Professional property managers protect condominium and strata property value
Posted by Cornerstone 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. Cornerstone Properties 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.