Staying Competitive in Management It's Tough Out There

As the condo market continues to heal after the setback it experienced during the financial crisis of the mid-aughts, many management firms and independent property managers throughout the area are looking for ways to distinguish themselves from their colleagues and stand out in an increasingly competitive market. That intense competition to manage some of the world’s priciest buildings should mean added value for the consumer, but it doesn’t always. You have to know what to look for.

A community that has historically been poorly served by an inadequate property manager might not realize it has been under-served. That’s why it’s important to be able to differentiate between so-so property managers and the very best of them. For multifamily buildings, the distinction could mean the difference between tight finances and savings, and more money for a rainy day.

Changing Standards

For a long time, Florida's climate, value, lifestyle and favorable tax laws have attracted homebuyers from across the country and across the globe.

Many of these newer buyers are happy to pay top dollar for a condo unit, but of course they expect the service to match the price-tag. That’s why in many buildings, doormen and building staff often perform the duties of a hotel concierge, and amenities that were more of a luxury decades ago are now a necessity.

Those changes aside, the level of professionalism needed to be a good property manager has risen dramatically along with the cost of square-footage. While property managers always have had to be sharp generalists, capable of handling diverse tasks simultaneously, their baseline level of knowledge of different aspects of their job is set much higher these days. Part of that enhanced expectation is a result of demands of residents, but part of it is a result of increased regulations.

Read More...

Related Articles

Secrets of Successful Managers

Communication, Accommodation, Cooperation

Pets or Pests?

Dealing With Companion Animals

Vulnerable Residents

Safety at Any Age