Condo BI analyzed condo fees and market values of 1432 condominiums, 30 of which are self-managed. The result was surprising. But some condo service companies might make a difference in a condominium.
It has been sad that condo fee should not be low because it might lead to condo building deterioration. In past articles, Condo BI was trying to answer the questions, what does it mean “low condo fee”? And majority of condo owners clearly understand why some of the condominiums are perfectly maintained collecting very low condo fees, and some of poorly maintained condominiums collect a high condo fee. A major common problem of poorly managed condominiums is the conflict of interests between condo owners who pay the money and condo management team that spends the money.
Condo BI team was trying to analyze how self-managed condominiums spend the money and how they maintain market value of condo owners’ properties.
CondoBI analysed 2 groups of condominiums in Toronto
Condominiums managed by condo management company.
The result was very surprising, it was the opposite of what we expected.
A group of self-managed condominiums has average condo fee per 1 sft per month 18.6 % lower, and average market value per 1 sft 9% higher than a group of condominiums managed by professional management companies.
It might be ~ $400,000 savings a year for a condominium that have ~ $2 mln. budget.
What are the major reasons that self-managed condominiums spend ~ 19 % less and reach 9% higher average market value than condominiums managed by condo management professionals?
First of all, the service costs of property management are about 4 % – 10 % of condo budget. And Secondly, condo management companies usually have an Approved List of their Condo Service Providers. And the list of contractors for condominium projects and contracts is restricted by that list. But taking into account such conditions,
How would you evaluate risks for condo owners of not getting the best quality of services at higher prices?
In such situation, there is not, or limited competition between companies, low transparency, and high barriers for condo service providers that are not in the management company’s approved list.
Such narrow choice of service providers increases the risk of not getting the best prices or the highest quality of services dramatically.
It is clear that the way Condo Service Providers are selected is KEY!
connects condo directors with the best independent condo service providers, and provides much wider choice of professionals that are able to make a positive difference in your condominium.
Below is the list of Condo Management companies and independent service providers. This is NOT a case of PAID ADVERTISING!
This list of service providers is to be introduced to Condo Directors and Owners.
The Companies are major contributors into Toronto Condo Services’ market transparency, fair competition, equality and market balance! This list of companies that are striving to compete based on QUALITY of Services & PRICES, and they might make a great difference to your condominium’s financial efficiency!
10 the First and Most Active Condo Service Providers –
Condo Security Services Companies:
Ultimate Security Services
Cancom Security Inc
Condo Concierge & Innofit
Best Guard Security Inc.
Knights on Guard
Property Management Companies:
Newton-Trelawney Property Management Services
Do you want to save ~ 19 %
of condo owners’ money and improve your condo building?
Just post a short description of your needs at
Open Fair Tender to hire the best INDEPENDENT Service Providers,
it is FREE for condominiums!