Property Management – what is it anyways? [+Infographic]
Step right up, don't be shy. We get asked this all the time. What is property management?
- Do you manage my house rental when I go on vacation? Nope.
- Do you live in my building? No.
- Do you rent out properties? Non.
- Do you sell properties? Nada.
With that cleared up, let's focus on what we DO, do!
So what DOES a Tribe property manager do?
The answer to that question is OODLES! Property managers look after a specialized living environment involving a lot of different people. (No, no, not a commune. We think that would get a bit tricky.) Here at Tribe, we actually refer to our property or strata managers as Community Managers. We think it better reflects our people-forward approach.
Our community managers work on behalf of a group of owners, to protect their collective investment (ie. an entire housing corporation or strata building), which is made up of a bunch of individually-owned units.
The nitty gritty of property management
Ok, so you get the big picture. Now let's get into the fine print. What do our community managers do on the daily? We've broken it down into a few themes for you.
- Maintain common areas inside and out, including amenity rooms, pools, theatres and more.
- Elevator maintenance.
- Ensure the owners representatives (Strata Council) meet regularly to discuss building management.
- Deal with building correspondence.
- Communicate with owners and residents around notice of meetings, minutes, and more.
- Preparing budgets.
- Taking care of invoices.
- Collecting fees.
- Arranging proper and competitive insurance.
- Enforce rules around common property.
- Mediate disputes between owners.
- Amend bylaws for the good of the community.
More about Community Management
Like what you've read? We're always happy to connect and tell you more about what we do.