The responsibilities of a condo managerMost 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 interacted 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 skilled individual to successfully manage a building. A good property manager must be personable, a great multi-tasker, and have strong project management skills. But there is more to it than that.
Property manager = operations managerOne of the duties a property manager takes care of is making sure the condo building is running smoothly. Many property managers may prefer using property management software like Condo Control to help them 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 managers also work very closely with the condo board to ensure all the policies that the board agrees on are being carried out and enforced throughout the building. The relationship with the board, however, is a two-way relationship. The property manager also works with the board to share their expertise on how to approach issues going on in the building.
Property manager = financial managerAs mentioned above, property managers are responsible for monitoring and following the budget laid out by the condo board.They are typically responsible for managing a large budget with hundreds of thousands of dollars. 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 ones to collect payment from residents for various amenities and services offered by the condo building, as well as payments 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 financial transparency to the board and owners in the building.
Property manager = conflict managerOne of the more difficult tasks that is assigned to property managers is managing conflicts. When there are so many people living in close quarters, there are bound to be personality clashes and disruptions. A good rule of thumb for owners is to always take up an issue directly with your neighbor before filing a formal complaint, but there will be some issues that can’t be resolved through an informal chat. These comlpex issues need to be mediated. The property manager will generally be the person to help rectify any conflicts within the building, with the goal of resolving 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 a happy 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”!