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
As a condominium owner, you might often find yourself pondering the weight of your condo fees. With an abundance of information at your fingertips, it can feel overwhelming to navigate through it all. However, fear not, as we are here to guide you through the process of evaluating your condo fees, offering advice on how to discern whether you’re getting the most bang for your buck and how you can enhance the value received from your condo management company.
At the heart of our mission, CondoBI endeavors to identify the crème de la crème of condo management companies and managers. These elite entities stand out for their exceptional ability to meld high-quality condo services with judicious financial management, thereby maintaining reasonable condo fees. They excel in revitalizing buildings plagued by financial or operational challenges, propelling them towards excellence. These success stories serve as benchmarks of Condo Management Best Practice.
What is a meaning of “Condo Management Best Practice”?
Condo Management Best Practices embody the zenith of efficiency and effectiveness in the realm of condominium governance. Through rigorous research, CondoBI has spotlighted professionals and firms that redefine excellence in condo management.
Best Examples of Condo Management Practice in Toronto & GTA
Condo Directors' Choice 2021 Best Condo Management Practice Exhibition ★★★★★ 5/5 Trust Your Condo to the Best Pros! financial and non-financial achievements of property management companies, managers and self-managed condominiums Condo ...
Analyzing Toronto & GTA’s Condo Landscape
Focusing on condo buildings registered in the year 2006 within Toronto & GTA provided a rich dataset for analysis and because:
- 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 $0.52. – $0.99/ per month and market values – $517 – $1285 psf. An intriguing find was the Westmount Condos, which, despite having the lowest market value in the sample, bore the highest condo fee. This underscores the intricate dance between market value and condo fees, prompting a deeper investigation into what constitutes value for condo owners.
2006 year condos of Toronto & GTA ranked by:
– 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 (based on graph 4)
The standout, 66 Portland Street in Toronto’s King West, managed by Goldview Property Management, exemplifies the pinnacle of efficiency. Boasting an average market value of $1026 per square foot and a modest condo fee of $0.54 per square foot per month, this building showcases the optimal balance between cost and value. The historical sales data reveal that units in this building frequently sell at prices exceeding their listing, indicating strong market appeal and validating the effectiveness of its management team.
Condo exterior, interior, amenities & a condo unit
It is a very good result of condo management team play 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)
Montreal: A Beacon of Best Practices
Our quest for excellence took us to Montreal, seeking to uncover examples of efficient condo management that could serve as a model for others.
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 stands as a testament to what can be achieved when high standards are set for both service quality and financial stewardship. With a rich array of amenities and a strategic approach to maintenance, this building demonstrates that luxury and efficiency can coexist harmoniously, setting a new benchmark for condo management best practices.
Empowering Condo Directors and Owners
The decision to engage a management company with a proven track record of efficiency offers condo directors and owners the confidence that their investment is in capable hands. The distinction of a management company lies not just in the professionalism of its managers but in the robustness of its business processes and corporate culture. This holistic approach to condo management ensures the maximization of value for condo owners, heralding a new era of efficiency and service quality in the condominium industry.
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!