Management fees are generally in the top five of the greatest expenses inside a condominium corporation’s yearly budget. As volunteers on the board, you each have your own personal experience, but require the guidance of a professional manager to guide your choices, advise your regulatory duties and manage the daily activities of administering the company of your premises. Management companies will set the charges, but it is extremely important to understand what is included in the price quoted and furthermore, what is not included.
The first consideration should be not only the company’s experience, but that of the staff member assigned to your property as supervisor – often, you will see companies with lower prices because they hire administrative professionals and train them to be supervisors – you may want more than you are paying for in this scenario if you care about your investment. Another scenario regarding lower prices entails purchasing your company – the first year contract will be in the low-end of the current market, but significant gains will be executed annually thereafter (while it might look to be cost-cutting step to do this the first year and then change to a different company, you will cause no end of grief and significant expenditure by continuously changing managers). The third situation involves a low monthly fee quoted up front, but Remarkable added charges incurred after the contract is signed – frequently, these aren’t even itemized – you will just see hundreds of dollars in extra administrative costs in your financial statement every month. If and when you receive an explanation of these costs, it’s often a vague answer, mentioning photocopying, property titles prices, courier costs, etc. While these are valid fees – make sure they are itemized, with copies of invoices or information connected. This clinic will cost you many thousands of dollars more over the long term than a slightly higher fee from a different company with realistic monthly charges and transparent invoicing. Like every business, Boulevard 88 Condo management is a competitive area.
You will understand the advantages of choosing a reputable, ethical professional on your property worth. Thorough, accurate financial and legislated record-keeping; focus to routine maintenance and replacement issues; enforcement of bylaws and an appropriate reserve fund will be worth much more to today’s savvy buyers who frequently hire professionals to assess the corporation’s affairs in detail, before buying a unit in your premises.