Owning a condominium is a 24/7 job with lots of tasks and potential problems. There’s no day off and no hope for a vacation. From resident issues to site projects, condominium ownership can be quite the workload.
However, it doesn’t have to be such a huge task. Employing a condominium property manager can put you on the fast track towards improving your property. They work hard so you don’t have to.
Read on to learn more about the roles of a condominium property manager and how they can make your life easier.
A Condominium Property Manager Oversees All Operations
One of the most important roles of a condominium property manager is to manage the condo’s everyday functions. This includes anything from overseeing repairs to making sure the property is safe.
Your condo association’s board of directors is in charge of developing plans, stating policies, approving projects and setting budgets. They make decisions for you based on the Condominium Act.
The condominium property manager, while they aren’t on the board of directors, is still an important asset to the board’s duties.
The condo property manager works with the condominium board to ensure all policies are met. They also oversee plans and make sure they are carried out properly.
They offer their insight and expertise to the board to help them prioritize what needs to be done.
Condo property managers are also responsible for checking the property and addressing issues before they become a problem. The role requires a great deal of organization, as well as time and effort.
Condo Property Manager = Finance Controller
Another task in the condo manager job description is managing the money of the condominium.
While the board of directors sets the budget for the condominium, the condominium property manager ensures that all projects are within that budget. They also make sure that repairs are within budget, too.
The condo manager prepares financial statements, makes the operational budget, and prepares all tax returns for the condominium.
They also collect payments from tenants, including rent, utilities. If your condo offers additional purchases like key replacements, the condo property manager handles it.
If there are any concerns regarding the collection of the condominium dues, such as nonpayment of rent, it is the condominium property manager’s responsibility to address them.
Once the year ends, the condo property manager works with the building auditor to develop financial records. This provides transparency between themselves, the board of directors, and the owners of the condominium building.
It is the condominium property manager’s job to maintain the property and note any repairs or projects that need to happen.
If site workers need to be hired, it is also the condo property manager’s job to oversee these workers and their performance. They make sure everything is completed according to plan.
If a new condominium is being built, the condo property manager oversees the project and makes sure everything is running smoothly. They must also supervise repairs if something needs to be fixed.
Depending on the structure of the project, the condo property manager may be more or less involved. For example, if contractors have been hired to take on a project, then they will be the ones primarily overseeing the site.
However, it is still in the condo property manager job description to act as the main contact for site overseers such as contractors. If there is a problem or concern, they will be the point of contact and will keep the board of directors updated in the process.
Just as a condo property manager is responsible for ensuring all daily operations are running smoothly, they are also the main point of contact in case any conflicts arise. This includes problems between the tenants themselves as well as tenant issues with management.
When you have a lot of tenants living in close proximity to one another, there are some inevitable conflicts that occur. Although some minor conflicts can be settled between tenants without the property manager’s involvement, they still need to be available to mediate if the issue escalates.
One of the most common issues that condo property managers face is problems with the noise level.
Condominium walls are often pretty thin and this greatly increases instances of disruptions. It is the property manager’s job to handle noise complaints and confront offenders until the issue is resolved.
Another common conflict between tenants is pet problems. Whether it’s a barking dog or a loud bird, the property manager has to handle any complaints. They also make sure consequences are carried out according to policy.
No matter the complaint, it’s in the condo property manager job description to maintain control of the situation until it’s resolved. Their ultimate goal is to find a solution to the problem without any legal problems.
The condominium property manager acts as the main point of contact between tenants, site workers, and the condominium’s board of directors. They oversee operations and make recommendations based on observations. They offer insight according to what they see on a day-to-day basis.
For example, if condo property managers notice a common issue or trend, they relay the message to the board of directors. They also listen to building tenants and keep the board informed of any requests.
The condominium property manager closes the gap between the board of directors and the condominium community, helping to maximize the efficiency of all operations.
A condominium property manager is a personable, organized, and efficient ally to you and your property. By adding one to your condo, you can enjoy a reduced workload as well as peace of mind that your site is in good hands.
Condo property managers have the skills and know-how to help you accomplish all your future goals. Contact us today to find an excellent property manager for your condominium.