Both parties have different responsibilities, so they can best look after the building and separate units. In a small nutshell, condo boards in Alberta make the final decisions, and property managers provide administrative support and expert advice. Like corporate executives at a head office, condo boards regulate the finances and operating procedures and make decisions that best shape the direction of the condo. As for the property manager, they act as partners to assist the condo board with managing their community. Those who work in property management in Calgary also work directly with Calgary condo owners to best support requests and concerns from tenants. Now, let’s focus on what makes these two managerial roles unique!
Top 3 Differences Between A Condo Board & Property Management in Calgary
1. Residence versus Condo Corporation
Property managers mostly concern themselves with the direct communication of owners, tenants and renters. It’s their responsibility to work with owners and keep their property leased with quality tenants. Property managers are also responsible for advertising, negotiating, screening, and organizing tenant documents and other related paperwork. Condo boards are more focused on enforcing condo bylaws, enlisting contractors for condo-related maintenance, collecting condo fees, and ensuring the building is safe and financially sound. It boils down to property managers supporting tenants and owners while the condo board focuses on the building and its operations.
2. Suggestions versus Final Decision Making
Now, that’s not to say Calgary property management companies don’t have anything to do with condo boards. They’re a great support to condo boards in giving them suggestions for the day-to-day functionality of the building and recommendations for policies and procedures. While the board of directors for a condo board set, approve and delegate all decisions regarding the building, property managers can lend their expertise to ensure they can take the best care of their condo corporation.
3. Financial Upkeep
Condo boards identify their wishes for the building and review and approve the annual condo budget. To support the condo board’s plans, the property manager prepares the budget and reviews it with the board of directors to provide recommendations. The condo board’s responsibility is to identify the building’s needs and lay them out in the budget. The property manager obtains quotes, prepares analysis, implements the board’s decisions, and monitors the performance. It’s also the main responsibility of the property manager to collect and hold payment on an owner’s behalf.
When broken down into different roles and responsibilities, it’s clear that both disciplines work to support each other to manage the best interest of the condo community. Condo boards look after the “big picture” side of things, like dealing with the building or property as a whole. On the other end, property managers deal with the individual unit, the owner, and the tenant.
At Unison Realty Group Ltd, we take care of your property and conduct thorough screenings to ensure your property has quality tenants. We’ll handle what you don’t want, and you’ll enjoy the benefits.
For any questions or inquiries, please contact us:
Phone: (403) 219-3000
Email: [email protected]