Condominium Management Services
We provide management services for a number of large and small condominiums across the Greater Toronto Area and would be pleased to serve
you as well!
We offer a three year fee guarantee to our Condominium Clients.
Our Condominium Management Services can be divided into the
following three areas:
____________________________________________________________________________________________________
Maintenance Services
Work Schedules
One of our first priorities is to prepare structured daily work schedules and job descriptions for all on-site staff (where applicable). This ensures that the work is prioritized and conducted to our standards.
On- Site Inspections
Regular on-site inspections are carried out by the Condominium Manager. Minor repairs are handled promptly and three contractors are always contacted for quotes for expenditures exceeding the contractual limits.
Tendering on Major Renovations
All major renovations and repairs are tendered to ensure the best workmanship at the best price. Constant comparison of supplier and trade invoice's, ensures that the best dollar value is obtained. When possible bulk purchases and contracts are obtained to reduce costs. Certain types of recurring maintenance and services are contracted for a fixed period of time (usually one year) to reputable trades at a fixed fee or predetermined rate. This allows us to award the contracts on a tender basis to those firms that can demonstrate both quality and cost efficiency.
Supervision of Trades
All staff and trades are supervised by the Condominium Manager who in turn reports directly to the Board of Directors. Contractors used all are required to have the required insurance coverage and WSIB coverage.
Preventive Maintenance Program
Our comprehensive maintenance program is systematic and planned to include a "Preventative Maintenance Schedule for each property. A record is maintained of all pertinent equipment in the building, including location, serial and model number, date installed and warranties. The mechanical specifications, maintenance details and date when last checked are carefully monitored and recorded. The implementation of this program has resulted in substantial savings to owners in both actual repair costs and down time. Furthermore, it assists in planning reserve fund schedules for short, medium, and long term projections. All maintenance is entered into our computerized program and maintenance history can be retrieved by unit, common element component, vendor, or in a number of other ways so that this information serves as an excellent working tool in our day to day managing activities. The Condominium Manager inspects the property and submits a monthly report to the Board of Directors outlining the next month's activities including quotes and a schedule for the activities.
Financial Services
Financial Statements
Our experienced accounting team maintains all financial records and ensures that a reconciled financial report is sent monthly to each director in a timely fashion.
Annual Budgets
We believe the annual budget is the road map to the successful management of any corporation. Well in advance of the fiscal year end, a budget is prepared for the Board of Directors' approval. Included in the budget are income and cash-flow projections, detailed annual expenses, a capital reserve provision and a section explaining the purpose of expenditures. The Condominium Manager also offers input on, planned maintenance projects, with quotes for the following year, calculations of historical monthly consumption of utilities against projected costs, negotiated contracts costs and calculation of historical expenses of other account items.
Reserve Fund Schedule
The Reserve Fund schedule provides the board members with accurate details of expenditures paid directly from the reserve account. The schedule also contains details of the balances of the reserves at the start of the fiscal year, the contribution during the current year, interest earned on the reserves and the present net balance of the reserve account.
Bank Reconciliation
A Bank Reconciliation is prepared each month. This involves reconciling the account records to the bank statement, showing full details of outstanding cheques, dates and vendors' names.
Banking Services
A separate bank account is opened in the name of the condominium corporation, and interest is earned on the daily balance maintained in the account. Higher rates of interest are payable on higher cash balances which insures a good return to the corporation, while at the same time keeping funds accessible. Funds can also be invested in treasury bills or term deposits. Since the accounts are in the name of the corporation, signing authority is flexible, but we do recommend two signing officers for each cheque.
Administrative Services
Secretarial Services
A full range of secretarial services are provided for the corporation including correspondence, documents, minutes, reports and newsletters.
Record Maintenance and Storage
We maintain all corporate records and files including the official minute book and corporate register. Archive files are stored in our office at no additional cost to the client.
Annual General Meetings
We will make all the necessary arrangements such as booking a facility and arranging for a P.A. System. We will prepare the notice of meeting, the agenda, proxies and ballots. We will have it printed and forwarded to all home owners and mortgagees. At the meeting we will have a list of all homeowners-specifically for the purpose of registration, as well as a schedule of all outstanding accounts receivable.
Status Certificates
We utilize a standard format for Status Certificates designed specifically to ensure all legal terminology and information is current and correct. We note the percentage of ownership, legal description, name and address of the unit as well as outstanding common element arrears, special payments and the common element fee payable each month. The exterior of the unit is inspected for damage, and then the Status Certificate is forwarded to the lawyer who requested it.
By-Law Enforcement
When we become aware of a bylaw infraction, a letter is sent to the owner outlining the infraction with reference to the Bylaw or Rules and
Regulations of the Condominium Act. In the first instance every effort is made to effect compliance, without resorting to legal action. We communicate with the Owner and attempt to achieve compliance by conversation and dialogue. If all fails we seek direction from the Board of Directors to proceed with full legal action. Complaints registered by Residents must be in writing. We maintain a library of standard letters to address the usual complaints such as pets, noise and nuisances.
Administration and Communication
The effectiveness of good administration is necessitated by good communication. We strive to keep the lines of communication open between our Condominium Managers and the Board of Directors. We encourage and seek comments and suggestions from our Clients. We provide a wide variety of services for our Condominium Management clients. We are willing to sit down and discuss your needs and create a management contract that suits your needs.
If you have any questions regarding our Condominium Management Services or would like to obtain a quote please contact us at:
Phone: (416) 224-1088
you as well!
We offer a three year fee guarantee to our Condominium Clients.
Our Condominium Management Services can be divided into the
following three areas:
____________________________________________________________________________________________________
Maintenance Services
Work Schedules
One of our first priorities is to prepare structured daily work schedules and job descriptions for all on-site staff (where applicable). This ensures that the work is prioritized and conducted to our standards.
On- Site Inspections
Regular on-site inspections are carried out by the Condominium Manager. Minor repairs are handled promptly and three contractors are always contacted for quotes for expenditures exceeding the contractual limits.
Tendering on Major Renovations
All major renovations and repairs are tendered to ensure the best workmanship at the best price. Constant comparison of supplier and trade invoice's, ensures that the best dollar value is obtained. When possible bulk purchases and contracts are obtained to reduce costs. Certain types of recurring maintenance and services are contracted for a fixed period of time (usually one year) to reputable trades at a fixed fee or predetermined rate. This allows us to award the contracts on a tender basis to those firms that can demonstrate both quality and cost efficiency.
Supervision of Trades
All staff and trades are supervised by the Condominium Manager who in turn reports directly to the Board of Directors. Contractors used all are required to have the required insurance coverage and WSIB coverage.
Preventive Maintenance Program
Our comprehensive maintenance program is systematic and planned to include a "Preventative Maintenance Schedule for each property. A record is maintained of all pertinent equipment in the building, including location, serial and model number, date installed and warranties. The mechanical specifications, maintenance details and date when last checked are carefully monitored and recorded. The implementation of this program has resulted in substantial savings to owners in both actual repair costs and down time. Furthermore, it assists in planning reserve fund schedules for short, medium, and long term projections. All maintenance is entered into our computerized program and maintenance history can be retrieved by unit, common element component, vendor, or in a number of other ways so that this information serves as an excellent working tool in our day to day managing activities. The Condominium Manager inspects the property and submits a monthly report to the Board of Directors outlining the next month's activities including quotes and a schedule for the activities.
Financial Services
Financial Statements
Our experienced accounting team maintains all financial records and ensures that a reconciled financial report is sent monthly to each director in a timely fashion.
Annual Budgets
We believe the annual budget is the road map to the successful management of any corporation. Well in advance of the fiscal year end, a budget is prepared for the Board of Directors' approval. Included in the budget are income and cash-flow projections, detailed annual expenses, a capital reserve provision and a section explaining the purpose of expenditures. The Condominium Manager also offers input on, planned maintenance projects, with quotes for the following year, calculations of historical monthly consumption of utilities against projected costs, negotiated contracts costs and calculation of historical expenses of other account items.
Reserve Fund Schedule
The Reserve Fund schedule provides the board members with accurate details of expenditures paid directly from the reserve account. The schedule also contains details of the balances of the reserves at the start of the fiscal year, the contribution during the current year, interest earned on the reserves and the present net balance of the reserve account.
Bank Reconciliation
A Bank Reconciliation is prepared each month. This involves reconciling the account records to the bank statement, showing full details of outstanding cheques, dates and vendors' names.
Banking Services
A separate bank account is opened in the name of the condominium corporation, and interest is earned on the daily balance maintained in the account. Higher rates of interest are payable on higher cash balances which insures a good return to the corporation, while at the same time keeping funds accessible. Funds can also be invested in treasury bills or term deposits. Since the accounts are in the name of the corporation, signing authority is flexible, but we do recommend two signing officers for each cheque.
Administrative Services
Secretarial Services
A full range of secretarial services are provided for the corporation including correspondence, documents, minutes, reports and newsletters.
Record Maintenance and Storage
We maintain all corporate records and files including the official minute book and corporate register. Archive files are stored in our office at no additional cost to the client.
Annual General Meetings
We will make all the necessary arrangements such as booking a facility and arranging for a P.A. System. We will prepare the notice of meeting, the agenda, proxies and ballots. We will have it printed and forwarded to all home owners and mortgagees. At the meeting we will have a list of all homeowners-specifically for the purpose of registration, as well as a schedule of all outstanding accounts receivable.
Status Certificates
We utilize a standard format for Status Certificates designed specifically to ensure all legal terminology and information is current and correct. We note the percentage of ownership, legal description, name and address of the unit as well as outstanding common element arrears, special payments and the common element fee payable each month. The exterior of the unit is inspected for damage, and then the Status Certificate is forwarded to the lawyer who requested it.
By-Law Enforcement
When we become aware of a bylaw infraction, a letter is sent to the owner outlining the infraction with reference to the Bylaw or Rules and
Regulations of the Condominium Act. In the first instance every effort is made to effect compliance, without resorting to legal action. We communicate with the Owner and attempt to achieve compliance by conversation and dialogue. If all fails we seek direction from the Board of Directors to proceed with full legal action. Complaints registered by Residents must be in writing. We maintain a library of standard letters to address the usual complaints such as pets, noise and nuisances.
Administration and Communication
The effectiveness of good administration is necessitated by good communication. We strive to keep the lines of communication open between our Condominium Managers and the Board of Directors. We encourage and seek comments and suggestions from our Clients. We provide a wide variety of services for our Condominium Management clients. We are willing to sit down and discuss your needs and create a management contract that suits your needs.
If you have any questions regarding our Condominium Management Services or would like to obtain a quote please contact us at:
Phone: (416) 224-1088