REGULATING THE PROPERTY MANAGEMENT OF YOUR CONDOMINIUM
The residential condominium is now a modern way of living to get away from all the daily chores of home ownership. Living in a condominium is an enriching and rewarding lifestyle. The Condominium Act is in place to ensure compliance with the rules, declaration, and by-laws of a condominium so that condo-life is assured to be harmonious and convenient.
Owning a residential condo unit is a compromise of choice. Every unit owner should abide by the rules and by-laws of the property management contracted by the condo corporation. Thus, there are special proceedings for enforcement which should be implemented and strictly adhered to with every occurrence. Nevertheless, these enforcement proceedings, no matter how the condo corporation’s board of directors and management put it in to black and white, do not guarantee 100% compliance from the unit-owners. However, carrying out a consistent enforcement strategy is a stron way to ensure a condo corporation’s success.
Enforcement is a generalized term, implying that the condominium corporation has exhausted all efforts and attempts to put into action the rules and regulations for voluntary compliance. In spite of all notice through phone calls, letters and outright pleas, the unit owners still break the rules from time to time. The condominium must ultimately proceed with the enforcement provisions in the Condominium Act. This refers to a mediation or arbitration process, prior to going to court via a compliance order application.
Every board member and property manager should be well versed exactly on what are the condominium’s declarations, by-laws, rules and regulations, prohibitions, and demands. Understanding the rules and by-laws should not be limited to one rule or to one member of the board who has time to familiarize himself with these documents. Everyone who participates as a condo board member or property manager should devote time to get familiarized with each and every rule in the provisions. The inconsistency in remedying an occurrence of any violation will eventually jeopardize the regulations and by-laws.
With consistency also comes diligence. The property manager, accompanied by one board member, should schedule a walk-around within the premises to observe and be aware of any violations. If a potential breach of a condominium prohibition may occur, a follow up of the possible incident is essential. The property manager should log the incident with the date and occurrence. It is the duty of the property manager to report the incident to the board of directors for an evaluation and resolution. The discussion and resolution should be clearly stated in the minutes of the meeting of the board. Any delay can be fatal to the enforcement proceedings available to the condominium corporation.
Condominium Property Management
In Canada, there are agencies or companies that provide services for condominium property management. This consists of personnel like property managers and its staff to manage the condominium on all aspect of service. The property management is capable of handling maintenance including emergencies, as well as financial analysis. A systematic and professional approach to property management is the foundation toward a successful operation. Hiring a professional and expert property management gives emphasis on the importance of thorough effective management and preventive maintenance.
The property manager and on-site staff should be personable and understand fully the condominium corporation’s rules and regulations as well as its by-laws. This is to ensure its implementation and enforcement in accordance with the demands of the owners and board of directors for the benefit and success of the condominium property. This could be attained through extensive communication and attaining the best results in a timely and cost-effective manner, while exhibiting total honesty, integrity, and ethical practices that are always open to scrutiny.
The physical management of the condo property is a key element and an asset to maintain a conscientious and consistent effort to increase and protect the value of the property. Condominiums should be thoroughly inspected regularly to determine any possible major projects necessary for upcoming seasons. This is to ensure quality services and to keep on top of any service or compliance issues.
A preventive management is also essential and should be based on the condominium’s unique maintenance to ensure that no detail is overlooked for any repairs. This would reduce any emergency call services as well as it would maximize the life span of any systems’ componentry.
Financial management consists of well organized and comprehensive personnel to provide financial reports to the owners in order to avoid extensive expenses in auditing fees. All financial statements and payables are prepared in house with input from both the property managers and the senior management team to come up with an accurate and updated statement. This will also provide for transparency on financial matters of the condominium property to its stakeholders, mainly the unit owners.
The lawyers at Levy Zavet PC are commonly used as counsel to property managers, property management companies and condominium corporations, as well as their unit owners. For advice and representation contact the lawyers at Levy Zavet PC.