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A successful condominium does not happen by accident. By applying a pragmatic approach to understanding the roles and responsibilities of the Condo Board and the Property Management team, it encourages the community to work more efficiently together.
Magnum York has published an eBook called “Condo Roles & Responsibilities,” with detailed descriptions of what each Condo Board position is tasked with, as well as the Magnum York property management team hired by the Board to work for the condo owners. Download your copy below.
Here are some excerpts to give you an outline of the eBook:
Who Are The Condo Board of Directors?
The Condo Board is the voice of the Corporation. They are made up of a group of volunteer owners, who are elected at the Annual General Meeting. They are collectively responsible and accountable for decisions regarding the Corporation, on behalf of the owners.
What Are The Condo Board Responsible For?
The Board is responsible for the day-to-day running of the Corporation. They must protect the investment and interest of all the owners, by adhering to the Corporations by-laws, maintaining the common property, managing the finances, and creating policies that promote harmony between people living in a multi-family environment.
How Are The Roles Within the Board Divided?
It is important for the Board members to understand their roles and their areas of responsibility. There are five fundamental Board positions to ensure the tasks are distributed appropriately amongst members.
- Board President
- Vice President
Elected Board members will have a variety of skill sets and experience as volunteers. A partnership with a strong management company will provide the guidance and knowledge that will support the Board as they fulfill their duties.
Who Is The Property Management Company?
The property management company acts as an agent of the Condominium Corporation. They are subject to regulations set out by The Real Estate Council of Alberta (RECA) for the responsibilities it undertakes on behalf of the Corporation.
What Is The Property Management Company Responsible For?
A Condominium Corporation often hires a management company to carry out some of its functions.
“The Property Management Company works for the owners of the Corporation, not the Board of Directors. This non-arm’s length relationship ensures 360-degree diligence when it comes to appropriate governance: an important consideration in this era of heightened owner legal action.”Stephen King – Chief Customer Officer
Magnum York Property Management
Your Magnum York Property Management Team
A client’s property is directly managed by your dedicated Magnum York Property Management team (a.k.a. “POD”) comprised of a Property Manager, a Property Administrator, and a Property Bookkeeper.
In addition to your POD, your Branch has a full team supporting their work with your property including accounting and administrative staff.
Our corporate office provides support for all PODs and Branches with consolidated services and technology that serves all our properties across Alberta.
Magnum York has a number of roles across Alberta whose 100% focus is to make sure your property is managed consistently and efficiently.
- Property Manager
- Property Administrator
- Property Bookkeeper
- Accounting Manager
- Administration Support
- Onboarding Team
- Brand Manager
- Brokerage / Head Office
- OH&S (Occupational Health and Safety)
- Privacy & Security Officer
- Onsite staff (Resident Manager, Concierge, Leasing agents, Ranch hands, etc…)
- Vendors and Trades (MYVendor Preferred Vendor Program)
For in-depth descriptions and detail, download your copy of Magnum York’s eBook “Condo Roles & Responsibilities”. Knowing how to work together leads to successful management.
- Real Estate Council of Alberta – https://www.reca.ca/
- What You Need To Know: Owning A Condominium In Alberta
- How Do We Run An Effective Condo Board Meeting?
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