Lincolnwood's Rosen Management: Setting the Standards for Condo Management for 35 Years

The outlandish idea that people could "own" their apartment was first introduced during the late 1970s and early 1980s, just about the time Lincolnwood's Rosen Management Services began. They could see the trend. According to the most recent information available, about 60 million people in America live in condominiums. If the US population is 300 million, that's about 20 percent.

With the rise in condo ownership came the realization that as a shared property, there needed to be a body to oversee the common elements of the building. Condo associations run by a Board were created, and to assist them were community association management companies.

"Owners came to realize that they had responsibilities to their fellow owners and that they needed to live by rules and regulations, and ever-changing state laws. They required help to keep the building maintained and run efficiently to preserve property values. The community association management firm was born," according to Randy Rosen, whose Rosen Management Services company began 35 years ago, and is considered a true pioneer in community association management. Today they manage properties throughout the north and northwest suburbs.

Rosen notes that since most members of condo boards aren't property experts, they need a sounding board--the property management company-- which can ensure that the board and its owners have the financial resources to add owner equity. He notes that banks aren't overly eager to lend money to condo associations so the onus is on them to have the reserves required to pay for building maintenance. A failed roof or faulty elevator can be a financial disaster for owners if they haven't put away reserves or their assessments are inadequate. But thanks to experienced management oversight, Rosen does not believe a condo association ever defaulted on a loan.

Randy started in the business as a real estate broker, and increasingly was asked to get involved with condominium developers. It didn't take long for him to notice that condominium ownership was not simply a fad, but a true departure for property owners.

"I love the commitment that owners have for their property. This leads to what I call the "I Gotta Guy" syndrome. This occurs when an owner with the best of intentions recommends a "guy" he or she knows who can do work on the property. We do our best to see if there is a fit, but they need to meet the criteria for the job," said Rosen.

One of his pet peeves is associations that don't follow their own rules and regulations. Rules get ignored, enforcement is lax, and soon the property values begin to erode.

"It is also critical to stay current with the Illinois Condominium Property Act. Regulations change so you need to be in compliance. That's why I make sure condo boards are transparent so everyone knows what is going on. And all of my property managers are trained and have at least 5 years management experience to help ensure that there are no surprises for the association," suggested Rosen, who believes that a community association management company should be a resource that owners can draw upon for guidance and to resolve problems.

"Condominium ownership has undergone a great deal changes during the past 35 years, and I'm privileged to continue to play a role in this industry," concluded Rosen.

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