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More and more people in Toronto are favouring condo living due to several reasons, which has added to the significance of hiring professional condominium property management service even more.
However, the same benefits that attract people towards condo living also put forward some challenges for owners. If not addressed properly and in a timely manner, these obstacles can sow the seeds for various expensive financial and operational issues to the building’s owner.
Governance: Although legislative authorities have set forth certain directions in this regard, it’s the owner who must decide on how the day-to-day operations will proceed. Several alternatives are available for condo corporations to sort out such situations in terms of operational management. Having so many choices, however, inevitably creates a dilemma for the owners who may have different opinions as to the best solution available. In ideal situations, no matter the governance form, it’s important to encourage a community type environment which is open to participation, beneficial to all the owners and transparent in actions.
Preconceived notions: Every individual member of the council may have preconceived ideas about how the condominium corporation should be managed. Failure to be on the same page in regards to the right management method, along with jobs and responsibilities of all the parties involved is a major obstacle that should be thoroughly addressed. A proactive approach to common issues that are likely to occur is the key to achieve successful management of the property.
Owner-caretaker relationships: This is another common obstacle that can cause regrettable results when it comes to professional property management. In certain cases, the owner is responsible to provide in-house caretaking services to the condo corporation. This might give other owners an impression that since the individual is also an owner with a vested interest in the building, the quality of work would be excellent, and there will be no problems. This is usually not the case. Even if there is proper supervision, the entire employee-employer scenario can lead to awkward and complicated situations.
Some other obstacles faced by condo corporations are board members’ personal agenda, lack of communication, inappropriate management practices, and misinformed owners.
Whether you own a condo corporation or a single unit in the building, the assistance of professional condominium property management in Toronto will go a long way when it comes to maintaining the profitability of the asset. You’ll always have professionals to take care of any building related repairs or issues that can spiral out of hand pretty quickly.
Here are some more reasons why hiring a property manager for your condominium in Toronto makes more sense than managing it on your own:
A property management firm will develop a Property Management Plan – a comprehensive report for your building or property outlining long and short-term objectives to keep it viable for you – the owner. Creating this kind of plan requires a high level of dedicated expertise and perseverance, so it’s better left to the professionals like CPM certification holders who have received special training to create such reports. Since the PMP needs to be up to date, your property management company will be responsible for updating it annually, tracking progress diligently over time. In some cases, they can also recommend performance and financial objectives for the property, with a focus on the revenue stream, operational efficiency and investment needed to keep the asset viable for longer.
All in all, a PMP will present an updated overview of the building’s physical condition, as well as its functional, operational and financial performance.
Government regulations keep on changing regularly when it comes to landlord and tenant related issues. Being an owner, you’ll want to be safeguarded from all these changes, and ensure that new legislation is reflected in your contract as soon as they come into effect. Even a slight change in regulations which you are unaware of can impact your liability status as the building owner.
A condominium property management company in Toronto will serve as a common link between you and tenants. This is especially important when you live overseas or out of town, as you’ll have a professional management team doing all the work for you and represent you in the best light possible. As the third-party property management team will help keep the communication lines open 24/7, your tenants can feel safe and confident while contacting for conflict resolution at any time.
You’ll want to maintain a certain standard in your building to ensure less damage, timely payments, and a good living atmosphere. Given the scale of this responsibility, you need professionals at your side, who can screen potential candidates through proven techniques such as employment, credit and reference checks.
What’s more, a good property management firm can also help you devise a strategic plan for promoting the building that draws in the right kind of tenants and help you reduce the vacancy rates.