CAI-NJ July 2021

more often than not, is the owner. Whether they are in board meetings, committee meetings, annual meetings, and others, it is a unique opportunity for a property man- ager to touch the lives of so many people or be touched. Take the managing of the ecosystems. You will receive firsthand feedback in that next meeting if the grounds don’t meet expectations. The individual that called me had his pitch—a six-figure salary with bonus incentives equal to 10% of base salary, plus benefits. What I begin to calculate in my head is how many condo associations managing agent agreements are needed to sign to hire a property manager and offer this package. It will depend on the size of the property. Still, suppose you understand the competitiveness in the property man- agement field. In that case, you know that condo asso- ciations are looking to get the most from a management company without absorbing hefty management fees. Did someone say value add? That’s for another article. Typically hiring comes from two different sources. Someone within your organization has attained new skills

through education or learning through the ranks to fill the position. Or the talent is sourced through a recruiting com- pany or grassroots and you review candidates’ resumes. The pay will often dictate the qualifications of the can- didate. The trap a management company or a property manager doesn’t want to fall into is thinking that hiring from within will give you a preferential discount. Hiring from within because an individual has either proven the skills needed to become a property manager or has earned a designation or degree through an institution or organization like CAI affords a management company to lessen the learning curve saving both time and resources. Thinking like an owner: Early in my career and throughout, I have heard people say that property managers fall into the field. It is a chang- ing dynamic as more higher education institutions recog- nize property management as a field of study. Real Estate has so many aspects. From the ground-up development, mechanical and maintenance, finance, legal, and accounting, you will find a company, and the CONT I NU E S ON PAGE 32

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PeopleFist, through Acrsure National Network, is a leading insurance broker and consultant that provides employee benefits, property & casualty, retirement and individual private client solutions through our licensed subsidiaries and affiliates. Our expertise is matched only by our personal commitment to each client’s goals. PeopleFist, through Acrsure National Network, is a leading insurance broker and consultant that provides employee benefits, property & casualty, retirement and individual private client solutions through our licensed subsidiaries and affiliates. Our expertise is matched only by our personal commitment to each client’s goals.

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