In recent years, the concept of “home” has taken on new meaning as a hub to live, recharge, work and play. That’s why residential communities have become even more appealing. They provide residents with convenient services and shared amenities that enhance community spirit and bring this modern concept of “home” to life.

However, managing such communities is an increasingly complex task, and this is where our industry has had to evolve to better serve our customers. 

More than just rule enforcers

Council/board members in residential communities play a crucial role in making essential long-term decisions to enhance property values and support resident well-being. Yet, as volunteers, they often lack the time and expertise required to handle the many aspects of community management.

That’s why today’s property management companies are more than just rule enforcers. The best of them build teams with diverse skills ranging from hospitality to technology, insurance, financial, operations, sustainability, training and development — not to mention expertise in complying with rapidly evolving regulations, at the federal, provincial and municipal levels. 

Professional insurance advice

For example, property insurance availability and premiums are important factors impacting condominium corporations and stratas. More than ever, council/board members need expert advice to secure the coverage they need.

Property management companies can play a crucial role by offering a team of insurance professionals to consult council/board members, even in evolving and volatile markets. These teams work with the goal of securing improved coverage to help corporations achieve savings in premiums, bringing peace of mind to councils/boards and residents in a shifting insurance environment. 

EV charging

Another example is EV (electric vehicle) charging, which is becoming an expectation and an essential utility. Communities are looking for guidance and support to update their electrical and parking infrastructure, so they provide that amenity in a sustainable, easy-to-manage and cost-effective manner.

Property management companies need to be equipped with the resources, relationships and expertise to deliver custom solutions for each community. 

Expert guidance to drive energy savings & comply with new regulations

When it comes to sustainability in general, properties need expert guidance to drive energy savings and to comply with new regulations. This requires market-level experience to leverage local incentives and secure funding for extensive capital projects.

For example, a 500-unit condominium community in Toronto recently implemented an extensive energy-saving capital project. Their property management team identified a Save on Energy incentive program called BizEnergySaver, which offers substantial incentives for installing LED and lighting control upgrades, parking garage exhaust fan controls and variable frequency drives. After applying for the program, the community secured $35,000 in incentives, so the capital cost was dramatically reduced from $51,000 per year to $17,000. 

Technology: An essential tool to the business

While our business is about relationships, technology is also an essential tool that can save time and improve the resident experience. Each community has unique needs and requires custom technology solutions to operate seamlessly — from security to package management and reserving amenities to managing billing.

In Vancouver, for example, communities are simplifying operations with technology designed to reduce emails and provide owners and residents with quick answers to general inquiries on accounts and payments, maintenance, document requests, strata lot renovation requests and more. This tool immediately reduces the time managers spend on recurring questions so they can focus their time engaging with strata councils/boards and residents, providing thoughtful service and support. 

Education investment: Key to setting up the new generation for success

As I think about the future, I’m excited to see a new wave of homeowners taking on leadership roles in their corporations. In markets such as Vancouver, more first-time homebuyers are moving into high-rises and joining their strata councils/boards.

To set this new generation of strata council/board members up for success, property management companies must invest in council/board education programs to develop their skills. That includes dedicated webinars, training and continuing education to help both new and seasoned council/board members learn and navigate change.

Good property managers, including those working with developers, need a varied team of experts

These examples support my view that a good property manager always has a team of experts in different fields to offer comprehensive solutions. That means providing council/board members with resources to make decisions that put residents and owners’ interests first.

This also applies to property management companies working with developers. Each developer has a unique vision for their community and the resident experience. The property management company can set the developer and residents up for success from the initial planning stages to the eventual transition to the condominium council/board.

As the industry evolves, property management needs to be about simplification. By providing expertise, anticipating needs and offering innovative solutions, our industry needs to make life easier for council/board members, developers, residents and property management teams alike. 

It’s clear that professional property management will continue to play a vital role in creating thriving, harmonious communities that residents are proud to call home, however they choose to define it.