Condo Management Strategy
Like any business, a solid Condo Management Strategy is needed in order to succeed. BPM is proactive in determining where your building needs to improve, prioritizing the most important items, and then creating and implementing a plan of action.
Identify Problem Areas
The first step towards improvement is identifying the things that need improvement. A review of the condominium's finances, interviews with board members, and owners, and a review of the physical assets of the building are all necessary to get a sense of what can be improved.
Prioritize
Once we've identified problem areas, we work with the board to create a list of priorities. These can be one-time projects, or ongoing practices. The list of priorities will depend on the condominium's resources, and how urgent the problem is.
Action Plan
Before starting a project, we create a plan of action. This spells out what we are going to do, how we are going to do it, and how we are going to measure our success. This step is very important to make sure the board and management are on the same page, and that everyone has the same goals.
Track and Measure
It's difficult to tell if you are improving without first measuring where you are starting. BPM's Condo Management Strategy focuses on implementing various tracking metrics to ensure we are heading in the right direction. For example, if you are looking to lower electricity usage, we would track consumption before and during our efforts to see how well we are doing.
Implement
Implementing the projects involves a lot of communication with the board of directors, as well as other stakeholders. We stay on track of the work to ensure we get the expected outcome at the expected price.
Feedback and Learn
A project is rarely over when the work ends. For ongoing projects, like reducing energy consumption or enforcing new rules, we track our progress even after the implementation to ensure things are working out the way they should be.
"When Brilliant Property first came in, they immediately started reducing paperwork, digitizing records, and streamlining how things were done. The effort paid off, and they have been able to use their extra time to focus on the things that are important to us. By the end of the first year alone they had caught up on several years worth of backlogged work orders."
Entrepreneurial Approach
BPM uses an entrepreneurial approach to our Condo Management Strategy. Our overall goal is to make the community a comfortable place to live, to raise property values, and to keep fees as low as possible.
To achieve these goals, we rely heavily on information. We learn as much as possible about the condominium, and actively look for ways in which we can improve. We do this in three ways:
- Identifying areas in which improvement is needed
- Prioritizing projects so that the most important things get done first
- Track progress so that we can adapt and change over time
In many cases, big changes can take place without spending a lot of money. Sometimes it just takes the right information, and a creative approach to problem solving.