Whenever you are out shopping for a new condominium, you are likely to come across a lot of different designations and abbreviations that are unlikely to be processed by you, what with all the other things going on. Still, there are a few acronyms on the contract that you might want to pay attention to. One of those is RCM, but why are these letters important to the individual condo owner? RCM stands for registered condominium manager, and this title is a protected designation offered only to property managers who have undertaken specific course work to achieve it. The fledgling Association of Condominium Managers of Ontario first conceived the title back in 1977. The Association was formed out of recognition by realtors and other real estate professionals that the condo market was unique, and therefore was in need of a unique set of standards in order to properly manage this new type of building. A certified condominium manager goes beyond property managers that can be found in apartment buildings and other complexes and trains individuals in areas dealing with the ownership of individual units within a complex, and the upkeep of that complex as a whole. Registered condominium managers are provided through their education with sound grounding in the areas of condominium specific law, building matters, human relations, finance and administration; all areas in which the average property manager has only minimal training if they have received any at all. Although the RCM concept was created three decades ago, the importance of staying abreast of changes within the condo industry is very much a part of the program today. Registered Condominium Managers must stay current with the latest developments through ongoing supplemental education, a part of the re-certification process. The RCM course is so thorough in its coverage that many professional concerned with condo realty have been known to take the courses, including real estate agents, lawyers, and those involved in mortgage finance. So if you are wondering if that RCM designation is important, the answer is a resounding yes. A registered condominium manager means that you can count on an individual who is very aware of the specific needs, duties, and other responsibilities involved in running a condo unit.
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