Condo corporations, managing assets valued at upwards of 100 million dollars and annual revenues of millions of dollars, require their condominium manager and directors to have superior management skills and experience. This is not always the case.
Condo corporations can be challenged to find a manager with current management skills and experience to manage such a high-value asset and its revenues.
The average age of a condominium manager in Canada is 50 years old. Few have the experience required to manage a business with comparable assets and revenue outside of the condo world.
Property management is not something most choose as a profession. There is no traditional career path. For those interested in property management as a second career and possessing superior business and management skills, the current system discourages them.
Skills required to become a condominium manager are comparable to that of a first year business program. MBA programs with a specialty in real estate property management are rare.
An effective condominium manager requires business skills that include finance and accounting. They must be a people person able to deal with conflict on a daily basis. Condominium managers should understand and be comfortable with technology so they can advise and manage sophisticated electronic systems that include building automation and lighting. They must be a strong communicator adept at writing and communications technologies. There is also a need to utilize and capitalize on increasingly complex communication and record keeping systems.
Condominium managers are expected to be more technologically sophisticated than in the past while continuing to retain traditional property management skills to maintain the costly infrastructure of a high-rise condo building.
Individuals tend to be drawn to condominium management from other areas. They may have been involved in asset management or failed to find work in their chosen area.
Businesses lacking properly skilled employees develop their own in-house training programs. Condo corporations can do the same to ensure their employees develop the requisite skills to manage and enhance the assets that are home for condo owners.