Hi, this is Warren Phipps with Mountain Park Real Estate, and I'm here to talk to you about the proper accounting processes that should take place in your condo.
The first thing you want to check is the condominium's financial statements. Are they up-to-date? Does the board keep track of everything? Do you have a good accountant coming in monthly to ensure the books are in order and your money is being handled correctly?
Every unit owner has the right to easy access of the condominium's financial statements. These statements might be free or they might require a small fee. Either the property manager or condominium manager should be able to provide these to you. This is especially important when you are looking to sell your property, because the prospective buyer will want to be sure the corporation is being run well.
Lastly, it is very important that the board is staying within its budget. After the Reserve Fund Study, a reserve fund plan is laid out and an annual budget is created by the board. It is the board's responsibility to stay within that budget so there won't be special assessments in the future due to overspending.
Again, I'm Warren Phipps of Mountain Park Real Estate. If you have any questions about Calgary condominium management, feel free to contact us.
Hi, this is Warren Phipps with Mountain Park Real Estate, and I'm here to talk to you about the proper accounting processes that should take place in your condo.
The first thing you want to check is the condominium's financial statements. Are they up-to-date? Does the board keep track of everything? Do you have a good accountant coming in monthly to ensure the books are in order and your money is being handled correctly?
Every unit owner has the right to easy access of the condominium's financial statements. These statements might be free or they might require a small fee. Either the property manager or condominium manager should be able to provide these to you. This is especially important when you are looking to sell your property, because the prospective buyer will want to be sure the corporation is being run well.
Lastly, it is very important that the board is staying within its budget. After the Reserve Fund Study, a reserve fund plan is laid out and an annual budget is created by the board. It is the board's responsibility to stay within that budget so there won't be special assessments in the future due to overspending.
Again, I'm Warren Phipps of Mountain Park Real Estate. If you have any questions about Calgary condominium management, feel free to contact us.
Hi, this is Warren Phipps with Mountain Park Real Estate. I'm here to discuss whether condo management is worth the cost.
Typically condominium management has a low cost per unit. It only adds about 10 percent to your condo fees, so it's barely noticeable. It's rarely more than thirty dollars per unit per month. Having a condominium manager in place means neither the board nor the owners have to worry about taking care of each and every issue that comes up with the condo. There is a dedicated manager to do that.
When an emergency does come up, having a management company saves time. Board members don't have to rearrange their busy schedules. The condominium manager goes into action and takes care of any emergency. In addition, a management company is usually able to hire services at a lower cost than the unit owners, so in the long run it actually saves the corporation money to work with a management company.
This is Warren Phipps with Mountain Park Real Estate, and I've been discussing Calgary condominium management. Please feel free to contact us.
This post and video is to inform you about how important it is to have a good Condominium manager to help maximize value and minimize costs for your condominium corporation.
Point 1: We negotiate with service providers to keep your costs low
One of the most important things we do is negotiate with service providers on your behalf to keep costs low. All service providers charge monthly and are paid from your condo fees for things like lawn care, snow removal, and the cleaning of your building. We negotiate the lowest possible price for building maintenance. That helps keep your condo fees low.
Point 2: There is a DIRECT relationship between condo fees and your property value
Many people don't realize there is a direct relationship between the amount of your condo fees and the value of your property. Typically, a buyer of a certain demographic will be looking for property in a certain price range, and that buyer is going to want less of their monthly payment eaten up by condo fees and more going towards their mortgage.
Higher condo fees naturally lower the value of your property. In order to attract a buyer to purchase property with higher condo fees, you're going to have to sell at a lower price. Our job is to keep condo fees low while, in turn, ensuring that the owners of the building maintain the highest possible value to their condominiums.
Point 3: The units of a well maintained building will have higher resale prices than a those of a poorly maintained building.
A well maintained building will have a greater resale price for its units than a poorly maintained one. When people purchase property, it's almost always an emotional decision. Within twenty seconds of walking into a place, they'll know if they've found where they want to live. If the lobby isn't as clean as it could be or the carpets aren't maintained, they're going to immediately feel that they might be in the wrong place. If a building isn't kept up properly, there will be less demand and, as the law of supply and demand states, when you lower the demand, it will cause your prices to go down. If you live in a great building, people will want to buy there. It will be more competitive and people will be willing to pay top dollar to get a place they want to live in.
For more information on Calgary condominium management, contact us at Mountain Park Real Estate your Calgary Condominium management company.
Hi, this is Warren Phipps with Mountain Park Real Estate. Many people are unclear as to where their condo fees go, so I'm here to break it down for you.
Tip 1: Operating the condo corporation (bills, maintenance, etc.)
The number one place your condo fees go is toward operating your condominium corporation. There are bills that have to be paid. There is maintenance, lawn care, snow removal and those types of things. As the condo fees come in, a large portion of them are used to maintain the building on a day-to-day basis.
Tip 2: Adding to the reserve fund
The second place your condominium fees go is the reserve fund. It is required by law that every condominium corporation has a reserve fund. The money in the reserve fund is set aside to cover upcoming expenses, maintenance, and things that need to be done to the building to keep it looking as good as possible for everyone living there. A portion of the condo fees are added to the reserve fund and that reserve fund grows over time.
Tip 3: Usually 10% or less of the condo fees go to the management company
Only a portion of condo fees go to the condominium management company. A condominium manager is put in place to oversee the building's operations: to do the accounting, to make sure the bills get paid, and to make sure that service people are working and doing a good job.
Only 10% or less of your condo fee goes to the management company. Typically it's twenty to thirty dollars per door. Many people believe that the management company handles 100% of the fees, but they actually just take a small portion of the total to make sure your condominium corporation is running properly.
For more information about Calgary condominium management, please contact us at Mountain Park Real Estate, Your Calgary Condominium Management Company.
Hi, this is Warren Phipps with Mountain Park Real Estate. I'm here to talk about the services that condominium management companies provide.
Point 1: Handle all inquiries
The first thing we do is handle all inquiries from condominium owners. Somebody dumps something on the property. Maybe there's a leaking roof. Perhaps the heat stops working. A good condo management company will have someone available 24/7 to handle these types of issues promptly and efficiently in order to keep residents comfortable and minimize any damage.
Point 2: Set up, pay and administer all suppliers
Condo management companies also set up, pay and administer suppliers. You may need a cleaning service for the building. You're going to need lawn care and snow removal. We outsource these services to suppliers, negotiate the best price, and then use the monthly condo fees to pay the suppliers while making sure they continue to do a good job for you.
Point 3: Accounting
We also take care of all the accounting for the condominium corporation. There is money coming in. There is money that has to go out. We handle the reserve fund and operating accounts through our trust accounts to ensure your money is safe. We make sure all the money coming in and going out is accounted for so that your condominium runs smoothly.
Point 4: Paying bills
We also set up, pay and administer all suppliers. Depending on the type of building, you're going to need a certain amount of cleaning, lawn care, snow removal and those sorts of things. We will source the jobs out to suppliers, negotiate the best price, and then take the condo fees we collect every month to pay them so they continue to do a good job.
Point 5: Supervising general upkeep of the property
We also supervise the general upkeep of the property. We do site checks to make sure that everything is being done correctly. We make sure that if a roof is being repaired or windows are being replaced, the supplier hired to do that project has done the best possible job. Supervising the upkeep of the property ensures that all the residents are happy.
For more information on Calgary condominium management, contact us at Mountain Park Real Estate your Calgary Condominium management company. Warren Phipps 403.984.4404
