Core Service
ARE YOUR CONDO FEES TOO HIGH?
Or are you too busy to self-manage your condominium property?
Core Service is a low cost professional condominium management alternative.
Our “Core Service” package features services which supply all of the mandated requirements under THE CONDOMINIUM PROPERTY ACT with the exception of maintenance of the common property and the (on-site) enforcement of bylaws noted below –Board RESPONSIBILITIES. This method of condominium management lends itself extremely well to smaller to mid-sized properties with an involved board of directors and for larger properties where a resident manager is in place. The result is a substantial reduction in management fees for your owners. We currently successfully manage several projects under this type of contract as follows:
BENCHMARK MANAGEMENT LTD. – RESPONSIBILITIES
BOOKKEEPING:
- A/R: Collect monthly contributions – monthly automatic withdrawal available
- Follow-up of delinquent accounts – 30, 60, 90 day notices
- Prepare and register caveats and initiate subsequent legal commencement as required
- A/P: Issue cheques for payment of invoices -board signature (approval) required
- Submit government remittance as required
- Monthly financial reporting — e-mailable
- Maintain operating and reserve fund bank accounts and reserve fund investments
- Prepare records for annual audit as required
ADMINISTRATIVE:
- Prepare annual “draft” operating budget for board approval
- Prepare and distribute annual assessment notices and approved budget to all owners
- Offer assistance with annual reserve fund planning
- Ensure that insurance policy renewals are in place – Provide insurance appraisal “proposal”
- Prepare and distribute AGM notice and proxy – Attendance of AGM is optional
- Provide documents as requested, ie: for the sale of a unit –in accordance with The Act
- Register legal documents and document searches at Land Titles office
MISCELLANEOUS:
- Offer access to our emergency 24 hour answering service
- Offer the following reference material: Trades and services referral listing, Templates for bylaw enforcement notices, policy manual, board min’s. approval forms, contracts, etc.
- Offer an initial “Condo 101” information meeting with the board and review of Core Service
- Consultation is available during business hours with Benchmark staff relating to Financial concerns, Building and Grounds maintenance, Bylaws and the Condominium Property Act
- Additional service for miscellaneous projects available at an agreed service fee
BOARD OF DIRECTORS – RESPONSIBILITIES
- Day to day decision making pertaining to the operation of the corporation
- Manage the on-site matters pertaining to the maintenance of the common property and bylaw enforcement relating to occupant behavioral and improvement concerns –consultation available.
- Provide Benchmark Management Ltd. with contact information of a designated on-site contact person as well as a list of contracted trades for after hours emergency purposes
- Scheduling of monthly board meetings and AGM – distribution of minutes (copy to Benchmark)
