Managing Condos in Difficult Times
After the coronavirus (Covid-19) pandemic, smart condo boards may need to rethink their condo management strategy. Because ‘Property Management’ is not enough.℠
Asset Management
An asset management perspective is required, because maintaining the building may not prevent property values from crashing.
Operational Efficiency
It is foreseeable that there will be lower revenues, due to financial hardships. This is why operational efficiency is key.
Maintaining Value
A number of strategies can be employed to maintain values, and all must be considered.
Asset Management – A Critical Part of Condo Management
For many people, their home is their biggest asset. No matter how you look at it, it represents a significant investment. The decisions regarding the property can have a big impact on the value of each of the units, and the association as a whole. Thus, asset management is a critical part of condo management. Thus, effective condo management includes not only ‘property management’, but is broader to include both property management as well as asset management.
A well-run condo association, is the product of a lot of things done right. The cumulative effect.
You can stand back and see it.