Does your condominium have a proper plan in place for reserve fund expenses? Condominium boards are often unaware that the planning you do above and beyond your reserve fund study will save time and money.
Communication has always been important for condo communities, but it’s even more essential now. If you are reopening your gym to residents, how will you ensure they are up-to-date on the latest rules or policies? How will you ensure overcrowding doesn’t occur? Using a safe and accessible form of digital communication, boards and property managers can safely reopen gyms and other facilities and allow residents to run, lift, and sweat again.
Virtual meetings have gone from a begrudged necessity to a comfortable new norm. With many of the technical difficulties associated with virtual meetings ironed out over the last year, condominium corporations are now finding that their processes can carry on as normal despite the limitations on gathering in-person.
The pandemic has forced all of us to make dramatic changes in our personal and professional lives, and condominium corporations are no exception. Board members, managers and unit owners have been forced to fundamentally change how they go about conducting business in their communities – holding meetings in person is no longer feasible, nor is expecting owners to cast their vote in person.
Chargeback claims against a unit owner often turn into a dispute unless clearly documented evidence and adherence to a set of chargeback procedures can convince the owner that the corporation’s claim is valid. Two recent cases highlight the need to take care.
With ever-rising insurance premiums on Condominium Corporation’s in Ontario, the best thing that Condominium Corporations can do is manage the risk. To keep premiums low, active risk management shows insurance carriers that the corporation is doing everything they can to avoid the need to file an insurance claim. Keeping owners informed and asking them to participate in mitigating these risks can help minimize insurance claims for both the corporation and the owners themselves.
As climate changes, a building’s wellness and control become increasingly top-of-mind for managers, and multi-residential buildings (condos, especially) offer an untapped opportunity to become a sustainability leader.
Any project, including a building retrofit, benefits from having several key components: a measurable goal, an action plan, and a way to evaluate the results. Although these would appear to be simple enough, often retrofit projects lack the specificity and clarity needed for their success.
As a property manager, you are expected to be the jack-of-all-trades, and it is challenging navigating through so many different trades and disciplines in your buildings. The following practices are something that any contractor appreciate in the daily interactions we have with property managers.
Energy benchmarking is one of the easiest ways to begin to manage your building’s operating costs. Having a sound understanding of how much your building consumes energy and water is an excellent way to identify opportunities for efficiency and recommissioning, as well as adopting a more strategic approach to managing
your building’s costs.
We are truly living in unprecedented times with the global spread of COVID-19. The health of your residents has become a top priority, and the importance of maintaining indoor air quality is something property managers and the board of directors must consider going forward.
Replacing your asphalt is likely one of the most substantial expenses a townhome or commercial condominium will experience, along with roof replacement. Projects of this size affect the corporation’s financial situation and must be included in reserve planning. Paving projects are disruptive and can negatively impact both the residents and site aesthetics if not done correctly.
With the federal government’s national target of 10% EV market share by 2025, Ontario’s anticipated rise in the number of electric vehicles requires that both residential and commercial condominiums are prepared. That means ensuring that proper planning and infrastructure are in place to serve the current and future requirements of
their owner’s EV charging stations.
The condominium industry is structured in a way where there is a constant rotation of new members governing the corporation. Due to the ebb and flow in governance, conflicts between personalities often arise, and these can hinder the effective operation of the property.
Professional property managers must navigate a new landscape. Residents will have concerns and demands that didn’t exist a year ago. As we look to the future, we know that properties must be three things: sanitized, secure and smart.