Being associated with a condominium, whether you are a resident or a manager yourself, knowing the responsibilities of a condo property manager is essential. In basic words, condo property management is an important element when it comes to adjusting yourself to and gaining the full experience of a condo lifestyle. It fills the gap between what you should expect from your condo manager, and what you as a condo manager are expected to do.
The primary role when it comes to condo property management, is to ensure the optimal satisfaction of the residents. Following are a few functions that fall under property management:
First and foremost, the function of a condo property management is to serve as a basic communication channel between the condo board and the residents/community. Without this communication channel intact, there would be chaos all around for the community – as they would not know who to consult first – and for the board as well, as every single significant or insignificant complaint will demand their time. With an efficient condo property management system, the residents can come to property managers and submit their complaints and proposals. The relevant submissions are then forwarded to the condo board or solved on the spot.
As a condo property manager serves the duty of a communication channel, they also manage the daily operations of the condo and community. The managers ensure that the policies are being carried out efficiently, by maintaining the standards set by the condo board.
Every community has a set of community rules. However, as most people would experience, with rules come the complications of some individuals not conforming to them. This leads to conflicts amidst the community where the property manager comes in. The property manager takes the role of a conflict settler and acts as a judge to the situation, maintaining themselves to the standards set by the condo board.
The condo board appoints a condo property manager for a variety of functions concerning the standards, policy maintenance and conflict resolutions, for the satisfaction of the residents. Their main function comes into play in the absence of the condo board as they relay the information to the board and act according to the set policies. This is especially essential when dealing with site workers and maintenance. In order to ensure that the work done is according to what is needed, a condo property manager sees to the details and the site workers are to report to them in case of any assistance.
Another increasingly important role of a condo property manager is to act like a financial manager of the particular condo community. As the financial manager, it is their duty to overlook and manage the elements that are concerned with the budget, the taxes, the collection of dues and the preparation of financial statements for each month. Through this management, the paperwork of the community is kept up to date, resulting in decreased complication of the financial sort.