Property management, in the broadest of terms, is defined as the operation, control and oversight of real estate. Most property managers would agree that this particular definition is just a starting point.
There are many facets to the demanding profession of property management, including managing the accounts and finances of the real estate properties, and participating in or initiating litigation with tenants, contractors, vendors and insurance agencies. Litigation may be considered a separate function, set aside for trained attorneys, but a property manager will need to be well informed and up to date on applicable municipal, county, state and federal Fair Housing laws and practices.
Remember to Communicate
One major role of a property manager for condominium properties is that of liaison between the board of trustees or the board of directors, the property owners/residents, and the personnel required to keep a property attractive, safe and functional. Good communication is a must for this “thinking-on-your-feet” position which also requires understanding the processes and systems utilized to manage all aspects concerning property including acquisition, control, accountability, responsibility, maintenance, utilization and disposition.
“A successful property manager is basically a jack of all trades,” says Lynne A. Kelly, CMCA, MCL, CPO of Kelly Property Management Corporation in Burlington, Massachusetts. “Property managers know a little bit about everything; that way they have the ability to help associations run smoothly.”
“I think it’s important for a property manager to have patience, organizational skills and follow-up,” says Melanie DeMaria, CMCA, a property manager with Crowinshield Management Corporation in Peabody, Massachusetts. “Patience is important because you deal with a lot of different personalities with the board of trustees and the homeowners. Organization is important because you are always multi-tasking and if you don’t stay organized it just kind of tornadoes.”