Property Management Advice for New Professionals

Property Management Advice for New ProfessionalsIn the theater world, it’s called stage fright. In love, you might say someone has “butterflies” or “the jitters.” If you’re starting a new job, especially in a management role, you may feel nervous, excited, or anxious, too.

When we’re new to something, aside from gaining the experience ourselves, the next best thing we can do to get comfortable is to ask for tips from someone who’s been there.

Property management advice, like so much other advice, is about as common as popcorn at a movie. But as helpful as Uncle Rob tries to be with his tip about using duct tape to cover the hole in the roof so you can save money, all the advice you’re given isn’t always helpful. The property management advice shared here is gleaned from some of the best in the business to help new management professionals know what to expect, and how to prepare for a successful career in condo property management.

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Property Management Horror Stories You Can Learn From


property management horror stories

In property management, horror stories are not what you want to be a part of, and yet, anyone with any experience can tell you a few.

Edgar Allan Poe was a master of horror stories. From the first lines of The Tell-Tale Heart, you’re in a state of suspense. Poe draws us into his world of the macabre with the deftness only few storytellers can muster.

TRUE! –nervous –very, very dreadfully nervous I had been and am; but why will you say that I am mad? The disease had sharpened my senses –not destroyed –not dulled them.

Above all was the sense of hearing acute. I heard all things in the heaven and in the earth. I heard many things in hell. How, then, am I mad? Hearken! and observe how healthily –how calmly I can tell you the whole story. – Edgar Allan Poe, The Tell-Tale Heart

Fortunately, your property management horror stories (hopefully) aren’t as frightening as Poe’s.

I can only imagine how his landlord must have felt about having a heart buried under the floorboards!

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Which Condo Management and Accounting Software is Best for Your Condo?

All-in-one vs Best-of-breed condo software solutions

When condo management software burst onto the condo management scene a little less than a decade ago, it brought with it a debate within condo managers and condo corporations. Should they pursue a single all-in-one solution that offers communication, management and accounting functionalities or embrace a multiple best-of-breed solution?

All-in-one Vs Best-of-breed

Using all-in-one software is like going to a restaurant that serves General Tao chicken, sushi and rib-eye steak. You are certainly not going to find the best steak since they don’t specialized in one cuisine.

Best-of-breed is like going to a steak house to find a good rib-eye steak or a Japanese restaurant to find good sushi. The best part about best-of-breed is that you don’t have to drive to three different restaurants. They are all located in the same food court right next to each other. You get the best of both worlds at the same place (hence the term “Best-of-Breed”).

Personally, I like my sushi prepared by a real sushi chef, not by someone that makes pasta noodles by day and chocolate chip cookies by night.

Which to choose?

Go for an all-in-one condo management software with accounting if resident engagement on your condo website is not important to you and you’re just looking for a basic enough condo accounting tool. You understand that hardly anyone will log into that website and that there will be very little activity.

However, if you’re looking to create a lively and active community that logs into their condo website regularly to book facilities, read bulletin announcements, send messages to managers and download files, while using a flexible accounting application that fits your financial needs, then the best-of-breeds is your best bet.

If you have more time, read on…

Why Best-of-Breeds?

Here are some reasons why the best-of-breeds approach would make more sense to you.

More Flexibility
The best-of-breeds approach is significantly more flexible. Since neither the condo management or accounting functions are bound to one another you can easily switch out any one in the future.

Best-in-Class Solutions
Choosing a condo management software from a company that focuses entirely on condo communication and management whilst opting for a separate condo accounting solution that focuses solely on solving condo accounting needs, ensures that you get the best of both worlds. That also means more feature upgrades with faster and better customer support.

Best Value – Bang for Your Buck
All-in-one solutions may be cheaper but is it really worth the savings? Opting for a best-of-breed solution ensures every penny you spend does not go to waste. It’s an investment you make that yields a well managed, efficient, transparent and happy community.

A Tailored Experience
For all-in-one solutions, communication and management are mere accessories. These services are often just substandard by-products or accessories to their core offerings. With all-in-one software, you’ll end up with a resident portal that is not as robust or functional as a dedicated resident portal platform.

It’s Much More Secure. Period.
It’s simple. Separate servers and databases managed by different vendors in different data centres and locations make it much safer. If your communication and management solution gets hacked, the hacker will not be able to gain access to your accounting information and vice versa.

Evercondo is a condo communication and management solution that offers accounting through a best-of-breed integration with Condo Manager Accounting.

Financial information from Condo Manager Accounting is seamlessly displayed on the Evercondo portal for residents. User information is updated both ways so you don’t have to update on both ends of the solutions. It’s all covered and taken cared of. Also, you don’t have to worry about us passing you from one department to another in the same company. We’re specialized and when you call, we’ll be sure to get it done right the first time, every time. Learn more about Evercondo’s integration with Condo Manager Accounting or Contact us today to request for a demo.