- March 20, 2015
- Posted by: @dmin
- Category: Blog, Condo Property Management Services
Property management is a booming industry in Ontario, and it’s only getting bigger. Consider these facts:
- Toronto has about 150 high rise buildings going up throughout the GTA.
- 92% of these projects consist of residential housing, reflecting a dramatic shift in population as more people strive to reduce commuting time and vehicle expenses by moving into the city.
- The growth is likely to continue – Toronto is ranked as the 7th worst city in North America in terms of traffic, beating both New York and Washington, D.C., meaning more people will continue to find ways to avoid dealing with traffic gridlock.
These figures mean that the demand for skilled property management in Toronto is growing, and more and more companies are popping up, trying to take advantage of the influx of new condo corporations who need skilled maintenance and administrative services for their communities. While the city needs these new property managers, it is important for condo boards to be careful as they select the company that will help them manage their communities. ICC is a premier property management company, offering decades of experience to new and existing clients. We offer affordable condo management services backed by years of accumulated knowledge. Here are just a few reasons why we are the leading Toronto property management firm.
Co-founder, President, and CEO of ICC Property Management Steven Christodoulou sums this up quite simply in The Corporate Wizards, a book by Michael Caldwell. The book provides profiles on some of the top young companies in the marketplace today; in it,Christodoulou states:
“We are not a revolving door for staff or clients … Building and maintaining client relationships is a key factor in contract retention and longevity – and relationships are what it is all about.”
ICC is a consistent property management company. In fact, Christodoulou has many clients who have been with him for decades, and still manages the very first client he ever obtained when he first set out in 1992. This consistency, along with the ability to retain skilled staff members and to have low employee turnover, reflects a dedication to quality and loyalty fostered through the provision of highly skilled services.
One of the first things Christodoulou did upon creating his own Toronto property management firm was obtain the Association of Condominium Managers of Ontario’s (ACMO) 2000 certification, joining the mere 25 other companies that had achieved the certification at that time. This certification reflects adherence to rigorous standards in property management, strictly following the best practices in the industry.
In addition to achieving certification, Christodoulou sought out additional ways to become involved in ACMO, joining committees and helping create new policies and practices. He has served as President of the organization as well, and has become a property manager that other members of the industry turn to for insight and guidance.
This involvement stems from his dedication to quality in his industry, as well as dedication to his clients, who regularly cite his unique approach to property management in Toronto:
“…Steven was very hands on. He doesn’t just say it, he actually gets involved. He is very dedicated. You are his client and he puts you number one. He is a terrific property manager.” -Zippora Orland, president of the board at One St. Thomas in Toronto
That dedication has not waned as ICC has grown; in 2009, he made the decision to take on another senior staff member, even though ICC was not yet big enough to sustain another senior salary. The step was necessary, however, for ICC to continue delivering the high level of service that clients had come to expect from the firm, and for Christodoulou to continue to provide needed support to his clients and staff members.
This move ultimately paid off, and ICC has continued to flourish under the leadership that Christodoulou has put in place. The company has also continued to share its expertise in the industry by releasing an eBook that is available for download by condo boards, condo attorneys, and other property managers, outlining the best practices in Toronto property management and other important information for anyone involved in a condo community.
ICC adheres to a very specific set of values, which Christodoulou articulates in The Corporate Wizards:
“Integrity, service to our residents above all else, commitment to excellence, we deliver ‘wow,’ respect each other, respect the planet, and service to our community.”
These values underlie everything that ICC does, from dealing with condo boards, residents, and unit owners, to hiring new employees and property managers to oversee clients. ICC maintains an open network of communication, both internally and among the various communities that the firm serves, so that no client or employee ever has to feel alone in dealing with the many issues that can arise in the world of condominium management.
This culture is one of the main things that distinguishes ICC from other property management companies. As Christodoulou states,
“We are a professional property management company for the discerning client… But our philosophy is different in that we form solid relationships with our clients based on mutual respect, appreciation and good values.”
Many entrepreneurs are attracted to property management in Toronto as the industry continues to grow. The latest numbers show increases in revenue for the property management industry as a whole of 6.6% year over year, with profit margins remaining steady at a healthy 19.2%. These numbers are enough to attract plenty of inexperienced business owners looking to cash in on the healthy profits of this lucrative industry; however, it is extremely important for condo boards and unit owners to take a discerning approach to picking a skilled condominium management company. ICC sets the industry standard in Ontario, and we recommend picking a knowledgeable and experienced property manager capable of serving your community effectively. Contact us directly if you think we can help you.