Condo Property Management Strategies With FirstService Residential
Dania Beach, Fla. (October 16, 2023)
Hector Vargas shares his insights on what it takes to successfully manage high-rise condos in South Florida today.
Even though the pandemic pushed some people toward single-family homes due to their need for more space and private outdoor areas, the condo market continues to be strong. Many buyers prefer a more convenient, maintenance-free lifestyle, so they choose condos to avoid having to handle monthly or seasonal chores such as mowing the lawn or repairing the roof. This comes with a lot of responsibilities for condo property managers, who now need to satisfy and anticipate buyers’ expectations.
In South Florida, where strict safety requirements were passed after a beachfront condo building collapsed in Surfside in the summer of 2021, condo property management has become particularly challenging. Hector Vargas, the president of the High-Rise Division at FirstService Residential Florida, told Multi-Housing News that there are several external factors that property managers don’t have control over that make condo management more difficult today.
Here’s what Vargas told MHN about what it takes to successfully manage high-rise condo buildings in today’s complex economic and financial climate.
What’s the most challenging part of being a condo property manager in 2023?
Vargas: In Florida, condo property managers continue to elevate the profession to next levels. These are roles that require extensive understanding of housing regulations, technology, hospitality and people management. The environment that we’re seeing involves scarcity of and higher price of talent, property insurance premium increases, legislative mandates regarding structural integrity inspections, new funding of reserves, overall inflation—all resulting in increasing condominium fees.
Many of these aspects are external and cannot be controlled by the property manager, who shouldn’t have to handle all these challenges alone. That’s why we empower our property managers with extensive resources and the support of a team of experts, so they can focus on the customer.
To read the full interview with Hector Vargas, click here.