As a condominium manager, what are the biggest challenges and opportunities you or the industry will face in 2020?

With industry demand at a peak, and more and more condominiums coming through the pipeline, it will put more pressure not just on property management companies but also on property managers. In order for companies to have sufficient funds to pay property managers adequately, they will need to capture more business.  Competition is so high that many companies are unable to find either qualified persons to perform the duties of a property manager or simply can’t afford to pay General Licencees due to their licensing fee, training etc. Dealing with legal cases against property management companies is yet another challenge aside from high turnover e.g., property managers leaving companies, condominium corporations terminating contracts. The constant incline in condominium insurance premiums by insurance companies is putting more and more pressure on property managers as they have to face homeowners and the boards of directors when they question “why are you increasing my maintenance fees?”

Mohammad Sheeraz Pathan, RCM
Larlyn Property Management Ltd.
Mississauga, ON

As a property manager, one of the challenges we will face in the future is the explosion of condominiums and the shortage of qualified licensed managers. The industry is underpaid for the all-encompassing services managers provide and seriously needs to be addressed. Another obstacle is the purchaser/owner in that many new owners are not aware of what they are buying into. They purchase a condominium and do not know its policies, procedures or governance. Just as the CAO requires new directors to undertake online training, there should be a mandatory course for purchasers. One of the most frustrating challenges a property manager faces is the theory that professionals are not needed. The guidance of professionals in our sector is a must! The property manager oversees the affairs of the corporation under the direction of the board. The property manager is not an engineer or lawyer and should not be expected to be a project manager. Boards of Directors often put too much emphasis on the expense of retaining a professional. In the industry, this is referred to as penny wise – pound foolish.
 

Pat Kummer, RCM
Precision Management Services Inc.
Dundas, ON
 

View Flipbook Back to Latest Issue