What’s The Difference Between Property Management vs. Condo Management?

The main difference between condo management vs. property management is that property managers are responsible for individual units or rental communities, while condo managers are responsible for the whole condo building.

Generally, condo management involves managing the day-to-day operations of a condo community and working closely with condo boards. By comparison, property management companies can perform similar functions for a wide range of buildings, but not condos, unless they hold a licence with CMRAO.

 

What Are The Responsibilities of Condo Management?

Condo management plays a pivotal role acting on behalf of the condo board in ensuring the smooth operation and maintenance of a condo property. They look after daily activities, keep shared spaces clean, manage funds, and ensure everyone follows the rules. They also help assist owners and keep records organized.

Here’s a closer look at some key duties they perform:

 

Managing Condo Operations

Condo managers handle daily activities in the condominium. They ensure common areas are clean, address residents’ concerns, and coordinate repairs and maintenance. They also assist in organizing and conducting meetings between the condo board members and owners.

 

Financial Management

Condo management is responsible for ensuring that all financial records are in order. While they manage the funds and may suggest ways to use them, decisions regarding spending are made by the condo board.

 

Record Keeping

Condo managers maintain important documents such as meeting minutes, financial reports, and lists of residents, amongst many other things. Proper record-keeping ensures transparency and provides a reliable history of the condo corporation’s operations.

 

Enforcing Condo By-Laws

Condo management ensures that residents adhere to the condominium’s by-laws and rules. This involves managing issues related to rule violations and taking necessary actions, such as issuing warnings or escalating compliance requisites.

 

Ensuring Compliance

It is up to condo managers to verify that their condominium corporation adheres to all relevant compliance standards, such as the Condominium Management Services Act, 2015. They do this by reviewing and overseeing all activities and ensuring they comply with legal standards.

 

 

What Are The Responsibilities of Property Management?

As mentioned, the biggest difference between condo and property management is that property management has more authority over individual units. Based on this difference, here is a list of tasks a property manager can perform that a condo manager typically does not. 

 

Tenant Management

Property managers deal with issues and requests from tenants about their units. They communicate directly with tenants and can help resolve their issues. This might involve handling complaints, coordinating solutions, and providing information when needed. 

 

Managing Unit Vacancies 

When a unit is empty, property managers make sure it’s ready for new tenants. This includes making sure it’s clean, all appliances are working, and any needed repairs are done. They also might show the unit to potential tenants and answer their questions about the property (without handling leasing agreements).

 

Unit Inspections

Conducting regular checks of units is a key responsibility of property managers. They must ensure that units are in good condition, identify and address any issues or damage, and ensure all aspects of the unit are functioning properly.

 

Unit Repairs

Ontario’s Residential Tenancies Act, 2006 states that managers must oversee the repair work within individual units. This includes coordinating and managing the repair of appliances, addressing plumbing or electrical issues.

 

What A Property Manager Can & Can’t Do

Of course, there are also tasks that a property manager cannot do that a condo manager can. There is also a significant amount of crossover between the roles. Therefore, some communities may leave certain duties to a property manager while others may leave it to a condo manager. 

The following table provides a quick overview of what a property manager can and cannot do. This should help clarify where crossover exists.

 

Responsibility	Yes	No
Address tenant issues and requests	✔️
Handle leasing agreements		✔️
Ensure units are clean and well-maintained	✔️
Make decisions about the condominium corporation		✔️
Manage repairs and maintenance within units	✔️
Provide legal advice to tenants or the board		✔️
Conduct regular inspections of units	✔️
Change condominium rules or by-laws		✔️
Communicate information between tenants and the board	✔️
Alter condominium fees or budgets		✔️
Coordinate solutions for unit-specific problems	✔️
Make financial decisions for the condominium		✔️
Provide support and information to tenants	✔️

 

Why Hire a Property Management Company For Your Condo Management?

Considering the differences in their roles and responsibilities, it might seem counterintuitive to hire a property management company instead of a condo management company. However, the right property management partner may still be your best choice for effective condo management.

The right property management company ensures legal compliance, and enhances communication between residents and the board. This lets your condo board focus on key decisions, while the management company handles daily tasks, finances, and conflict resolution.

At ICC Property Management, we offer expert condo management services in Ontario run by our skilled team. We focus on clear communication, strong financial management, and ensure top-quality management for a hassle-free experience.

Request a free proposal to see how we can help.