What to look for in a Great Condo Manager
Condominiums have many needs for day to day management. Maintenance, communication with Owners, planned updates and upgrades, as well as the routine fiscal management of the property.
Though you won’t see Condo Managers daily on your property, you’ll no doubt have cause to deal with them on occasion, and knowing that your Condo Manager is ready, and more importantly able to deal with your needs or concerns is critical.
So what makes for a Great condo Manager? Is it their availability, their ability to problem solve? Lets talk about some of the things to look for in a Great Condo Manager.
Great Condo Managers are Great Communicators
Condo Property managers have to deal with a very wide range of stakeholders. From residents to tenants, vendors, visitors, board members – even concierge and staff. It is critical for a property manager to show exceptional communications ability with all of these individuals – and be able to effectively listen as well as speak. Because of the volume of communications in day to day operations, communication needs to be clear and concise, and delivered as needed to get results.
They are great at working with people
Though often related to the first point, relationships need to have their own category because of their importance. After all, property managers really are people managers. The ability of a skilled Condo manager to listen, educate, and persuade are traits that we have seen across the board with the best. A positive work and condo environment is fundamental to a harmonious community. Some would say that the condo property manager may even play the most significant role in that.
Good Managers are Consistent and Regular Learners
Condo communities evolve and change daily. Residents regularly move in and out so the people within the community are always subject to change. Also evolving are finances, laws, regulations and vendors – and a manager needs to adapt to this environment by willingly learning every day. An inability or lack of desire to learn can is a major shortcoming – and the best property managers are constantly learning new things on the job.
Great Managers have Competence with Technology
Like any role in 2021 – there is no avoiding technology. Innovations in technology make workflows much more efficient and there are advantages ready for the taking. Condo managers that excel fully utilize the efficiencies afforded by new technology.
The Best Condo Managers exhibit Superb organizational skills
Condo Managers hold many responsibilities, and with many stakeholders, and a host of functions, the ability to organize not only one’s days, but also weeks and months ahead is a prerequisite for the community to run smoothly. The best managers have an innate ability to organize their functions to ensure all areas of their responsibility are routinely managed and executed.
Solid Comprehension of Condominium Finances
One of the major responsibilities of a condo manager is finance. The property manager does not need to be a chartered accountant, but does need to comprehend and interpret financial statements, and basic cash flow reporting as it relates to the regular management of services and maintenance. This solid comprehension of financials will also allow the manager to respond to board directors’ questions.
Lastly – Great Condo Managers have a Solid understanding of the Law
As with everything, condos are governed by the law. Provincial Acts and Regulations delineate between what is allowed and not allowed. These laws put in force procedures and requirements that must be followed in most aspects of Condo management. Good Managers ensure these requirements are incorporated into work even on a day-to-day basis. The best property managers not only actively study Condominium Acts and Regulations in your area, but keep up with changes in the laws and regulations and adapt to them.
While this isn’t an exhaustive list of the skills you should expect from your Condo Manager – would hope you see these traits today. If not, contact us to learn how Prince Property can help.