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The property management industry is undergoing significant changes driven by technology, societal shifts, evolving expectations from boards and residents, and an expanding range of amenities. However, core responsibilities for property managers remain unchanged, and a strong relationship based on trust, strong communication, and clearly defined expectations between property managers and boards is essential for success.
Clearly defined expectations are critical in any partnership, but even more so when you recognize the relationship involves maintaining people’s homes and lifestyles,” says David Unger, Senior Vice President of Management at AKAM. “Once everyone agrees on expectations, it’s important to align on how progress and goals will be measured and to track against them often.”
Financials, maintenance, cleanliness, project management, and communication are typically assessed with clear goals and benchmarks being crucial for evaluating management performance. Regular feedback from both the board and residents is necessary for management to track progress in real-time and address concerns proactively.
Given this, it’s important to engage with residents and get their feedback on how they feel about the community, in addition to regular board feedback and assessments,” Unger says. “It’s not the board’s job to manage its manager, the property management company should be tracking progress, monitoring feedback, and addressing concerns in real-time.”
If dissatisfaction arises, residents and boards are encouraged to share concerns directly with the management team and provide constructive feedback. In cases of persistent underperformance, the management contract may include probationary periods or performance improvement plans. Ultimately, a transition to a new manager might be necessary.
First and foremost, residents should feel comfortable sharing feedback with their managers and their property management company,” Unger says. “If the community is not satisfied with their current management, the management team should be eager to bring them solutions. This could be supplementing the management team with subject matter experts to support a project, reassessing goals and processes, or finding a property manager who is a better fit for the community.”
Ongoing training, such as workshops and conferences, is important for property managers to stay updated on best practices and industry trends. Educational resources from organizations like CAI and IREM support skill development and performance improvement.
Overall, the key to successful property management performance is clear expectations, strong communication, regular evaluations, and a willingness to adapt to new tools and challenges.
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