The Future of Condo Management Managing residential properties is an increasingly complex juggling act.
The Future of Condo Management
Date Published: Nov 15th, 2018
Managing residential properties is an increasingly complex juggling act. This is especially true of condo management. You need to balance the intricacies of managing a high rise building, with those of managing homes. It is a high volume, high traffic, and high-stress endeavour.Successful companies are both future-focused and learning how to simplify condo management. Online property management services like Condo Control Central are making it easier to do so. They address the needs of modern property managers and prepare businesses for the future.In this piece, we take a look at how condo management is changing and how you can prepare for the future.
A New Generation of Property Managers
One of the big upcoming changes in property management is the managers themselves. In Canada, the average age of property managers is over 50. When they retire this is going to leave a big gap to be filled by a younger generation.Younger generations are, as a whole, more technologically savvy. As well as more technology reliant. This means we will have managers who are more eager, and able, to use and train on condo management software. They recognize the value of technology in streamlining tasks for efficiency and accuracy.
Untrained Generation of Condo Managers
The current truth with property management is that there is no clear career path towards it. It is a role most people fall into, rather than plan for. There is low awareness of this role, and no real education or degrees specifically geared towards it.The result is that the training and skill-set required for building management are rare. That makes new hires more of a gamble, as well as more expensive and time-consuming to train. Property management in the digital age relies on adapting easy-to-use technology that makes jobs easier.Using an all-in-one online property management service eases the learning curve. Condo management tasks are streamlined and organized for intuitive use. That makes them easier to use and faster to be trained on. Especially for the upcoming younger, more technically savvy, managers.
The Changing Role of a Condo Property Manager
Property management is not the job it was in past decades. Changing light bulbs and hiring maintenance teams are only a fraction of the role. The role of a condo property manager today is multi-faceted.They are responsible for budgeting, security, repairs, scheduling, amenity bookings, announcements, maintenance, conflict resolution, picking suppliers, and so much more. Managing all of these tasks is creating a reliance on online property management.Automated building management is one of the most important elements of these online services. Automation reduces time spent sorting through manual tasks. This frees up the manager to put their time and attention to matters that require a personal touch.Organization is another crucial element. With online property management, files are easily stored, organized, and retrieved. Updates and tracking are more readily available. This streamlines processes while preventing a loss of packages, information, or miscommunication.
Communication is Crucial to Property Management
Communication has become one of the most important skills for a property manager. They are responsible for connecting staff, owners and tenants. Communication is essential for maintaining a condo community. It creates accountability, keeps residents up-to-date, and keeps condo processes moving smoothly.With condos housing thousands of tenants, employing dozens to hundreds of employees, and dealing with contractors, communication management is no small feat. Using online property management software is the best way to improve communication.Managing repairs and maintenance is made simpler. Owners can request condo services online. This creates an online log, allowing condo managers to track progress and follow up on service requests. As a result, there are fewer complaints, faster services, and better accountability.Keeping the staff on the same page is also easy. An online file library makes it easy to store and share important documents. It also puts an end to wasted time searching through files and lost documents.Engaging the condo community is made easy through online events calendars, discussion forums, and public condo websites. The needs and concerns of the community can be discovered and addressed through these platforms. As well as managing amenity bookings and scheduling.The property management app also streamlines communications. Announcements and notifications can be made from the palm of your hand no matter where you are.
Managing More Work on a Tighter Budget
Today, smaller teams are being asked to manage more properties on tighter budgets. With growing demands on condo property managers, this can only be achieved effectively with condo management software.Using automated property management saves time & money. Automated building management results in faster, more consistent processes. This reduces man-hours required and prevents errors. Altogether this makes for a quick return on your investment.Having access to an integrated property management app also is another necessity. An app allows condo managers to manage properties from anywhere. This is essential for managing multiple properties.
Preparing for the Future of Condo Management
Condo property management companies that are ready to adapt to the future will be positioned to thrive. Discovering the best online property management software will keep you ahead of the game. Watch a demo today, or request a quote to make your condo run more efficiently.