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Even at the best of times, cash flow management is key to the success of any business and investment. During crises like COVID-19, it’s even more important to establish good cash flow practices.
From Magnum York’s analysis, in the first two tough months of the pandemic crisis, we’ve experienced a less-than-expected slight increase in defaults for tenant rent and condo fee collections.
Investors and condo boards that have put aside our recommended three-months operating cash savings should be able to weather the storm as CERB and other cash sources flow through to condo owners and apartment tenants. Assuming we start getting back to work in Alberta according to current government timelines.
Talk to your Magnum York property manager for strategies to help plan for cash flow, such as deferring investments to reserve funds or residential and commercial rent deferral payment plans.
Knowledge is power. Stay up to date with your delinquencies through Magnum York’s new Delinquency Report, now available in your MYWebPortal Condo Board & Investment Owner 24/7 login portal.
Here’s a video describing how to use the new Delinquency Report for your property. Hope it helps.