What is Condo Property Management and What it Entails

If you are a property manager, you are probably aware of the various areas of property management that exist.

Property managers can be responsible for residential properties, commercial properties, storage facilities, community associations, and many more.

Another form of management is condo property management. A condo property manager is a property manager who is responsible for all of the management responsibilities for a condo or a condo association.

Although condo property managers have very similar responsibilities to residential property managers, there are certain differences that set them apart.

In this guide, we will be going over all of the responsibilities of a condo property manager. We will also be recommending some condo property management software that will ease all of the work.

So, to get started, let's go over what a condo property manager is.

What is Condo Property Management?

Before explaining what condo property management is, let's review what condos are. Condos are typically small communities of residents living together. This means that they usually contain large amounts of people crammed into a relatively small space. So, naturally, issues are bound to arise.

This is where a condo property manager takes over. Condo property managers, or condo property management companies, take over all of the operations of the condo association. The condominium association management and the board members hire the condo property management company or individual to take care of all the tasks and duties of the community.

The duties assigned to the condo property manager depend on the homeowner's association (HOA) management. And, since they are essentially the governing force of the community, the residents and unit owners expect all the work to be done quickly and correctly.

So, now that we know more about what a condo property manager is, let's learn more about what their typical responsibilities look like.

Condo Property Management Responsibilities

As mentioned before, the responsibilities of a condo property manager are very similar to those of any other property manager. However, there are some specific things that condo property managers do that are not necessarily the same.

Below, we will be outlining some of the most common duties and responsibilities that condo property managers generally have to deal with.

Project Management

Managing projects is one of the major things that condo property managers have to deal with on a regular basis. These projects can vary in the kind of project that they are as well as the complexity of them. For the most part, however, these projects require the contracting of a third party.

Most of these projects are going to have to do with some sort of maintenance or construction. For example, if a gym machine breaks, this is a community issue that must be handled quickly. In this situation, the community manager will reach out to any contractors or vendors to straighten out a solution to replace or repair the machine.

The property manager may also be tasked with overlooking some construction that is being done on a resident's home. In this case, the property manager will again search for contractors to do the work on the property and overlook all of the work done on it.

Financial Management

Another aspect of a condo property manager's job is to ensure the financial security of the community. This part of condo property management is extremely important because homeowners, as well as the board itself, are depending on the manager to ensure the financial wellbeing of the entire condominium.

Some of the many things that condo property managers are responsible for in this aspect include drafting yearly budgets, collecting payments, keeping track of financial statements, scheduling audits, and taking care of tax returns.

Another job that condo property managers are typically tasked with is as a financial advisor. They advise the board on many things like planning for the long-term reserve fund and operational budgeting. They must also make sure that all the repairs and maintenance remain within the budget of the association.

Communication Management

The responsibilities of the property manager also span from strictly condo property management. Condo property managers can also serve as a channel of communication between the property owners and the condo association.

This means that all the questions and concerns that the residents have for the association board pass through the property manager first. Then, the condo property manager delivers the query to the board. Finally, the property manager delivers the response back to the resident that had the original inquiry.

Conflict Management

Another responsibility that condo property managers are typically tasked with is conflict management.  By conflict management, we mean to say that the property manager mediates a resolution between two parties that are having a conflict.

This is a very common occurrence in a community of so many people living so close to each other. Some of the most common disputes are over noise or pets. In these cases, it is the job of the property manager to come up with a solution that pleases both parties. It is also their responsibility to enforce consequences and make sure that the situation does not escalate to a legal stage.

Operations Management

Last, but certainly not least, is operations management. This is arguably the most important responsibility because it is what ensures that all of the everyday operations are completed without any problems.

This includes making sure that all of the association's rules and policies are followed, the condo is kept clean, and that all of the facilities are consistently up and running. This part of the management also includes making sure that the maintenance work is done when it is needed and that sufficient records are kept of all services done.

If this sounds like a lot of tasks that all fall under one person, that's because it is. It would be extremely convenient if there was some software that allowed you to do all of this from one place.

Luckily for you, there is.

DoorLoop is an all-in-one property management software built by property managers, for property managers.

If you’re looking for something for condo property management without having to pay enterprise pricing, look no further.

DoorLoop features:

• A complete accounting suite
• Work order management system
• Convenient and easy-to-use tenant portal
• Powerful owner portal that makes printing checks and running relevant reports simple
• Marketing tools that help automate the process of filling units
• Leasing tools that streamline the entire tenant onboarding process from start to finish
• All with a convenient mobile app, so you can take everything you need in your pocket
• And much more.

DoorLoop Pricing

DoorLoop starts as low as $59/month for your first 20 units.

Try DoorLoop today.