New Brunswick Condo Property Management Responsibilities

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.