Search results for: common
Why Your Condo Board Should Consult with a Building Envelope Expert Before Exterior Renos
Your condo’s building envelope includes the exterior walls, foundations, roof, windows, and doors. The envelope protects your interiors from the elements and is the main building component contributing to energy efficiency. Before you embark on exterior deep retrofits or upgrades, it makes sense to consult with a building envelope expert. Here’s why. Building Envelope Expertise…
Read MoreTop Condo Board Tips to Fairly and Effectively Manage Maintenance Requests and Repairs
Your condo board is constantly receiving maintenance and repair requests from condo owners. If you need help prioritizing requests, use our pro property management tips to help ensure you are fair, cost-effective, and responsive. Prioritize Amongst Unit Requests A common mistake condo boards make is not prioritizing work based on urgency. Prioritization always puts safety…
Read More4 Frequently Overlooked Details When Managing Shared Amenities In Condos
Effective management of shared amenities can often focus too much on cleaning and maintenance. Here we look at four frequently overlooked details when managing shared condo amenities. 1.Visitor Parking Visitor parking is often difficult to monitor due to the location. However, a comprehensive management plan helps ensure use aligns with your condo parking bylaws. Visitor…
Read MoreUnderstanding the Role of the Condo Board in Enforcing Rules and Bylaws
Condo boards ensure all residents and board members comply with the Condo Act and the condo’s governing documents. But what happens when residents break the rules? Here we look at the role of the condo board in enforcing condo rules and bylaws. What is the Difference Between Rules and Bylaws? Condo rules “promote the safety…
Read MoreThe Importance of Insurance for Condominium Corporations
According to the Ontario Condo Act, condo corporations “shall cover the replacement cost of the property damaged by the perils to which the insurance applies. 1998, c. 19, s. 99 (7).” Here we look at condo corporation insurance, its’ importance, and how to keep your coverage up to par. Protect Your Condo Corporation’s Assets Condo…
Read MoreCondo Boards! Focus on these 3 Things to Create a Healthy Condo Budget for Your Corporation
Here we offer tips to help your condo board create an effective condo budget by focusing on 1) income, 2) expenses, and 3) your reserve fund. 1.Income Condo common element fees (CEF) are the source of revenue funding your budget. Follow these best practices to manage your income effectively: Introduce a CEF process Introduce a…
Read MoreUnderstanding Your 4 Most Important Condo Corporation Financial Statements
When your condo board receives your corporation’s financial statements, it helps to understand what reports provide the best insights into your financial health. Here are tips to understand the four most important condo corporation financial statements to help you manage assets, gain financial control, and become a more effective planner. 1.Aged Delinquency Report Keeping on…
Read MoreHow Your Board Can Ace Project Management with These Condo Renovation Strategies
Condo renovations can become nightmares when condo boards fail to manage the project effectively. However, your board can ace project management with these condo renovation strategies. Plan Out the Critical Steps Building restoration and renovations follow several steps, each with an approximate timeline: Assessment to determine what the project involves (Up to a month) Initial…
Read More4 Business Innovations for Condos
Every year technology introduces new ways to improve business operations. These improvements don’t always have to be industry specific to be effective. Here we look at four innovations used in other industries that offer potential benefits for your condo board. Check out these innovations for condos worth exploring. 1. Virtual Reality (VR) and 3D Imaging…
Read MoreSpecial Assessment vs. Condo Corporation Loans: Which is Really Best for Your Condo Board?
When your condo board requires immediate funds to cover an unexpected expense, you have two choices: 1) A special assessment or 2) A loan. Here we compare loans to special assessments to help you make the right decision for your condo community. Condo Corporation Loans Condo corporation loans are granted based on a “covenant” to…
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