Whether you're an executive of a multinational corporation or a cashier at the local supermarket, you probably receive a performance evaluation that assesses how well you're doing your job. Many property management companies may also do regular assessments of their employees’ performance. But when it comes to a board’s assessment of its manager, forget about annual performance reviews, it’s game on every month.
“Life begins right after training. That's when expectations should be set,” says Katia Ettus, PCAM, who is with FirstService Residential Florida in Miami. “Also, the real work of the property manager is to take that property and develop it. It's not just about building a relationship with the board, but also building a relationship with the employees, the residents, and the guests. I have been with my current property for nine years, and I did that by taking the frustrations I had as an unhappy unit owner at a condo that was not properly managed, and channeling those frustrations into good energy to become the manager that I wanted my manager where I had lived to be.”
Ettus files extensive weekly and monthly reports on her property, noting vacancies, new residents' arrivals, market values, and potential maintenance issues arising in the building, and she also forms a business plan at the start of each year outlining areas that need attention and pricing out repairs for those areas. “A good property manager should flood the board with information,” says Ettus. “It's time consuming, but it's important to have transparency and a constant flow of information between the property manager and the board.”
“Every month when you show up at a board meeting, your performance review is done right there,” notes Josh Koppel, CPM, a New York-based property manager. “If you are not doing your job, the board will know it pretty quickly. In this job, you can’t fall asleep at the wheel.”
Attorney Jane F. Bolin, a founding member of the law firm of PeytonBolin, PL in Fort Lauderdale, West Palm Beach, Orlando and Tampa, recently presented a seminar at the South Florida Cooperator’s fourth annual Condo, HOA & Co-op Expo in Fort Lauderdale on evaluating management performance. Several seminars at the trade show offered CAM-CEU credit.