What does condo management mean to you?
Owning a condo should be one of the more enjoyable times in your life. A recent article on moneycrashers.com, lists some of the top reasons to own a condo. They include:
1) Access to amenities
2) Additional security
3) Lower maintenance costs
During this period of your life, you want to be able to attend social events and travel without the worries of mowing the lawn and shoveling the sidewalk.
Despite these motivations, individuals usually do not reap these benefits because the properties are generally mismanaged. A recent example of this mismanagement was less than a year ago when each owner of a downtown condo was assessed over $45,000 in special assessments, and the full amount was due within a three-month period.
These management teams are supposed to eliminate worry in your life and assist you with procuring any services necessary to upkeep the building, as well as ensure everyone is treated with care and consistency. Unfortunately, the service levels in the industry are not always consistent.
The Government of Alberta agrees and has given the Real Estate Council of Alberta (RECA) authority to start regulating the industry. RECA is currently in the process of seeking feedback on the Condominium Manager Regulations and want to hear from condo owners like yourself.
But how did the Alberta condo management industry get here?
First off, condo projects have increasingly been on the rise since the 1980’s, which has resulted in overwhelming demand for condo management services. Due to this surplus demand, poor performing companies have not been effectively removed from the market and hence the government’s decision to regulate the industry.
We have also noted that most condo management companies start as a one-person operation and the owner/manager is quite capable. When this manager expands to additional staff, they expect new hires to have their same capabilities and as such, do not focus on the importance of documented procedures, training and operating systems. This means the level of customer service delivered to condo owners is dependent on their specific manager’s aptitude, as the businesses they work for have not provided them with the tools to ensure a standard level of service.
When a market is under served, classic economic theory states that there are two solutions. The first is government regulation (RECA’s new licensing), and the second is new market entrants who deliver superior service to eliminate the low performing incumbents. It is this second point that has spurred the creation of Converge Condo Management.
So what can you do about it?
We highly encourage you to visit the RECA website and provide input on the next round of consultations. While the legislation is being finalized, we also encourage you to explore your options.
Converge Condo Management wants you to have the best condo living experience possible, whether it is with us or not. If you live in a condo that has been adversely affected by the poor performing companies in the Alberta region, we have developed an RFP package that can be used by your condo board to assist you in obtaining the service levels that you and your board deserve.
If interested in obtaining additional information, please contact us at email@example.com.
Converge Condo Management Team