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CO-OWNERSHIP MANAGEMENT

Ensuring that all your properties are managed properly is important regardless of whether you recently purchased a condo or have been living in a condo for several years. In fact, poor property management could result in a number of problems and directly lead to an increase in condo fees. Discover how you can avoid these unpleasant surprises! 

All co-ownerships have an Executive Board that handles administrative, financial and operational aspects of property management. Clearly the task at hand is very demanding for administrators and frequently a manager is appointed to reduce the syndicate members workload. 

 

The Manager’s responsibilities

The appointed manager is in charge of carrying out the decisions of the Executive Board while respecting the interests of all co-owners. The manager benefits from his experience and knowledge in the field of property management and uses a hands-on approach to ensure efficient and proactive management. Here are three main aspects that constitute the manager’s mandate.

1- The Administrative Role

This is a very technical and sometimes complicated burden that is essential to ensure that everything runs smoothly. Among these tasks are the following: keeping a log of co-property activities, recruiting personnel and following up with them, preparing documents for the general assemblies of co-owners and fulfilling administrative tasks to protect the property (insurance policies). Basically, the manager is in charge of secretarial responsibilities for the co-ownership. 

2- The Financial Role

In this management aspect, it is essential that the manager have good financial capabilities, particularly with regard to management of co-ownerships. In fact, the person will be in charge of all financial administrative responsibilities such as: current accounting, preparing forecast budgets, preparing notices of assessments, managing the investment  of the contingency fund, filing the annual income tax declarations, paying co-ownership bills, etc. 

3- The Operational Role

In this management aspect, it is essential that the manager have good financial capabilities, particularly with regard to management of co-ownerships. In fact, the person will be in charge of all financial administrative responsibilities such as: current accounting, preparing forecast budgets, preparing notices of assessments, managing the investment  of the contingency fund, filing the annual income tax declarations, paying co-ownership bills, etc. 

 

 

The Advantages of Hiring an External firm

1- Reducing the co-owners administrator’s workload by taking care of all documents, logs, files, contracts and financial statements and more. 

2- Gaining access to staff that are specialized and trained specifically in this area. 

3- Ensuring efficient management of the contingency fund to avoid a sudden increase of condo fees when unforeseen events arise. 

4- Obtaining better rates and contracts because of their high business volume. 

 

 

Finally, we realize that maintenance must be done on a regular basis in order to maintain the integrity of the structure, the frame, mechanical and electrical systems, interior and exterior finishings, etc. All maintenance tasks invariably incur costs. Monthly condo fees are managed so that accumulated funds are distributed adequately to control regular maintenance costs, the contingency fund, the property maintenance, insurance, etc. 

As a co-owner, it is your duty to ensure that your building is in good hands thus saving time money and avoiding troubles. 

Source: condolegal.com

  

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