What is Condominium Management?
Condominium management is when engaged, educated boards and owners want their condominium to excel! They hire KayVee Management Inc.
The role of the Management Company is to administer your Condominium Corporation, in accordance with the Alberta Condominium Property Act and Amendments. It is therefore our mandate, under restrictions of budget, Board policies and Corporation ByLaws to direct the activities pertaining to the maintenance of all common areas prepare statutory documents and act as a liaison between the Board of Directors and individual owners.
A more important function of management is the development of a professional bond between the Board and the Condominium Manager in order that all problems and recommended solutions are openly and confidentially discussed within the forum of duly constituted board meeting. It is critical that all decisions be rendered by the elected Board of Directors and that those decisions are implemented by the Management Company. The Board can delegate authority to the Management Company, however it cannot delegate any of its responsibilities under the Act.
If We Have Management, What Role Does the Board Play?
The Board maintains FULL signing authority and maintains full decision making and authority of the Condo Corporation. The Board of Directors will set the policy of the Corporation on matters affecting enforcement of its By-Laws and the control management and administration of the real and personal property and the common property. Additionally the Board will direct the activities of the Management Company and maintain full signing authority for the Corporation. KayVee Management Inc. will report directly to the elected Board of Directors. The Board will exercise its statutory duties under the Alberta Condominium Property Act and will delegate said powers as it sees fit by ordinary resolution of a quorum of Board members at a properly convened Board Meeting. The Board will be subject to direction of the Owners of the Condominium Corporation (when applicable), its By-Laws and the Act.
How Much Does It Cost?
Prices vary depending on a number of factors:
- Type of building – high rises are more work than townhouses for example
- Age of building – how much work is required for repairs/maintenance, are reserve funds in place and adequate for upcoming repair projects?
- Involvement of board – when boards are actively involved in the day to day, less work may be needed of management
- Issues – major repairs, ongoing issues with developer, municipality, discord amongst the board/owners, etc.
What Are The Benefits of Condo Management?
There are many benefits to condo management – just a few of them are:
- Save money…utilize our purchasing power
- Make money…our expertise will help you do that
- Have harmony…keep your friends and neighbours..let us collect condo fees and enforce bylaws
- Access our extensive contractor list…we know where the great contractors are
- Improved return on your investment…we’ll give you real examples
- Run better meetings…we will coach you
- Let us deal with the 24/7 emergencies…onsite when you need us most
- Improve communication…convenient online access to your community information
- Repair and maintenance planning…we will help you systemize and be proactive
- Educate boards and owners…we offer ongoing education seminars
- Actually achieve that elusive “Care Free Condo Living”? Well a condo is still a condo, and we can absolutely help you and your condo community achieve “GREAT CONDO LIVING”.