A Condominium Property Manager is a professional who oversees the daily operations and management of a condominium property. They play a crucial role in maintaining the property's value, ensuring the satisfaction of residents, and maximizing the return on investment for property owners. In this blog post, we will describe the primary responsibilities and the most in-demand hard and soft skills for Condominium Property Managers.

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Main Responsibilities of a Condominium Property Manager

The following list describes the typical responsibilities of a Condominium Property Manager:

Advertise

Advertise and market available units.

Analyze

Analyze the operating results of each property and makes recommendations for adjustments as needed.

Attend

• Attend and participate in professional group meetings.

• Attend evening Monthly Board Meetings and Special Meetings and Owners' Meetings as required.

• Attend professional development workshops and conferences.

Collect

Collect rent and enforce lease agreements.

Conduct

• Conduct market research and assess rental rates.

• Conduct regular meetings with property owners or homeowner associations.

• Conduct regular property inspections.

• Conduct site inspections and complete monthly manager reports.

Coordinate

• Coordinate insurance coverage and claims.

• Coordinate repairs and maintenance activities.

Develop

• Develop and implement property management plans.

• Develop and implement strategies to increase property value.

• Develop recommendations for goals and action plans to achieve Board objectives.

Direct

Direct and oversee all property maintenance.

Draft

Draft annual operating and reserve fund budget.

Ensure

• Ensure adherence to master calendar, maintenance calendar, association budgets.

• Ensure compliance with local, state, and federal laws and regulations.

• Ensure effective expense control and operating costs.

• Ensure timely collection of Common Element Fees from unit owners.

Establish

Establish performance goals and supervise on-site managers and other supervisory personnel.

Foster

Foster positive relationships with residents and stakeholders.

Handle

• Handle day-to-day management of the Condominium Buildings and basic corporation administration.

• Handle emergency situations and implement contingency plans.

• Handle tenant move-ins and move-outs.

Implement

• Implement and maintain policies and procedures for daily operations.

• Implement effective marketing strategies to attract new residents.

• Implement energy-efficient and sustainable practices.

• Implement preventative maintenance programs.

• Implement programs or improvements.

Inspect

Inspect the interior and exterior of each assigned property.

Maintain

• Maintain accurate records and documentation.

• Maintain cleanliness and aesthetics of common areas.

• Maintain control of all operating and reserve expenses in accordance with annual budgets.

Manage

• Manage, direct and motivate onsite staff.

• Manage lease renewals and lease negotiations.

• Manage only one Condo Corporation with one board meeting per month.

• Manage property improvement projects.

• Manage relationships with directors, owners, contractors, onsite staff.

• Manage the budget and financial aspects of the property.

• Manage the day-to-day operations of the Corporation.

Mediate

Mediate disputes between tenants or homeowners.

Mentor

Mentor and teach the managers the skills they will require to manage a portfolio of properties.

Monitor

Monitor and report on the monthly financial position of the Condominium Corporation.

Negotiate

• Negotiate and enforce contracts with vendors and service providers.

• Negotiate and manage vendor contracts.

Oversee

• Oversee collection of income and the management of expenses.

• Oversee, establish, and renew contracts for the Condominium Corporation, as needed.

• Oversee the hiring, training, and supervision of property staff.

• Oversee the operation and maintenance of property amenities.

Participate in

Participate in training in order to comply with new or existing laws.

Prepare

• Prepare and present reports on property performance and financials.

• Prepare detailed recommendations for physical repairs and / or replacement as required.

• Prepare Property Management Report and package for Board of Directors Meeting.

Provide

• Provide a management, property inspection and financial reports in advance of each Board Meeting.

• Provide and meet report deadlines as set out by the Senior Management Team.

• Provide emergency on-call after-hours service.

• Provide feedback on contractor performance, delivering results at the most economical price.

• Provide leadership and direction in the development of short-term and long-range plans.

• Provide leadership and direction to the Property Managers working under them.

Receive

Receive, clarify and respond to maintenance requests from Owners and directors.

Respond to

• Respond to and resolve tenant inquiries and complaints.

• Respond to resident / owner inquiries.

Review

Review on a semi-annual basis progress.

Screen

Screen and select tenants.

Set

Set goals with the managers on an annual basis.

Stay informed about

• Stay informed about property-related legal issues.

• Stay updated on industry trends and best practices.

Summarize

• Summarize the priorities of each board meeting with appropriate follow up.

• Summarize the priorities of each meeting with appropriate follow up.

Supervise

Supervise and organize all contractors and contractor work.

Support

• Support and assist in office administration.

• Support the activities of the various Board sub-committees.

Work with

Work with a management plan including operating and capital replacement budget for each property.

Most In-demand Hard Skills

The following list describes the most required technical skills of a Condominium Property Manager:

1. Knowledge of property management software and tools.

2. Proficiency in financial management and budgeting.

3. Understanding of real estate laws and regulations.

4. Familiarity with building systems and maintenance.

5. Ability to read and interpret financial statements.

6. Knowledge of leasing and rental market trends.

7. Proficiency in project management.

8. Expertise in risk management and insurance.

9. Understanding of fair housing laws and practices.

10. Competence in contract negotiation and administration.

11. Knowledge of accounting principles.

12. Familiarity with marketing and advertising techniques.

13. Proficiency in data analysis and reporting.

14. Ability to conduct property inspections and assessments.

15. Understanding of property valuation methods.

16. Competence in conflict resolution and mediation.

17. Knowledge of energy efficiency and sustainability practices.

18. Familiarity with maintenance and repair processes.

19. Proficiency in customer relationship management.

20. Ability to stay updated on industry trends and best practices.

Most In-demand Soft Skills

The following list describes the most required soft skills of a Condominium Property Manager:

1. Excellent communication and interpersonal skills.

2. Strong leadership and management abilities.

3. Exceptional problem-solving and decision-making skills.

4. Attention to detail and organizational skills.

5. Ability to multitask and prioritize effectively.

6. Adaptability and flexibility in a dynamic environment.

7. Empathy and strong customer service orientation.

8. Conflict resolution and negotiation skills.

9. Time management and self-motivation.

10. Teamwork and collaboration abilities.

Conclusion

Being a Condominium Property Manager requires a diverse set of skills and responsibilities. Apart from technical expertise in property management, Condominium Property Managers also need a range of soft skills to excel in their role. These skills enable them to effectively communicate with residents, collaborate with team members, and handle various challenges that arise in property management.