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Magnum Magazine Magic – Property Management Article
Magnum York Property Management is proud to announce our most recent magazine publication. You will find the article published in the DDC Journal (Design, Develop, Construct). The journal is for those “with the vision to build North America.” As Alberta’s largest property manager Magnum York is living up to that vision. Owner Peter Best is featured in the article, follow him on Twitter @propertypete.
Read the article on this page or through the DDC Magazine reader…
To read the article follow this link and click to page 71:
Or click on “Magnum York Property Management” in the table of contents as shown.
The article is also featured below, enjoy!
With $2 billion in assets under its management, Magnum York has been providing quality condominium and rental property management services within the Calgary, Edmonton, Fort McMurray, Olds and Red Deer markets for more than 20 years.
“Name recognition is helping us grow bigger and bigger,” says Peter Best, President and Broker of Magnum York. “It’s a direct result of the high-quality service we provide our clients, who share our story with others–word of mouth is very important to our growth. The other big piece of our growth strategy is acquisitions of other property management companies. We are focusing on smaller companies, where maybe the owner is getting out of the business or retiring, and is looking for a business like ours to take over that cares about clients’ properties the same way they do.”
Years of Experience within Alberta
Best’s original company, Magnum, was started in 1991. He went on to acquire a company called York West Asset Management Group Ltd. in 2013. Combining the two companies under new management has allowed the enterprise to flourish over the past two years.
“In all, we have been in the business 24 years now,” Best says. “We have a great history and experience in growth. The other notable is we have some unique technology for both our owners and tenants. We are one of the few companies that allow owners and condominium boards to log into a website and pull their information, live, at any given time, 24/7. That allows them to do things like look at financial reports see the payment status of bills and monitor progress on projects. Also, tenants get unrestricted and immediate access to all of their pertinent condo documents through our online portal.”
Experience and Technology may set Magnum apart in the market, but seasoned leadership is what has positioned its team to be a true industry leader.
“Most of my senior staff members have been doing this for 10 or more years,” Best says. “I have one individual who has been working with me for 25 years, and so the experience and knowledge is there. They also genuinely want to provide the best service possible to our clients. They want to put in a little extra time and make sure the work is done correctly, on time and quickly. They want to make sure problems are solved.”
Additionally, every one of the Magnum executive has experience working with other firms throughout the property management industry.
“Our senior managers bring with them knowledge of how other companies are doing their processes and procedures,” Best says. “That allows us to improve with best-in-class solutions continuously, from our internal processes all the way to our client relationships and third-party vendor management.”
Throughout its history, Magnum York has formed some valuable partnerships, including a notable one with insurance brokerage firm BFL Canada. Through this relationship, the company is able to protect its investments and cover its bases when it comes to various areas of potential liability at its properties.
As successful as the company has been, Magnum York is masterfully adept at negotiating obstacles. As a third-party management company, it very rarely holds the purse strings when it comes to capital improvement projects.
“It can be challenging to get approval from owners as projects move forward,” Best says. “We take special care to ensure our capital planning is inclusive, with no surprises. This includes the residential piece, such as rental unit upgrades to our condominiums, where we are also dealing with the reserve fund plan. While the board may agree to the five-year plan, sometimes they struggle with giving the final go-ahead due to the large sums of money involved.”
Magnum York has encountered this challenge numerous times, and it knows how to work with owners and condo boards to move much-needed improvement efforts forward.
“You have to focus on reminding the owners that they are protecting their own investments,” Best says. “We have made the plan and we have followed the plan, and now let us execute on the plan properly.”
A Full Plate of Properties
The company is currently firing on all cylinders. As its client base grows, Magnum York is looking to stay ahead of the curve on multiple fronts. In fact, it’s now in the process of upgrading its property management software.
“We are going to a better, bigger platform that will help us provide our clients with more options,” Best says.
In addition to technology, the company is always working on acquiring new properties.
“The word is out that we make acquisitions,” Best says. “We are connected with a number of folks who have long-term companies and are looking to move out of business. They’re looking to retire.”
Licensure requirements in the real estate market are constantly changing, and Magnum York is already preparing for changes scheduled to take effect at the end of next year.
“In Alberta, they are going to start licensing condominium managers,” Best says. “They already license property managers on the rental side, and now condominium managers will need to be licensed by December 2016. That’s probably the next big change for us as we look ahead.”
Read the article from DDC Journal here on page 71-73:
“Growing Under Experienced Leadership”
Property Management Company makes Big Splash in Alberta and has a strong reputation in western Canada.