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If your condo fee is high check WHY? Probably, you just need to find more efficient condo management company or a manager
If you are a condo owner
You may be thinking that you pay too much in condo fees. There’s so much information out there and it can all seem a bit overwhelming! But have no fear, we’re here to help to provide you with information and advice on understanding how is your condo fee comparing to others and what to do to save your money and to improve your condo services.
CondoBI is looking for the best condo management companies and condo managers that provide the best combination of high quality of condo services spending less condo owners’ money, keeping reasonable condo fees, companies/ and managers that are capable to take buildings that have financial and non-financial problems and bring them to a higher level. Those are examples of Condo Management Best Practice.
What is a meaning of “Condo Management Best Practice”?
Condo Management Best Practice is Condo Management Practice providing the best efficiency and effectiveness for condominiums.
Some great companies and professionals have already been found!
Best Examples of Condo Management Practice in Toronto & GTA (main)
All condominiums will be divided into 2 groups: Financial assessment will be performed taking into account: 1. A level of services (basic, economical, luxury and ultra luxury); 2. A set of amenities and inclusions; 3. Other factors that reasonably might influence on financial KPIs. Detailed analyses will be performed to make adjustments between groups.
Condo fees of the Toronto & GTA buildings registered in 2006 year
CondoBI team selected condo buildings registered in 2006 year for analyzes at number of reasons:
- those buildings are not new,
- require more professional attention
- might be more expensive to maintain than new buildings.
41 condo buildings registered in 2006 year located in Toronto & GTA have been found and analyzed. Those condos’ fees are ranged i$0.52. – $0.99/ per month and market values – $517 – $1285 psf. Westmount Condos that has the lowest average market value in that sample has the highest condo fee – $0.99 / psf per month.
2006 year condos of Toronto & GTA ranked by condo fees and Indicated:
– condo fees
– VCI (Vale to Cost Indicator) – Market Vale psf / Annual Condo Fee
– market value
– management companies that manage those condos
The most efficient condo based on Value to Cost Indicator has been revealed (according to graph 4)
It is 66 Portland street Toronto King West that managed by Goldview Property Management company.The average market value is $1026 psf and condo fee $0.54 psf/ per month.
Rental price of ~ 900 SF unit is ~$3000 per month.
That is a great combination of condo fee and a market value and taking into account the listing history we could see that the most of condos in that building sold for a higher price than it was listed.
Condo exterior, interior, amenities & a condo unit
It is a very good result of condo management team comparing to other buildings registered in 2006 year. That building facilities are very restricted, include Just parking and security system. The building does not have a pool, no sauna, no gym, no party room etc. But according to condos.ca condo fee includes water and heating (strata.ca has info that just water is included, no heat). Taking into account average condo fee level in Toronto – $0.75, $0.54/ psf per month is a good level of condo fee with such inclusions and a combination of a condo fee and a market value is the best among condos registered in 2006 year!
If you are Toronto based Condo Management Company and have a good example of a best practice (a good combination of high quality of condo services and a modest condo fee)
Best condo management practice in Montreal
Condo Business Intelligence team was looking for the best examples of efficient condo management in Montreal to be as a good example, because taking into account past statistics of 2018 and the revealed fact that condo fees in Montreal is significantly lower than in Toronto, a few luxury condos in a prime location of Montreal have been examined with a goal to find a condo that has a great combination of condo fee, high quality of services and a very high market value.
A great example of condo management best practice in Montreal is a condo building located in “Golden Square Mile” – one of the mostly demanded and valued districts, at 1210 Boul De Maisonneuve O. Montreal managed by Sequoia has been examined.
Condo has a rich set of perfectly maintained facilities such as a heated pool, a great garden, amazing outside sitting area, sauna, steam room and a huge well equipped gym.
It has been revealed that:
Currently, there is a 194,7 Square Meters (2095.73 SF) condo on sale. That condo has $1,069 / monthly condo fee, and $136/months fee for locker & parking.
It is $0.51 /SF per month a condo fee psf. A market value of the condo is $917 per SF which is an extremely high for Montreal.
The rental price of a luxury condo in that building ~ 1100 SF is between $4995 and $6000 /month depending on term.
Condo exterior, interior & amenities
Condo unit of the building
Considering a high quality of the building interior, exterior and high requirements to maintenance. We must say that the property management of this building is very efficient, and it might be a great example of condo management best practice! The property management provides a great maintenance for luxury building with wide set of facilities and cold climate, for a very decent condo fee $0.51 psf/ per month!
Hiring a company that has already proven its efficiency, at least in one of the building, gives Condo Directors and Owners a reasonable assurance that this Company might make a difference in your condominium spending less and improving a quality of your condo services.
The more examples of its Best Practice such company has the higher probability that Best Condo Management Examples are not a result of a particular condo managers’ professionalism, it is rather a result of great built-in Corporate Business Processes and a great Corporate Culture that must be the best for your condo management
to save money and improve your condo services!