Are your condo fees too high? Or have you become too busy to manage your condominium property on your own?
Benchmark's Core Service Package is a low-cost professional condominium management alternative. Our unique 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.
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).
We currently successfully manage several projects under this type of contract as follows:
What we do:
Benchmark Management Ltd. Responsibilities
BOOKKEEPING:
- A/R: Collect monthly contributions – monthly automatic withdrawal available
- Follow-up of delinquent accounts – 30 & 60 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 (emailed)
- Maintain operating and reserve fund bank accounts and reserve fund investments
- Prepare records for annual audit as required
ADMINISTRATIVE:
- Prepare annual operating budget (draft) 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
SUPPORT:
- Access to our emergency 24 hour answering service
- Offer recommendations for trades and service as well as options for assistance with the onsite matters as needed
- Offer an initial “Condo 101” information meeting with the board and review of our Core Service Package
- Consultation 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
What you do:
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)
Please contact us to schedule a FREE consultation to see if Benchmark's proprietary Core Service Package is right for your Calgary condo property.
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