Keeping Condo Ownership Stress-Free
by MARIA FINORO RCM, ACCI, FCCI
Condo living. For many, it’s the perfect life – home ownership without the headaches of home ownership. Just the comfortable knowledge that your communal home is being attended to by a trustworthy board. But who’s providing expertise and guidance to the board? Who’s making sure that the group of volunteers entrusted with the care of perhaps the largest asset you’ll ever own is on top of the complex workings of a condo community? Likely a condominium property manager – someone relied upon to ensure the condo board makes sound decisions.
Condo boards are comprised of volunteers who deal with matters ranging from noise complaints to the proper use of reserve funds. Condo property managers, on the other hand, work under the direction of the board, and handle the financial, operational, administrative operations of the community. So if you want a well-managed condominium community whose units maintain their value, it’s imperative that your property manager is a licensed professional with experience and training in the operation and oversight of condominiums.
At present anyone can call themselves a condominium property manager – without experience, without training, and without carrying errors-and-omissions or fidelity insurance. Predictably, some condo communities have been burned by property managers’ fraud or mismanagement. It is great news, then, that new legislation, the Condominium Management Services Act (2015), will set up the Condominium Management Regulatory Authority to administer the mandatory licensing of all condo managers in Ontario. It will establish the training and education requirements for condo managers, oversee the profession, enforce the Code of Ethics, and deal with complaints about condo management providers.
Over the past 25 years, MF Property Management has been a leader in condominium property management serving Guelph, Cambridge, Kitchener-Waterloo, Elora and Fergus. ACM02000 certified, MF provides superior, quality management service to ensure the success of every condo community it serves. The experts at MF continue to raise the bar in condominium property management – so condo dwellers can get back to leaving their worrying