- August 17, 2015
- Posted by: @dmin
- Category: Uncategorized
Property management is a growing industry in Canada. From 2011 to 2012 alone, the last years for which data is available, the industry grew by $282 million nationwide, to nearly $5.6 billion.
This growth is set to continue, particularly in Toronto, where more than 130 building projects are still under way. As new communities emerge, new property managers in Toronto are needed to manage them. If you’ve been considering entering the field of property management, or if you are currently a property manager and want to know how you are doing, here are some questions to consider.
1) Do you maintain affiliation with the Association of Condominium Managers of Ontario (ACMO)?
As the leading organization for the condo management industry in the province, ACMO is responsible for setting the standard against which Toronto property management companies are held. They offer a Registered Condominium Manager (RCM) designation, and earning this designation reflects a commitment to excellence in the industry.
In addition, they have corporate recognition through ACMO 2000, for corporations who employ RCMs and who serve Ontarians as condo managers. These certifications are the result of dedication through significant experience and continuing education in the industry. If you want to build a career in property management, it is essential to start building a relationship with ACMO early, so that you can gain all the benefits of membership.
2) Do you have solid relationships with plumbers, electricians, cleaning companies, and other skilled tradespeople?
The ability to effectively manage a property often hinges on your relationships – not only with your clients, but with the vendors who can make or break your services. There are two key factors that clients often seek when they are looking to hire new property managers in Toronto:
- Cost savings: condo boards are often concerned with saving money for their residents and keeping fees affordable.
- Responsiveness: if a building issue arises, such as a leak or power outage, or another problem occurs that needs a timely response, condo boards want ot know the property manager will be able to handle it.
Your vendors can have a direct impact on both of these concerns. With good relationships, you can often negotiate better pricing, and ensure that you have people standing by prepared to handle problems as they come up. This keeps your fees low, while, ensuring your clients receive good service.
3) Do you have exceptional organizational skills?
It is no secret that disorganization causes problems. It can mean missed deadlines, mishandled situations, and it can cost money. Not only can it result in penalties and problems, but the time spent trying to organize files, find missing pieces of data, and otherwise get situations under control can mean real losses:
- The average businessperson can waste up to 6 weeks per year trying to retrieve misplaced information. If you calculate your salary on a weekly basis, how much would 6 weeks per year cost you?
- On average, 1 out of every 20 documents will end up lost.
- On average, an office will have 19 copies of a single document.
- On average, it takes 25 hours to recreate a lost document, and $120 in labor to search for missing documents.
These types of figures can make the difference between good and bad Toronto property management companies. Disorganization makes it impossible to serve clients effectively, and can ultimately lead to the failure of a property management company. Proper organization means a way to organize files, systems for ensuring the bills get paid, proper collections practices and timing, and much more.
4) Do you possess good dispute resolution skills?
Conflicts are inevitable in condo communities. Whether it is neighbors arguing over noise violations, or a fight on the condo board over how to properly apportion the budget, property managers in Toronto must be equipped to deal with problems.
If you are able to keep your thoughts straight under pressure and negotiate even when tempers are high, then you have a good skill that will serve you well as a property manager.
5) Do you know how to adapt to change efficiently and effectively?
Toronto property management companiesmust be ready to adapt when changes to the industry occur. These can happen in the form of new compliance measures, changes in municipal codes surrounding buildings that you manage, improvements in available technology and solutions, and a variety of other circumstances.
When this is the case, it is essential for property managers to be flexible and to know when to adopt new practices. It is also important to keep a close eye on changing regulations, so that you can be informed with the most up-to-date information that affects your business.
6) Are you detail-oriented?
Adapting also means knowing what you have to do to implement certain changes, and keeping track of how those changes are progressing. It also means taking measures to avoid things like safety hazards or other potential liabilities, and taking care of those details that are important to clients and residents and directly affect their quality of life.
These are just a few of the qualities we know are important in having a successful Toronto condominium management company. If you fulfill these criteria, we invite you to contact us directly. We are always looking for dedicated, qualified property managers to join our team.
To learn more about what it takes to be a property manager, and some of the best practices we follow, we also invite you to download our eBook. ICC® maintains a strong reputation for quality throughout Toronto, and we possess the processes, tools, and values needed to be a top-tier property management firm.