooperatives. This emphasis on preserving and enhancing value influences decisions around renovations, upkeep, and community relationships, all contributing to the overall success of the property.