Sitco Property Management
Sitco Property Management – Given the fact that they are part of the same industry and share similar duties, it’s easy to see why many people confuse homeowner associations with property management. Although both are involved in housing association management and often work hand in hand, there is a difference between the two. To understand the fundamental differences, let’s first look at the definition and responsibilities involved in both.
Each housing community consists of numerous types of homes or units such as estates, condos, and subdivisions. While individual units are typically owned by different entities, there are certain elements that affect the entire community such as landscaping, neighborhood playgrounds, walkways, and more. It is vital that homeowners in the community share responsibility for such matters.
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To that end, communities form home owner associations, or HOAs, to develop and enforce rules that all property owners must follow to ensure the community’s well-being. An HOA is made up of community residents and is governed by a board of individuals elected by other members. As property owners within the community, these members have a good incentive to keep the community functioning optimally.
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The HOA has a lot of authority within the community. If a community member violates the rules set by the HOA, the HOA will use its discretion to find an appropriate way to punish the non-compliance.
Although extremely important to maintaining a community, a homeowner’s association cannot always directly complete all of the necessary management tasks for a community. As individual members of the community volunteering to help the community as a whole, members usually have other professional commitments and personal matters to attend to. For this reason, a homeowner’s association will often hire a property management company to keep things running smoothly.
In these and other ways, a property management company helps HOAs with their day-to-day responsibilities.
By now, you should have a better idea of how a homeowner’s association differs from a property management company: An HOA is a voluntary group of representatives who promote the welfare of the community, while a property management company is a privately owned company that often helps serve the needs of residential homes and similar properties. So how do they work together?
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There are many cases where the community will be managed by both the homeowners association and the property management company. This usually occurs when the HOA board hires a property management company to handle the business affairs of the HOA. Specific duties may vary at the HOA’s discretion, but typically include collecting dues, managing contractors, and dealing with emergencies. Generally, a property management company ensures that the HOA’s day-to-day responsibilities are carried out efficiently.
In other cases, however, property managers may also be owners within an HOA-supervised community. In a case like this, the property manager is essentially just another owner and therefore has to follow the same rules. Although this situation can be a bit difficult, the ultimate goal is that community rules must be followed regardless of who actually lives in the residence.
When you’re considering buying an apartment building or property in a master-planned housing development or subdivision, you’ll likely need to join a homeowner’s association. This means you will be required to pay HOA fees and follow HOA rules, which some may find tedious.
All of these factors, along with many others, make living in an HOA community highly desirable. However, behind all these benefits is hard work for the HOA, and sometimes the wide range of responsibilities can be overwhelming for a group of volunteers. In order to maximize the benefits of a residential apartment community, it must run smoothly, which leads many associations to turn to a property manager.
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When HOAs decide to forgo a property management company, it’s often to cut costs. In the long run, however, the costs of trying to do it all yourself outweigh what it would cost to simply hire a property management company. Not every HOA finds it necessary to hire a property management company, but in many cases it can be of great benefit to both the HOA itself and the community in question as a whole. Here are some ways to:
Maintaining common areas in a community is one of the biggest responsibilities in a homeowner’s situation, and one that can often become overwhelming. A property management company will likely have access to an entire network of suppliers at their disposal that they can use to provide maintenance services. With a better knowledge of available suppliers and contractors and an established relationship with one or more of them, a property management company can be very effective in these responsibilities.
Property maintenance not only provides a welcoming atmosphere for the current community by keeping their area pristine, but can also encourage others in the market to look for a home in the area.
The need to handle money is always a sensitive matter, especially for HOA members who may be literally collecting fees from their friends or family. No one wants to be the ‘bad guy’ and incur late fees or penalties. As a result, HOA members often dread this task above all else, even though it is arguably one of the most important tasks for the community. With a property management company acting as an intermediary, the situation can often be less stressful to ensure more timely and efficient collection of fees.
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Just as internal dealings with money can be unpleasant and messy, enforcing the rules and calling for penalties can also prove unpleasant. When disagreements arise, the management company can intervene to reach a more peaceful solution. The presence of a third party in these cases helps prevent conflicts of interest, ensuring that penalties are consistently enforced.
While a homeowner’s association governs a community, there are also a number of local, state and federal laws that govern a homeowner’s association. A volunteer board may not be fully aware of these laws and their ramifications and may even have violated one or more laws without realizing it. The property manager will be well versed in these topics and therefore can provide clarity within the association by ensuring that everyone understands the rules.
Equipped with the right knowledge, HOAs can be sure they are in compliance with all laws from the start, and if they happen to find themselves in legal trouble, a property management company can also guide them on how to navigate the current situation.
Clearly, homeowner associations and property management companies are invaluable resources for the task of managing housing communities. In many cases, their value can be increased even more when they work together. With an HOA in place to manage the shared expectations and responsibilities of community members, and a property management company to keep things running smoothly, a community can thrive. Established in 1995, Sitco General Trading & Contracting W.L.L. is one of the leading and most reputable contractors with a significant presence in Kuwait and the region.
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The company Sitco in the field of construction worked in parallel with construction and electromechanical plants in the era of the 90s. During this period Sitco was active in substation projects. Sitco was engaged in military contracts in 2003 serving the US military in Kuwait and Iraq.
In the new millennium, Sitco emerged as a developer and developed a huge project in the Al Rai area for commercial purposes, and this project was completed in 2005. Currently, this location is the most active place for good business with the popular Lulu Center located in this area.
During the same period, Sitco also signed a significant contract as the general contractor for the construction of the famous Olympia project. Olympia is a mixed complex. The project is a complete steel structure consisting of 20 towers on floors covering an area of 18,000 square meters.
The company has effectively leveraged its capabilities and expertise as well as formulated a winning management strategy that has enabled it to provide unparalleled customer service as well as differentiate itself from its competitors. This translated into multifold growth of the company.
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Sitco has also earned a reputation for quality, reliability, commitment to safety, consistency and on-time delivery. It is an ISO certified company. The company employs highly qualified and experienced staff in all business sectors and places great emphasis on customer satisfaction, a strategy that has yielded 100 percent results.
A subsidiary of Sitco General Trading & Contracting W.L.L., Sitco Real Estate Company was established in January 2005 to create value through real estate development and repositioning. As one of the prominent real estate developers in Kuwait, Sitco Real Estate Company has unrivaled expertise and extensive experience in developing commercial centers, residential projects, office buildings, retail malls, etc. S
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