Professional property managers protect condominium and strata property value

Posted by on

Selecting the right professional property manager

Selecting the right professional property manager to manage a condominium and strata property is crucial if the property values, sales and reputation are to be protected and enhanced.

A poorly qualified, incompetent or negligent property manager can damage the perceived and real value of a stratified building.

The competence and capabilities of a property manager is so important in fact, the Canada Mortgage and Housing Corporation (CMHC), in its official “Condominium Buyer’s Guide” recommends prospective buyers interview and inquire about the manager:

“Unless a condominium is self-managed, it’s the property manager who handles the day-to-day running of the condominium, such as the hiring of staff, maintenance and repairs. The property manager is under contract to the condominium corporation and plays a pivotal role in ensuring the building operates safely and effectively.”

Owners, residents and investors know the important role a property manager plays. The roles are varied and often specialized, requiring unique experience and skills. RHOME Property Management-Victoria has decades of experience and accumulated expertise across numerous Victoria strata properties and condominiums, helping protect the value and enhance the quality.

So, if you are considering purchasing a new or used condominium or strata property, what questions should you ask the property manager? CMHC offers an overview and a list of questions owners, strata councils and buyers should consider:

Questions to ask a property manager

A good property manager can have a significant impact on the quality of life in a condominium community. He or she ultimately serves the owners so it’s in your best interest to find out as much as possible about this individual and/ or company before purchasing in a particular building.

Property managers also tend to be very busy people so you may want to set up an appointment with one by phone or e-mail.

Here are some questions to ask a property manager to get a better idea of his or her experience, personality, professionalism and communication skills:

  • How long have you been the property manager for this condominium?
  • How long have you been working in the property management field?
  • How are vacations and other time away from the job covered?
  • If employed by a property management company, how long has the company been in business?
  • What are other properties managed by this company?
  • Can you provide concrete examples of where your organizational skills and follow-through benefitted this condominium community?
  • How have you shown leadership when meeting the needs of residents, the board of directors, staff and contractors?
  • How do you communicate with owners on a timely basis? E-mail? An interactive website?
  • Can you give an example of where you have learned from a mistake on the job?
  • What business skills and experience do you bring to the position?
  • How has your attention to detail made a difference in the building’s day-to-day operations?
  • Have you, or are you working toward, the Registered Condominium Manager designation?
  • How do you stay current with changes in the industry?

If you own a stratified property you owe it to yourself to ensure you have the best professional property management in place, otherwise your investment is inn jeopardy.