One of the unique facets of condo management industry, is that property managers come from all walks of life. It is clearly a diverse industry but one that requires certain qualities in order to excel. In certain jurisdictions, licensing is a pre-requisite, but everywhere, property managers are expected to be great listeners, be organized and be great problem solvers. But what separates the average and good property managers from the exceptional ones. You know, the ones that keep getting promoted and the one that the board does not want to lose at all cost?
At Condo Manager, we've had the opportunity to work with thousands of property managers over more than 25 years of working with condo management companies. In this journey, we have detected patterns in the property managers deemed exceptional and we're here to break down the 7 qualities that make a property manager superior.
1. Visible
In any vibrant community, the property manager is very readily accessible and visible. This is a by-product naturally of hard work. Always being accessible by phone or email, greeting residents, while not always sitting at the desk goes a long way in having hard work be acknowledged by the very stakeholders you serve. This quality is quite understated but is one seen almost unanimously across the board in exceptional property managers.
2. Knowledge of Laws, Rules and Regulations
While property managers are certainly not expected to provide legal advice, up-to-date knowledge of laws, rules and regulations are a huge plus in providing superior management services. More so than ever, the laws governing communities are ever-so evolving as more variables are introduced to community living, such as Airbnb regulations. Knowing the boundaries set not only by state/provincial laws, but also by the corporation's by-laws allows the property manager to swiftly think of solutions to problems or pre-empt issues may arise. It also helps in gaining the trust of the board and residents which is a huge factor in building a vibrant community.
3. Problem Solving
Not surprisingly, the ability to quickly problem solve is a critical component to being a superior property manager. We sometimes, forget but a condo is a place where typically hundreds of folks live and many with diverging interests and motivations. There is bound to be conflicting views and issues. In fact, that is only natural and inevitable. So the big test on the property manager is how she/he solves problems. There are two aspects to being a great problem solver within the context of a condo: timeliness and quality of solution. The best property managers we have seen regularly turn conflicts into solutions and even opportunities. This happens also while maintaining the satisfactions levels of residents. Lastly, the issues are always documented so that similar issues do not arise in the future.
4. Work Ethic
The duties and responsibilities of a property manager is complex and as many of you know, very though. The truest and most tested quality in finding success in any field is strong work ethic and the same goes for property managers. Time and time again, the best property managers we have come across are at the top in terms of work ethic at their respective companies. Hard work has a very funny way of becoming visible (see point #1) to the stakeholders. What is often overlooked is that behind hard work is the strong determination to be a successful property manager. Many we have spoken to liken it to a switch in their minds that they turn on to nurture the desire to be the best property manager they can be.
5. Compassion
A condo is not just a building. It represents the homes, lives, investments and safe haven for board members, owners and residents. In other words, the service provided relates to a property that most of the time has deep meaning for everyone. As such, it is expected for the property manager to treat the community with the same amount of care and pride that those living there have. One way to look at it is that the property managers are in a way, caretakers of the condo. The best ones treat their community whether the actual building, the people or paperwork as if they're dealing with their own homes.
6. Excellent Communicator and Listener
Property management is a service-based industry. As with any service provider, communication always find itself at the top of the list of priorities. It is no different in condo management. Exceptional property managers are fantastic communicators - not only are they clear in their communication, the response and update times are very short. Further, communication is not only exceptional with the boards and residents, but also with staff members, vendors and anyone that plays any role in the community. In their quest to be the best communicator, often times, technology tools are quickly adopted as they allow for efficient communication.
Communication is not just a one way street. Superior property managers recognize the fact that being a great listener is a huge aspect of communication. Being a great listener goes a long way in showing compassions (see point #5).
7. Early adopter of technology
In today's world, a successful condo manager has to be tech savvy. New technologies are pushing the boundaries of efficiencies in terms of workflow, communication and overall satisfaction of clients. Without leveraging technologies, a property manager would simply be lagging behind the best. As the duties and responsibilities become ever more complex and challenging for property managers, the top tier managers resort to getting help from technologies to organize, communicate and to drive efficiencies across the board. This allows them to do more in less time.
Not only does technology improve the efficiencies of property managers, it has actually become an expectation on the part of boards and residents. Exceptional managers listen and recognize this and are able to deliver on these expectations.
While this is a summary of what makes a condo manager exceptional, it is certainly not everything. We'd be more than happy to elaborate and share with you our experiences during a free demo of Condo Manager.
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