The best kept secret in our industry: What is Residential Hospitality?

By Christopher Christie
March 23, 2022

The rapid evolution of luxury condominium developments has created the need for a new type of hospitality: Residential Hospitality. Look at the coastline of Miami Beach and you find a vast majority of these grandiose buildings are not hotels… but condos.  

This evolution in condominium development has raised the bar of amenities and services, creating the need for traditional condominium management to evolve as well. The typical condominium manager and management company, however, have struggled to evolve. Why?

Traditionally, condo management fell under “Property Management”, which (before this shift to luxury) sufficed.  Property managers did exactly that: they managed property.  They paid bills and maintained the facility, with little emphasis on relationships and even less emphasis on lifestyle or service.  In fact, property managers in commercial settings such as office buildings with very little interaction with tenants had similar education, licensing, and skillsets to those in condos that now require a tremendous amount of interaction with residents and wealthy owners.  

Now, condos occupy the most prestigious real estate and offer all of the amenities found in luxury hotels such as restaurants, bars, lounges, spas, and theaters, and the expectations (and salaries) of the condo manager have risen significantly.  

Residential Hospitality, bridges this gap, taking the hardworking, talented individuals from traditional hospitality such as Hotels, Restaurants, and the Cruise Industry and prepares them for condominium management.

There are many benefits to residential hospitality: comparable pay, better working hours, faster career path and better quality of life than traditional hospitality.  

The typical luxury condo manager earns between $100,000 to $125,000 per year.  The typical hours are Monday through Friday, 9AM to 5PM with holidays and weekends off.  And the typical career path could be as short as 5 years.

FIU is now offering a junior level class on Residential Hospitality in the fall of 2022 that explains how to operate a luxury hi-rise condo and what steps are necessary to begin a career in this recession and pandemic proof industry.  

The class will take place over two weekends on-site at some of South Florida’s most luxurious condominiums in South Beach, Las Olas, Coral Gables and Fisher Island.  After one introductory session held at BBC, all other classes will be held on-site at these world class properties.  While on-site, students will tour the facilities including mechanical rooms and amenities.

 


If you have questions about this class, the topic of Residential Hospitality, or starting a career in Condo Management, please email Professor Christie at cchristie@akam.com or cchristi@fiu.edu, or call 305-965-6185.