All condo board members want the best property manager to manage their condos. The challenge with that is two-fold. First, it is not easy to find that property manager to manage the community. We will address this challenge in a separate post. Secondly, there is a challenge is in identifying who that “best property manager” is. What is the makeup of a great or even best property manager? What do these individuals have in common? In this post, we explore some common traits inherent in the best condo managers.
The core skills and competencies below are trait patterns we have seen in those deemed as the best property managers in their respective management companies.
1. Constant Learners
A condo community is an ever-evolving organism. There are residents constantly moving in and also moving out so the people change. Also evolving are the finances, laws and regulations and vendors. A manager’s ability to keep up with the changes by constantly learning is a very important quality. The inability or lack of desire to learn can be a major hindrance to a property manager to be at the top of their craft. The best ones are constantly learning new things on the job.
2. Great communicators
Being a property manager of a condo is one of those positions where one has to deal with a very wide range of stakeholders, from vendors, to residents, to board, to concierge and staff, visitors and a whole host of other individuals. It is critical for a property manager to be an exceptional communicator with all the individuals they come across everyday. Because of the sheer volume of communications, the communication needs to be clear and concise.
3. Good at working with people
This is related to #2, but it needs to have its own category because of its importance. After all, property managers are in the profession of dealing with people. The ability to persuade are traits that we have seen across the board with the best condo managers. A pleasurable work and condo environment is the root of a harmonious community. The property manager may possibly play the most important role in that.
4. Competence with technology
Just like with most jobs nowadays, there is no avoiding technology. The innovations in technology have made workflows much more efficient. They are advantages that are there for the taking. Those property managers that excel are always able to fully utilize the efficiencies afforded by technology. The good news is that all of the technology available at a property manager’s disposal are learnable and there are plenty of resources for help.
5. Supreme organizational skills
The position as property manager of a condo is one that is multi-faceted. Not only does it deal with many stakeholders, but it also includes a whole host of functions. The ability to organize not only one’s days, but also weeks and months is an absolute pre-requisite for the community to run smoothly. The best property managers have an innate ability to organize their various functions in a way that allows their days to not feel overwhelming.
6. Good comprehension of finances
A major responsibility of a condo manager is to be on top of the finances of a condo. The property manager does not need to be an expert accountant, but does need to understand at the very least, the basics such as be able to read and interpret financial statements. The comprehension of financials will allow the manager to respond to directors’ questions.
7. Solid understanding of the law
As with everything, condos are governed by the law and regulations. They delineate between what is allowed and not allowed. Not only that, the laws put in force certain procedures and requirements that must be followed. In most cases, these requirements must be incorporated into the workflows perhaps even on a day-to-day basis. The best property managers know the laws and regulations like the back of their hands. Not only that, they keep up with changes in the laws and regulations and adapt them.