Search results for: common
The 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…
Read More10 Ways Your Condo Board Can Beat the Odds and Get Enough Insurance
The condominium corporation insurance market is experiencing a watershed moment as more insurers remove condo insurance from their offering. Those that still offer condo corporation insurance are either increasing their premiums and deductibles or making it impossible to obtain insurance altogether. Here we share 10 ways your board can beat the odds and get enough…
Read MoreHow, why, and when is the right time for Condo Boards to implement new policies?
Your condo corporation’s policies ensure your board meets your obligations. However, because the Condo Act does not refer to policies per se, new policies might cross the line between a policy and rule. A policy is board directed, while rules require resident input and votes. Here we look at condo board policies and how, why,…
Read More5 Telltale Signs Your Condo Isn’t Managed Properly
Proper condo management ensures both the physical and financial health of the condo corporation is protected. Here we share five telltale signs your condo isn’t managed properly. 1. They Fail to Respond to Emergency Maintenance Issues What often separates good condo management from bad is their ability to respond to emergency maintenance needs. This would…
Read More7 Innovative Ways Your Condo Board Can Greatly Improve the Safety of Your Condo
Crime in condo towers tends to occur in common areas, including garages, elevators, hallways, and stairwells. These areas are visually isolated, making them more vulnerable. Here we look at seven ways your condo board can greatly improve condo safety. 1. Install Closed Circuit Television (CCTV) CCTV is the best way to monitor visually isolated areas…
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