Building Management 101

Building management pertains to the processes applied to maximize returns on assets, and engage with residents by effective administration of a Building.  It also comprises the disciplines implemented on strata by-laws policies.

A Building manager’s employment can either be directly under the supervision of a Building owner, or for a Building management company, hired by an owner or an owners corporation over a particular span of time.

A Building management company is tasked with the responsibility of managing the multiple aspects which come along with the ownership of real estate. This is akin to the role of management in any business.

One of the important roles Building management companies play is that of acting as liaison between residents. Their duties include responding to and addressing maintenance issues, monitoring by-laws, and assisting residents.

In exchange for the service provided, Building management companies charge owners a fee each month.

In addition to managing assets and expense related activity, Building managers may also manage construction, development, repair and maintenance on a Building. The direction of repair and maintenance is quite a large part of a Building manager's function.

Building managers should develop a relationship with their management company, Building owners and residents that is based on a mutual trust and complete confidence in one another. His alliance with residents gives an advantage to the Owners and provides them the necessary servicing to profit from value appreciation and cost reduction.

There are many aspects to this profession, including participating monitoring residents and visitor’s behaviour, contractors and insurance agencies requirements.

Special attention is given to Strata law and most commonly breach of by-law, non-payment, and public nuisance are legal subjects that gain the most amount of attention from Building managers. Therefore, it is a necessity that a Building manager be current with new laws and practices in their given localities, cities and states.

Excellent Building management can only be achieved by top-notch managers. To be the best in this field, one must know and stay updated on local ordinances and state laws; be highly honest and ethical in enforcing Building rules and policies; be detail oriented and organized with paper work; have good communication and computer skills; have a strong sense of duty and commitment; and be an exceptional follow-up person.