Prince Properties Inc. Condominium Management Services

Fiscal Planning and Records

Our goal is to provide the Corporation better control and coordination of the annual operating expenses, and calculation of the contribution required to pay for those expenses. We assist to prepare both short and long term budgets, comparing anticipated costs with real time operating costs. Yearly budgets are submitted to the Board for review before the start of the fiscal year. Long term budgets project building needs and anticipated cost recovery. We will arrange for the Reserve Fund Study to be completed every 5 years, and also provide monthly financial operating statements including bank account reconciliation.

Administrative and Board Participation

We attend AGMs and Board meetings as required in compliance with the Condominium Property Act. We enforce bylaws as required, and recommend changes to the Board as we see necessary, including identification of common property and exclusive use areas. Collection of monthly fees and outstanding fee arrears, register and discharge caveats as required. Pay the Corporation’s monthly expenses in a manner prescribed by the Board; prepare cheques to be signed as required. Act as liaison with insurance companies to set-up/verify insurance or process claims. Maintain all documents pertaining to the Corporation, readily available to be viewed by authorized persons. Document packages are available by request online or by phone during business hours. Prepare and deliver any correspondence otherwise associated with Corporation not herein noted. Maintain a current roster of residents and contact information, including rental units.

Maintenance

Provide seasonal maintenance to common areas, including landscaping and snow removal. Establish and maintain preventative maintenance schedules for essential mechanical services. Establish a time frame for routine inspections of all property components based on typical frequency of repair, and perform said inspections. Prepare checklist of components and concerns to be reviewed while surveying the Property. Contract experienced trades as required for repairs, upgrades and emergency situations. Inspect said trades for quality and completion of work. Provide a 24h telephone support line for maintenance emergencies in order to minimize damage to the Property and unnecessary disruption of its occupants. In summary, we provide a maintenance program that ensures the various components reach their expected life, and may help extend their functionality.

Personal Support

Personal response to the after – hours emergency maintenance line. Personal response to phone calls made inside office hours. We will answer the phone, and reply to voicemails within 1 business day. Respond to clients email queries within 2 business days. Provide a listening ear to resident concerns, and voice for clients to ensure long term cash flow of the Corporation.

Accounting

We provide comprehensive accounting services to our clients, ensuring that the financial operations of the condo association are managed effectively and efficiently. These services may include regular financial reporting, budgeting, collections, and disbursements, as well as management of accounts payable and receivable. We are also responsible for ensuring that the financial records are accurate and up-to-date, and that all financial transactions are carried out incompliance with local laws and regulations.

Bylaw Enforcement

Our role is to help create a harmonious living environment for all residents and to protect the value and stability of the community’s assets. Bylaws are the rules and regulations that govern the operation of a condo community, and they must be adhered to by all residents. We ensure that the bylaws are being followed by regularly monitoring the community and intervening when necessary. We also provide guidance to residents on how to comply with the bylaws, and we may take action to enforce them when they are violated. This reinforcement helps to maintain the integrity of the community and ensure that all residents are living in accordance with the established rules.