Profile of a Condominium Manager
Shawn Machado, R.C.M.
Responsibilities: Oversee the day-to-day operation and strategic planning for a variety of low-rise, high-rise and commercial Condominiums. Additionally, oversee other team members and administrators.
Characteristics required for success: Flexibility. Managers who are able to adapt their management style to fit the needs of their clients, and the condominium industry, will be more likely to be successful. The role of a Property Manager is exceptionally dynamic and ever expanding. Managers who are able to embrace and adapt to the constantly evolving landscape will thrive in the industry.
Share a success story: I had the opportunity to be involved with a Corporation that was going through a number of issues. There was political unrest with the newly elected board, an under-funded reserve fund, a massive operating deficit, and a list of outstanding repair and maintenance items. In order for the Corporation to run effectively, my team and I developed and presented an action plan to the Board which addressed the outstanding maintenance items without having to increase Common element fees or levying special assessments.
The previous board had deferred a number of expenses which left a reasonably healthy reserve fund balance, however most of the funds were allocated to required capital projects. We worked with the Corporation’s engineer and conducted a number of condition assessments on major reserve fund items to build a new reserve fund study. This helped to free up some funds for projects that would make the building operate more efficiently. Within 3 months of taking over the day to day operations of the Corporation we began a complete LED retrofit of the Common elements as well as installed water saving devices on every toilet. Through various financing programs and rebates we were able to free up $7000 a month to help reduce the operating deficit. Additionally, the building began a hallway and lobby renovation which was long over-due. Within, 24 months, the deficit had been eliminated, the reserve fund was fully funded and 2 major building envelope projects had been completed.
Share a tip that would be helpful for new managers: Be Resourceful. The industry is exceptionally broad. There is no reasonable way that a manager would be able to retain all of the knowledge required to perform every aspect of the typical portfolio. However, a manager who is exceptionally resourceful and understands where to find the best information will be successful. New managers should strive to surround them self with the best professional that the industry has to offer. If you hire a team of exceptional trades, and professionals who can provide you with the best information, your job becomes much easier. Also, draw on experiences from outside the industry. Most Boards are as dynamic as the communities they serve. Some of the Directors you work with on a day-to-day basis have a lot to offer because of their professions. Some of the best lessons I have learned have come from their best practices. The last bit of advice I can relay is “Get a Mentor.” In most cases there is someone within the industry who has experienced similar challenges that you are trying to deal with.
What does ACMO mean to you? ACMO means resources; individuals, trades, and most importantly Professionals who service the industry. Whether you are new to the industry or a manager with tenure the resource that ACMO provides is crucial.