Professional property managers protect condominium and strata property value
Posted by RHOME Property Management Victoria 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.