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 a 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 owner's representatives (Strata Council) meet regularly to discuss building management.
- Deal with building correspondence.
- Communicate with owners and residents about notices of meetings, minutes, and more.
- Preparing budgets.
- Taking care of invoices.
- Collecting fees.
- Arranging proper and competitive insurance.
- Enforce rules around the 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.