Why Your Condo Corporation Should Hire a Condominium Property Management Company.
There are many Condominium Property Management Companies in Toronto that can help you to manage your community with many benefits for your condo corporations efficiency, building maintenance and financials.
If you are a member of your condominium’s board of directors, you are faced with many tasks in order to maintain your condominium in the best interest to your community. Being a Board member can come with many benefits, but it is a huge commitment on your time. To minimize the stress of board members many condo corporations look to hire condominium property management companies.
Professional condo property management companies can help Board Members fulfil their roles with minimum stress and better results than if self managed. Below are six reasons why your condo community should hire a property management company.
1. Minimize Board Member time spent managing condo
Managing a condo corporation is a huge responsibility that can be very time consuming. A condo Board member you do not receive compensation for the position and must devote many hours to managing the condo corporation if you decide to go the self management route. A professional condominium property management company make managing the condo corporation much more efficient and limit the amount of time Board members must donate
Condo Management Companies can perform the below tasks and many more;
Overall operations and administration of the condo
Manage trades contracts and vendors
Oversee and manage large maintenance projects
Resolve community member concerns or maintenance requests
Meeting agenda preparation and minute taking
Maintain common elements and landscape
Financial planning including budget preparation
Maintenance fee and other expense collections from community
2. Professional expertise.
Condo managers in Ontario are required to be licensed. At Stronghold Management Group our property managers are proudly licensed by the Condominium Management Regulatory Authority of Ontario (CRMAO). This provides condo managers with the specialized education it takes to provide the expertise that Board Members can not. Licensed Condo Managers can effectively guide condo corporations to ensure that they are managing their asset in the most effective and efficient way possible. Licensed condo managers also have the expertise to ensure that a condo corporation is being following all regulatory obligations required for their jurisdiction.
3. Benefit From Established Relationships
Professional condominium property management companies have built long term relationships with local trades and service companies. At Stronghold Management Group we have been providing condo management services to Toronto and the GTA for over 30 years. This has allowed us to form relationships with local companies to ensure that you condo property is receiving the highest quality service at the lowest possible price for maintenance or repair services. You can rely on an established condo management company to make connections, solicit bids, oversee the relationship, and manage contracts.
4. Community Management
Condominium communities can have residents with varying needs and personalities. Enforcing the condominiums rules and regulations can be challenging to balance all the various personalities and needs. Professional condominium management companies have the systems in place to manage condo communities in an effective way that is sensitive to all residents various needs. Condo managers can ensure that the condo’s operations follow the requirements within the governing documents and residents behaviours also comply with these governing documents.
5. Professional Accounting
Managing your condominiums budget and financial health is a large responsibility and is incredibly important for the best interests of the community. Hiring a condo property management company that has qualified financial professionals can be a game changer for your communities overall satisfaction for now and in the future. Effective manage of a condo corporations reserve fund and annual budget is essential to maintain your condominium in the long term. Leaving this to a professional account and financial team is essential to your condominiums long term financial health. Most condominium property management companies have a team of highly-skilled accounting personnel on staff that utilize the latest accounting software, to ensure the most accurate representation of your community’s finances while aligning with the highest security and safety standards.
6. Increase Community Satisfaction
Board members time can quickly be consumed by the burden of day to day condo property management. Hiring a professional condo management company, can allow board members to focus on improving the quality of life for residents in the community. Without have to focus on daily administrative tasks or financial reporting board members can focus on long term improvements or social activities that can improve the community satisfaction for all residents. Board members would not have the time to create social events or even think of ways to improve the community long term if they are always focused on resident concerns, repairs or financial reporting. Many condominium management companies also offer services that can help to improve overall community satisfaction such as newsletter creation + distribution, community website creation + management, community social function event planning.
If you are thinking of hiring a condominium property management company in Toronto or the GTA click here to request more information on our services.