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Since 1991, Magnum York has provided highly effective, professional real estate management services and rental property solutions to our clients throughout Alberta, with offices in Calgary, Red Deer, Olds, Fort McMurray and Edmonton. With properties worth in excess of two billion dollars under current management, our decades-long experience and proven Condo Management Programs have allowed Magnum York to become the Province’s largest independent property management firm.
So Much To Do When Managing Properties
Effective condominium management requires consistent attention to detail and it seems there’s always something else to be done next. In addition to preparing agendas and coming up with discussion topics for board meetings and annual general meetings, attendance at these gatherings requires time and commitment. Condo boards must comply with their community’s bylaws and also adhere to the requirements of the Alberta Condominium Act. There are financials to handle, trust funds to administer and various reports to deliver on a regular basis.
Also, chief among the duties of those managing a condo community or rental apartment facility, there exists the constant requirement for maintenance and upkeep of the facility structure, common areas and grounds. These are things that must occur on a regular, scheduled basis and part of effective management methods includes finding vendors and price offerings that provide the best value to the community.
Condo Board Vendors and Price Points
Condo/property management companies such as Magnum York must become well versed in the various skills needed to foster an attractive and smoothly run condo or apartment building community – one in which members are generally pleased with the way things are being done. The proper selection of trades people and vendors with whom business can be accomplished while bringing the best value to the community is important, as is negotiating the fairest prices for the services and materials being provided. Just a few of the areas where the choice of vendors and price will require an involved, informed selection process include:
- Ongoing general building maintenance activities such as repairs, painting, HVAC upkeep, fencing, etc
- Snow removal
- Swimming pool/spa maintenance, if applicable
- Annual fire safety and building inspection compliance
The Bidding Process
Choosing incorrectly when hiring a service provider can have a definite, negative effect on the community. If you hire a less-than-adequate landscape company, for example, your place may end up looking shoddy and become an embarrassment to the occupants. Engaging an electrical repair company whose rates are sky high is an obvious waste of members’ money. Decisions like this are sure to meet with dissatisfaction from the body and bring pressure on any board making these kinds of choices.
Two of the more important factors to consider when hiring a vendor are quality and cost. As you most likely already realize, when going out for bids on any particular item you need to obtain a minimum of three different bids. You should also understand that the lowest bid is rarely the one you’ll be accepting.
What Should Board Members Ask Vendors?
Besides cost and quality, you’ll also want to compare contracts and get an good idea as to each company’s responsiveness to your concerns and their typical availability, especially in times of emergency. If there’s an overnight snowstorm and your chosen snow removal company doesn’t show up until midday, there’s a definite problem.
Who’s Hiring the Vendors?
The most efficient way to take care of all the legwork required to successfully run the many varied facets of condo or apartment communities is to hire a management company with a proven track record to do it for you. Take a close look at what Magnum York has to offer.