What your Management Company Does
Many people ask "Why do we need Management?" For some owners it appears that they could do it themselves and spend less on the costs of property management. Below is a brief outline of typical management duties.
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to collect and receive all remittances payable from unit owners and deposit these funds in the corporations account
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to report all returned items to owners and arrange for resubmittal of same
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to collect delinquent accounts including sending or delivery of notices as outlined by The Condominium Act
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to prepare all disbursements for signing by the Board
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to effectively and consistently communicate and enforce The Condominium Act, Declaration, By-laws and Rules &
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Regulations of the Condominium and to instruct legal counsel as directed by the board
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to negotiate all insurance policies and arrange for insurance appraisals
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to supervise insurance and other claims by or against the corporation
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to arrange and obtain independent Contractors to maintain and repair the property such as Landscaping, Snow removal etc.
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to supervise any work as necessary and to verify the adequacy with which the work was performed
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to inspect the property and report findings to the Board
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to provide monthly financial statements to the Board
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to maintain an up to date register of the names and addresses of all owners
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to arrange annual audits
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to prepare and serve notices, agendas, and proxies for Annual and Special General Meetings
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to coordinate the holding of members meetings
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to lay and discharge notices of liens
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to prepare Power of Sale notices and correspond with the corporation's legal counsel
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to issue Status Certificates within specified time frames
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to issue welcome letters to new owners
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to prepare annual budgets for the review and deliberation of the Board
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to prepare newsletters or work with the designated person for distribution to owners
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to attend all Board meetings and Annual General meetings
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to be available to handle emergency calls at all times
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to receive complaints, concerns, suggestions and questions from owners, tenants and contractors and to act promptly
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to monitor investments and transfer funds when necessary
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to arrange reserve fund studies and life expectancy reports on behalf of the Board