When it comes to managing real estate, it’s always best to work with professionals who possess the skill, expertise, and resources to support all your needs. Another important factor is to have the right professional. In many cases, third-party property managers and condominium property managers are lumped into the same category. For the sake of clarity, in this article we will refer to the former as property managers and the latter as condo managers. While they both deal with property, they hold very different roles and responsibilities.
Who Do You Work For?
The distinction between property managers and condo managers comes down to who they work for. Property managers work with property owners for the purposes of advertising, negotiating, renting, and even collecting and holding rent money on behalf of the owner. Condo managers work for a condominium board. They are responsible for exercising condominium corporation powers such as collecting condo fees, enforcing bylaws, and supervising contractors.
- Not a member of the condo board, but rather works on their behalf.
- Collects condo fees and levies.
- Ensures bylaws, rules, and policies set forth by the board are being followed by residents.
- Creates and sustains relationships with contractors for condo-related maintenance.
- Also responsible for supervising enlisted contractors.
3rd Party Property Management
- Hired directly by the property owner.
- Carries out initial tasks of attracting and signing renters through advertising and negotiating.
- Holds rental payment on owner’s behalf.
- Performs necessary duties to keep property leased.
- Manages documentation and records.
Both property and condo managers are regulated through the Real Estate Council of Alberta, also known as RECA. Property managers who are responsible for the tasks listed above require a license with RECA. They must obtain the proper licensing as well as abide by the rules and regulations of the council. The rules surrounding condo managers, however, have been vague at best. That’s why RECA is implementing similar provincially-mandated requirements for them as well. These changes began in December 2020 and are adjustments are slated to continue until December 2021. You can read about them here.
Property managers and condo managers each work within their own scope of legal responsibility, which is why it is so important for both landowners and renters to know exactly who they are working with. At GIL Property Management & Sales, we are fully licensed and certified. If you’re looking for comprehensive property management services in Calgary, contact us to request a consultation today!