Whether dealing with technology, administration or communication, on any given day property managers and managing agents are required to be jacks of all trades. And while some managers might actually have a practical background in plumbing or finance, it’s impossible for even the most seasoned professional to understand all aspects of running a multifamily property. That’s why engaging in continuing education is essential to maintaining a safe, successful, and financially solvent property.
More Than Just Paying Bills
“The role of property managers today continues to evolve beyond the typical operational responsibilities of ensuring common areas are clean or collecting rent,” says Tom Padilla, senior VP for the Manhattan-based FirstService Residential. “These professionals must also respond to a host of residents’ lifestyle demands, delivering on resort-style amenities, programming and services. In order to effectively serve an increasingly sophisticated client base, today’s practitioners must be well-versed in finance, law, energy, insurance, technology, construction, project management, customer service, and many other areas.”
Peter Grech, president of the New York Superintendents Technical Association (NYSTA), says there are many educational options offered to property managers and board members in and around New York City.
“There are formal avenues, such as NYU and it school of real estate, which also offers management courses,” says Grech. “And there are real estate institutions, such as the Building Owners and Managers Association (BOMA) and there is the Institute of Real Estate Management (IREM).” Grech adds that both BOMA and IREM have certification courses for property managers and superintendents.
“These courses aren’t required [by law], but they are desirable,” says Grech. “What you can learn from these courses depends on what you already know. These courses are more so for professionalism; to be refined and polished. Property managers learn most of what they know hands-on, in the field.”