Tuesday June 03, 2025
For community leaders, navigating the complexities of property management can feel daunting — especially when doing so alone. Between managing finances, enforcing regulations, and supporting resident satisfaction, there’s a lot to juggle. That’s where a professional property management company can help. But what exactly should you expect from this partnership?Whether you’re new to community leadership or a seasoned board or council member, understanding the role of a property management company can help you make informed decisions that benefit your community. This article explores what you should expect and how finding the right partner can make a meaningful difference.
What is a property management company?
A property management company specializes in overseeing the daily operations of residential communities, apartment complexes, and commercial properties. They serve as partners to community boards, taking on administrative tasks, financial management, enforcement of bylaws, and general upkeep of shared spaces. By doing so, they free up community leaders so they can focus on what matters most: enjoying community living in the places they call home.“No two communities are the same. That’s why we don’t show up with a one-size-fits-all plan,” says Aldo La Russa, general manager from FirstService Residential’s South region.
"We listen, we learn, and we work with boards to make decisions that actually make sense for their residents. That’s how we help them move forward."Unlike individual property managers, management companies bring a team of specialists with expertise in finance, compliance, project management, and customer service. Their collective knowledge allows them to handle the multifaceted responsibilities of managing a community effectively.
– Aldo La Russa, general manager
What to expect from a property management company like FirstService Residential
Residential property management companies focus on the organized oversight of community functions and shared assets. This includes managing the upkeep of amenities, coordinating with trusted vendors, and providing that homeowners’ association (HOA), strata, co-ops, condos, and condominium corporation policies are consistently enforced. Partnering with a property management company brings structured, professional support to help your board achieve its goals. Specifically, here’s some of the many benefits you can anticipate:Administrative Management
Property management companies reduce the administrative workload by preparing board meeting materials, maintaining records, and managing communication. They also give boards expert guidance to help them operate more efficiently.“I don’t believe in just ‘managing’ communities,” shares Stephanie Costa, regional director of FirstService Residential’s South region. “Two of the values we live by are ‘Build Great Relationships’ and ‘Own It.’ When a board trusts us enough to call and ask for support, that’s when I know we’re doing something right. It all comes down to communication and trust.”
Financial Oversight
Managing community finances is one of the most pivotal roles a property management company supports. Services often include budgeting, assessment collection, expense tracking, and financial reporting.Today more than ever, reserves are a growing focus for board members. Property management companies help boards interpret reserve study results and make strategic contributions that support long-term capital projects and infrastructure health.
Maintenance Coordination
From routine upkeep to large-scale renovations, property management companies handle essential maintenance tasks. They collaborate with trusted vendors, monitor project quality, and address issues efficiently."We’re trusted with something meaningful. This responsibility matters deeply, and we treat every community with the care it deserves."
– Ken Gibson, master-planned community general manager from FirstService Residential’s West region.
Compliance and regulation guidance
Property management comes with navigating complex and evolving regulations. Experienced companies stay current with laws and help communities operate within their framework, reducing the risk of unexpected challenges.Matthew Oropeza, regional director of FirstService Residential’s high-rise division in Texas, explains:
"We’ve seen the same problems pop up in high-rises over and over. Trying to meet market expectations, budget surprises, compliance issues. We’re here to help boards avoid that stress. That’s what good management is: being ahead of it."
– Matthew Oropeza, regional director
Community Engagement
A property management company also plays a pivotal role in strengthening bonds between community boards and residents. Their focus on service fosters relationships that can improve overall resident satisfaction.“Managing a luxury high-rise is a significant responsibility, one that board members take seriously. It requires truly knowing the residents, anticipating their expectations, and delivering an environment they’re proud to call home.” says DeMarcus Harris, regional director of FirstService Residential’s luxury high-rise division in Texas.
"Our goal is to partner with boards every day to make that vision a reality — elevating service, enhancing community, and simplifying life. If your community is ready for that level of care, we’re ready to help."
– DeMarcus Harris, regional director
Value-added services
FirstService Residential leverages its size and unique position in the industry to bring board and council members more than the general standard, we also provide specialized support through our value-added services, below, see a few services we offer of many more:- Energy and sustainability: Stay ahead of evolving energy regulations. Our specialized affiliate helps boards in Canada and the U.S. reduce emissions, control utility costs, and make smart investments in sustainable infrastructure.
- Construction management: Planning a restoration or major renovation? Our affiliate acts as your owner’s rep to guide you through the process, protect your investment, and simplify complex projects from start to finish.
- Financial services: From banking to insurance, access strategies and tools designed to protect your financial future — including support with long-term reserve planning.
- Internet and cable programs: We’ve partnered with top providers to negotiate exclusive community-wide internet and cable packages. That means better pricing, more reliable service, and contract terms individual boards typically can’t secure on their own.
Is it worth using a property management company?
Many community leaders find that hiring a property management company is worth the investment. The breadth of knowledge and support they bring can alleviate the workload for volunteer boards and improve operational efficiency.“Luxury living is effortless when supported by the right expertise behind the scenes,” says Laura Tannery, general manager of FirstService Residential’s luxury high-rise division in the West region.
"We deliver a hospitality-driven approach to property management, combining operational excellence with highly personalized service to create an elevated residential experience. From activating amenity spaces with curated lifestyle programming to managing the complex logistics of high-rise living, our team anticipates needs before they arise."While hiring a property manager may introduce costs, many boards see a tangible return in smoother operations, better financial oversight, and higher resident satisfaction, making the expense worthwhile.
– Laura Tannery, general manager
How does a property management company work?
Most companies start by evaluating the unique needs of a community. Afterward, they develop a tailored plan that covers both ongoing operations and long-term projects. This includes reviewing capital planning and reserves, which are essential for maintaining property value and preventing financial strain.“Our board partners gain access to the unmatched resources of a national organization, proven best practices, strategic vendor relationships, and deep subject-matter expertise while still receiving tailored, site-specific guidance that reflects the unique character and goals of their community,”
Tannery adds.
"This rare blend of local insight and national leverage empowers boards to make confident, cost-effective decisions on capital improvements, amenity enhancements, and long-term planning without ever compromising the elevated standard their residents expect and deserve."
– Laura Tannery, general manager
What are the disadvantages of hiring a property manager?
While the benefits tend to outweigh the drawbacks, there are points to consider when deciding if a property management company is right for your community:- Cost: Professional management is an investment. Boards should evaluate the value of services in relation to the associated fees.
- Direct Control: Some board members may feel that outsourcing responsibilities lessens their involvement. Open communication can address these concerns and maintain alignment.
- Compatibility: Not all property management companies are the same. Finding a company that aligns with your board’s values and priorities is essential for a successful partnership.
Why FirstService Residential is a leading property management company
FirstService Residential’s resources, scale, and dedication help communities thrive. Beyond operations, our tailored solutions help you:- Elevate resident lifestyle
- Optimize the financial health of the community
- Help mitigate risk to support our partners
"We’re here to lighten that load and simplify life. We work closely with and partner with board members to understand their vision and priorities, building trust and proving that they can rely on us through any challenge. Backed by a team of world-class, subject matter experts, we bring the experience, insight, and resources needed to deliver real value. From hospitality service training and lifestyle programming to amenity concepting and management, food and beverage services, financial planning, and beyond, we’re proud to support our boards every step of the way."Learn more about what sets FirstService Residential apart as the leading property management company in our guide, 'Why communities choose FirstService Residential: 7 reasons they lead in property management.'
– Landy Labadie, vice president
The right partnership for you and your community
Deciding to partner with a property management company is a major step that can change the path and long-term success of your entire community. At FirstService Residential, our team understands the challenges community leaders face and is ready to provide the support and expertise you need to succeed. Whether you’re tackling a new project, responding to regulatory changes, or looking to improve efficiency, we’re here to help.Contact us today to learn more about how FirstService Residential can support your community’s unique needs.