Which Management Service Is Right for Us?

We have a few different types of management services available for your condo community. Keep track of your answers to the below questions to see what type might be right for you!

  1. How involved does your Board like to be in the day-to-day maintenance of the property?
    1. We are happy to let some work be assigned by a property manager, but would like to be consulted on any bigger items.
    2. We would like to approve all work orders before they are sent, but would like a property manager to initiate the work.
    3. We would like to be the primary point of contact for contractors, but would appreciate recommendations on qualified contractors in our area.
    4. We would like to contact contractors of our choice directly, and manage all work being completed.
  2. How involved does your Board like to be in the financial management of the condominium?
    1. We would like to see a financial statement when we have a Board meeting, in order to make informed decisions.
    2. We would like part A, and we also want to see invoices as they arrive, and discuss any questions we have with our property manager.
    3. We would like part A and B, and we also want to approve all invoices, and assign them to the appropriate expense accounts ourselves.
    4. We would like part A, B, and C, and we also want to review our monthly financial statement in detail, and make adjustments throughout the year.
  3. How much direct communication would you like to have with owners?
    1. We would like all communication to go through the property manager
    2. We would like all notices to come from our property manager, but would be comfortable being the first point of contact for non-emergency questions or concerns from owners.
    3. We would like to be the primary contact with owners for outgoing and incoming communications, but would appreciate help on sensitive issues such as collections and legal issues.
    4. We would like to be the sole party communicating with owners.
  4. How would you like to handle meetings?
    1. We would like to have a few Board meetings per year, as well as an AGM, with our property manager there to provide advice and take minutes.
    2. We would like our property manager to chair the AGM, but we will run Board meetings ourselves. We will provide minutes from our meetings and ask for advice on anything we need assistance on.
    3. We do not need a property manager to be present at meetings, but would appreciate advice on some issues that might arise at these meetings. We will provide minutes from our meetings and ask for advice on anything we need assistance on.
    4. We would like to be in charge of all meetings, and we don’t think our property manager should need to see the minutes from our private Board meetings.
  5. How would you like to handle the corporation’s budget?
    1. We would like the property manager to prepare and present a budget recommendation to the Board based on our input throughout the year. Once we approve a budget, we would like the property manager to send the budget notice to owners.
    2. We would like the property manager to prepare a budget recommendation, which we will discuss at a Board meeting. Once we have approved a budget, we would like the manager to send a notice to owners.
    3. We would like to prepare our own budget with some input from our property manager, and then send the budget notice to owners ourselves.
    4. We would like to prepare our own budget and budget notice, with no input from our property manager.
  6. How would you like communications and notices to all owners to be handled?
    1. We would like the property manager to prepare and distribute all notices and newsletters, unless we have something specific to add.
    2. We would like to review all notices before they are sent to owners, but would like communications to come from the property manager.
    3. We would like to prepare and send most of our own notices, but we may need some assistance with some of the prescribed government forms. We will copy our property manager on all mass communications to owners.
    4. We would like to prepare and send notices ourselves. The property manager does not need to be copied on most of these communications.
  7. How would you like status certificates to be handled?
    1. We do not need to be involved in the preparation of status certificates, our property manager will have all the details they need from our regular communication.
    2. We would like to review status certificates every couple months to make sure nothing has changed. Most information should have already been provided to the property manager.
    3. We would like to review all status certificates before they are delivered. We will do our best to make sure all information that might affect a status certificate is provided to the property manager promptly.
    4. We would like to review and sign all status certificates and all accompanying documents. If there are updates to the accompanying documents, we will let the manager know at the time a status certificate is ordered.
  8. How involved would you like to be in the collections process?
    1. We will set a policy on what late fees to charge, and would like the property manager to implement it. We do not need to be consulted if the policy is followed.
    2. We will set a policy on what late fees to charge, and would like the property manager to implement it. We would like to review outstanding receivables periodically
    3. We will set a policy on what late fees to charge, and would like the property manager to implement it. We can assist in contacting owners by phone for collections that have escalated to a Notice of Lien.
    4. We would like to review all collection notices before they are sent, and establish personal contact with each owner in arrears. We may or may not charge late fees depending on their situation.

RESULTS

If you answered…

MOSTLY A, Full Management might be right for you. You trust Thorne Property Management to take care of most day-to-day matters, consulting with the Board on any decisions that need to be made. This all-inclusive package is good for Boards who don’t want to spend too much time on condo business, but want to know that their condo is in good hands. Contact us today for a quote on full management services!

MOSTLY B, Accounting Plus with some added features might be right for you. You are ready to take some more responsibility in the management of your condo, but would like more assistance with some of the administrative tasks. This package is very customizable and is great for Boards who might be new to the condo world, or who might want to be a little more involved in the day-to-day business than a typical full management service. Contact us today to discuss your customizable Accounting Plus service!

MOSTLY C, Accounting Plus base service might be right for you. You like to be very involved in the day-to-day operations of your condo, but need a little relief on the financial end. This package is a good option for self-managed Boards who want to take a small step back, or for a budget-savvy Board that is ready to take on more responsibility. Contact us today to discuss Accounting Plus services!

MOSTLY D, Self-Management might be right for you. You like to be in complete control of every aspect of the condominium, and want to make sure things are done the way you are used to. Self-management is a great option for Boards who have time to dedicate to managing their condo community, and don’t necessarily need a property manager. We would still be happy to answer your questions and discuss your options with you, so please don’t hesitate to contact us!