Similarities and Differences
Did you know that
Property managers are often responsible for individual units / homes, the collection of rents, and the maintenance of individual dwellings;
Condominium managers are responsible for the common and managed property of the Condominium Corporation and do not usually manage individual units.
Property managers must be licensed under the Real Estate Council of Alberta (RECA) which is not the yet case for Condominium managers.
Condominium managers are responsible for ensuring the day-to-day operations of the condominium property under the governance of the Board of Directors. They also advise the Board reserve fund studies, budgets, insurance, Bylaw compliance and are responsible for the financial accounting on behalf of the Corporation.
Both type of Managers must be experienced, enthusiastic and dedicated. They are the first point of contact when there is a problem and are responsible to maintain the property.
Saving money when it comes to your management fees might seem a good idea, but don’t be saving pennies to spend dollars later. If everyone wants to avoid over-paying, it’s important to keep in mind that most of the time “you get what you pay for”!
If you hire a manager with the goal of saving money on fees, only to bring on an inexperienced, undedicated, and generally lousy at what they do individual / team, it’ll only end up costing you in the long run. Do yourself a favor and hire a manager that will have your back and work with you.
Should you have any questions or concerns relative to your specific Condominium, please do not hesitate to contact us.
Nathalie Skyrie, CPM®, ARM®
Senior Condominium Manager