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5 Simple Condo Management Cost-Saving Opportunities Sure To Future-Proof Your Condo Finances
Condo management calls for smart budgeting to maintain strong financial health. Here we look at five condo management cost-saving opportunities to future-proof your finances. 1. Adopt a Predictive Maintenance Plan Effective condo management begins with predictive maintenance planning. You can see substantial savings when you protect your assets instead of relying on reactive maintenance. In…
Read MoreEvery Condo Board’s Guide to the Proportions of Costs for their Condo Corporation
The monthly common element fees (CEF) your condo board collects come with an obligation to your unit owners. Your job is to ensure you allot those funds properly to cover expenses and manage your reserve fund effectively. Here we offer a comprehensive guide to help you understand the average proportion of cost allotments for a…
Read MoreRoof Replacement: How to Know When Your Condo Board Needs to Invest in a New Roof
Preventative maintenance plans and ongoing repairs help keep your roof in good condition. However, there will come a time your condo board must invest in a roof replacement. Here we explain how to know when your condo needs a new roof. Roof Inspections Roofs have several layers, including insulation, vapour barriers, and surfacing. As the…
Read MoreThe Most Important Facts About Sexual Harassment in Condos
Boards of directors in condo corporations face two potential challenges when it comes to sexual harassment in condos: Sexual harassment of residents Sexual harassment in the workplace In both situations, clearly defined anti-sexual harassment policies help protect vulnerable condo staff and residents from harm. Here we review the most important facts about sexual harassment in…
Read MoreWays an Experienced Property Management Company Can Lower Condo Maintenance Fees for Its Owners
Monthly maintenance fees can indirectly effect condo property values. High fees can often discourage buyers, which decreases demand for units in your building. However, there are ways you can lower condo maintenance fees by working with an experienced property management company. Here’s how they can help. Improving Energy Efficiency Property managers conduct energy audits to…
Read MoreUnderstanding How The New Construction Act Affects Your Condo Board
If you condo board was overwhelmed with the challenges of the pandemic in 2020, you might have missed out on the new Construction Act that came into play in the fall of 2019. Here we offer a refresher course to help you understand how the new lien and holdback rules could affect you. What is…
Read MoreWhy Your Condo Board Is Missing The Boat Without A Preventative Maintenance Plan
Preventative maintenance plans allow your condo board to shift from short-term repairs to long-term improvements. While you still conduct the work in small increments, you manage it in a smarter, more cost-effective way. Here’s why your condo board is missing the boat without a preventative maintenance plan. You Become Proactive, Not Reactive Preventative maintenance plans…
Read MoreThe most cost-effective upgrades to make your condo building more resilient this winter
Resilient buildings hold up to major damage caused by catastrophic weather conditions. With climate change wreaking havoc on Toronto properties, your winter maintenance strategy should focus on ways to improve your building envelope to reduce risks for weather related issues. Here we look at the most cost-effective upgrades your board should consider this winter. Window…
Read MoreThe Condo Noise Conundrum: What Boards Need to do when Noise Complaints are Valid
Noise is very subjective. What is barely audible to one person, can be barely tolerable to another. As a result, condo boards must determine if noise complaints are valid. Here we explore noise complaints and what your board needs to do when the complaints are valid. Types of Noise in Buildings Condo boards have an…
Read MoreTop gains condo boards have when they outsource accounting function to a property manager
Condo boards face ongoing challenges as volunteers. No doubt you are fully committed to your role and responsibilities. However, if you lack experience, providing high level service is difficult. As a result, it can interfere with effective financial management that can lead to ongoing challenges. Here we list the top gains condo boards have when…
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