As the condo and HOA market continues to heal after the setback it experienced during the most recent financial crisis, many management firms and independent property managers are looking for ways to distinguish themselves from their colleagues and stand out in an increasingly tough market. The competition to manage some of the world’s priciest buildings is intense.
“There is definitely a greater level of competition out there,” notes Paul Santoriello, the president of Taylor Management Company, with offices in Somerset, Whippany and Secaucus. “The total level of professionalism in the industry has gone up significantly. You're seeing individuals with a lot more experience, and management companies with a lot more experience. The level of education in the industry has gone up significantly.”
Ira M. Cantor, the chairman and CEO of Premier Management Associates in Englewood Cliffs, also feels there's “much more competition,” and that association boards and residents expect more now from their managers.
The Impact of Technology
Clearly, technology is one area of knowledge that managers must now learn and maintain. As in most professions, increasing technology has had an immense effect on association management. “One of the bigger trends that I've seen is that technology has taken on a much bigger role in our industry,” observes Santoriello.
The effects of the technology boom build on each other and branch out in numerous ways. Kelly Voicheck, executive director of Property Owners Association of New Jersey, adds that in today’s world, “you have to have a good grasp on technology, and work smarter to get more done. The workload is growing, and by implementing some of the tools available at a nominal cost, you can do far more with ease than you could years ago. Everything moves very quickly.”