The Responsibilities of a Property Manager in a Condo.
Most condo buildings have a property manager, and if you live in a condo building, chances are you have worked with one. Although you may have had some experiences in working with a property manager, have you ever wondered what they actually do on a day to day basis?
Being a property manager for a condo building is no easy task. There are so many moving parts for one person to think of, that it takes a very particular individual to successfully manage a building. A good property manager must be personable, a great multi-tasker, and have strong project management skills. But that’s not all.
Property Manager = Operations Manager
One of the duties a property manager takes care of is making sure the condo building is running smoothly. Many property managers may prefer using a property management software like Condo Control Central to help manage their time and day to day activities. Making sure the building operates like a well-oiled machine takes a lot of work, an incredible amount of organization, and a lot of time. Whether it’s a mechanical issue within the building, or a safety issue, the property manager needs to be on top of it and recognize potential problems before they arise.
Condo Property Managers also work very closely with the condo board to ensure all the policies that the board agrees upon are being carried out and enforced throughout the building. The relationship with the board, however, works both ways. The property manager also works with the board to share their expertise on issues going on in the building.
Property Manager = Financial Manager and Controller
As mentioned above, property managers are responsible for carrying out and enforcing the budget laid out by the condo board. Because of this, they are typically responsible for managing a large budget. Whenever any repair or maintenance needs to be made to the building, the property manager would be responsible for working with the board to negotiate contracts and select suppliers.
They would also be the individuals to accept payment from residents for various amenities and services offered by the condo building, and administering payment for new keys, air filters, or anything else your building makes available to the residents for purchase.
At the end of the fiscal year, they work with the building’s auditor who prepares a set of audited financial statements to provide transparency to the board and the owners in the building.
Property Manager = Conflict Manager
One of the more difficult tasks that fall on the plate of the property manager for a condo building is the role of conflict manager. When there are so many people living in close quarters, there are bound to be personality clashes and disruptions.
A good rule of thumb is to always take up an issue directly with your neighbors, but there will undeniably be some issues that can’t be resolved and will, therefore, need to be mediated. The property manager will generally be the person to help rectify any conflicts within the building, with the goal to resolve them before any legal action needs to be taken.
Managing the day to day duties of a building is not an easy undertaking. It takes a great property manager to be able to keep things going, and make your living quarters feel like home. It can be a thankless job, but can also be incredibly rewarding. The next time you see your building’s property manager, be sure to tell them “thanks”!