With the drop in oil prices, the management of your condo might not be the first thing that comes to mind, but there are four things you should pay attention to:

Service Contracts

The Calgary economy is not as strong as it was

Having managed a large portfolio of condominium buildings, along with buying and selling condos for clients, I have found that there are 5 questions that most people forget to ask when buying a condo:

The Rental to Owner Occupancy Ratio

Knowing how many

When you buy your condo, or join a homeowners association (HOA), the members set rules and maintain the common areas and/or the building itself. Your condominium corporation has insurance that covers many risks in the general building or common areas. This condominium master policy is

For those following how the Calgary condo market is responding to recent oil prices, the Globe and Mail has an interesting report. Click to the link below to read the article on the Globe and Mail website.
Boomer buyers boosting the Calgary condo market

Is your condo’s budget being handled properly? Is there a discussion process? Does your condo manager have a clear vision of what your board wants for the condominium?
A proper budget process is critical to avoid special assessments or levies and have a financially healthy condominium.
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1. Non-competitive Projects Bids
For new projects, are your condominium managers bringing you at least one quote from someone they haven’t worked with before? Are the companies they are getting quotes from appropriate for the size of the job, your condo or their company?
Suggestion:

Be sure to check out the Conference put on by ACMA, CCI and REIC this weekend! Cheryl Bernard will be one of the key note speakers.
Full details at http://www.myacma.com/contact-us/44

Choosing a Condominium Manager is a tough task in itself, but if you don’t prepare yourselves for the interview, you and your board may not be able to select the best fit for your property. Here are 10 questions you must ask during your interview

Can your condominium manager read blueprints and plans? Make sure they can! We took over managing a condominium which had their pipes on a rigorous cleaning schedule: one year the horizontal drains were cleaned, and the next year the vertical ones were cleaned. Each cleaning cost the condominium $5,000.
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