Scope of Required Services
We take an approach to property management which emphasizes regular contact with our clientele. Our staff are always available to meet outside of regular client meetings to discuss and advise on any aspect of property management and operation.
- Create and submit CAO periodic updates, certificates and other required reporting documents
- Create and send owners status certificates after the certificate fee has been paid
Procurement and Contract Measurement
- Recommend quality contractors and other service providers to provide required services
- Use competitive, transparent processes to procure goods and services that meet the Corporation’s needs and employ the Corporation’s resources prudently and wisely.
- Where applicable use management templates, specifications and terms of reference for tendering.
- Evaluate tenders and present summaries and recommendations to the Board.
- Address options for bulk purchasing of supplies.
Manage the Physical Property
- Maintain the common areas and facilities in a state of good repair
- Maintain the common area lawns, gardens, trees and plantings
- Engage and supervise trades and their on-site staff
- Oversee maintenance activities and capital projects to ensure quality, timely delivery of agreed materials and services within the agreed budget
- Ensure that all fire plans, maintenance manuals, health and safety reporting and WHIMIS storage is up to date
- Schedule and oversee inspections for preventative maintenance and to meet legislated requirements while adhering to Maintenance Best Practices.
- Prepare an annual preventative maintenance schedule
- Identify opportunities for cost effective measures to maintain and improve the Condominium amenities
- Monitor current “Green” initiatives and their applicability.
- Ensure that proper insurance coverage is in effect at all times including but not limited to property, directors and officers liability, WSIB and trade and contractors insurance.
- Prepare management reports for presentation to the Board at Board meetings that include a short and long term strategic plan, a progress report on planned activities, a schedule and a resolution recommendation for unplanned issues and activities, correspondence from unit owners and tenants and quotations and tenders for approval.
- Follow up on planned activities to ensure prompt resolution.
- Prepare weekly occurrence reports to the Board as requested.
- Provide an agenda for all Board meetings.
- Arrange for Reserve Fund Studies when required
- Maintain a 24/7 emergency reporting and notification service
- Provide internet opportunities for owners to interact with the Property Manager allowing owners to raise questions, concerns and issues that will be addressed with the Board in a timely, respectful and proactive manner
- Respond to emails sent to the Corporation and/or FPMI accounts by owners who have agreed to electronic communications, with timely acknowledgments and a status of their reported issues, comments, complaints, etc.
- Send notices and other official information/communications to owners, contractors and others
- Prepare and distribute regular communications to all owners including items such as maintenance schedules, project activities and actual and potential changes in legislation affecting condominium ownership
- Chair Board meetings and AGM’s
- Prepare a management report for presentation at the AGM
- Prepare minutes for all scheduled meetings
- Chair communication meetings with owners each year to share information about the Board approved budget and to update owners on any other items that are timely
- Maintain a record of the registered unit owners, approved contractors and others and their contact information
- Securely store a variety of Corporation documents and records – especially status certificates issued for each unit
Legal and Enforcement
- Liaise with the Corporation’s solicitor on all legal matters
- Advise the board on legislative issues
- Enforce the requirements of the Declaration, By-Laws and Rules
- Ensure compliance with the Ontario Condominium Act and other government legislation and regulations
- Collect monthly maintenance fees, outstanding accounts receivables and other recoverables
- Ensure that owners provide a copy of lease agreements for all units that are tenanted.
- Implement lien procedures where appropriate.
Budgets and Financials
- Prepare annual budgets for Board consultation and approval for ongoing operating requirements and reserve fund requirements with transparent representation of impact of each on annual maintenance fees for owners no later than 60 days before the beginning of the next fiscal year.
- Prepare a plan and identify opportunities to maximize income within legislated parameters for the Corporation’s investable assets and to ensure sufficient cash is available for planned future requirements
- Create a chart of accounts and bookkeeping for financial records of corporate finances and investments
- Maintain accurate, timely accounting records within appropriate accounting standards
- Provide timely and accurate financial reporting including documented explanations regarding significant budget variances in revenue or expenses
- Produce monthly and annual Financial Statements no later than the 15th business day or 20th calendar of the month following.
- Arrange for an auditor to audit the financial statements and file tax returns on a timely basis.
- Pay the Corporation’s bills after invoices and other contracted amounts have been approved by the Board.
- Facilitate Pre-|Authorized Payments for monthly condominium fees.