Managing risk is a crucial aspect of daily operations for condominium. As a business entity, the viability of a condominium and condo owners expenses depend on its ability to effectively manage risk. Risk management measures involve identifying and minimizing risks before they escalate and become unmanageable. By implementing effective risk management measures, condominium can run their building corporation more efficiently. This helps boards to proactively prepare for any potential losses and minimize risks to create a safe environment for board members, employees, and residents.
There is always a potential conflict of interests, condo owners vs management company.
Conflicts of interest in condominium can have serious repercussions if they are not avoided where possible or dealt with appropriately.
The most vulnerable management processes in terms of risks are tasks and processes related to identifying what to repair and replace, when, and who can do it with the best quality, the best price and a speed.
Main condo management processes related to replacements and repairs, risks involved and measures to decrease risks:
Does condo board make any decision in the process of contractors selections?
If your condo board selects condo contractors for maintenance, repairs and replacements based on 3 service providers proposals referred by your property management company, your board does not decide anything. In that case, the board just takes responsibility for condo management company’s choice increasing risks for condo owners dramatically.
How to decrease risks for condo owners?
is designed to mitigate all those risks related to conflict of interest through:
- improved transparency (condo directors are notified about all applications and all changes in a tender, it is possible to send notification to common email-alias (to make it transparent to all condo owners) and all applications are participating (it is not possible to remove any application).
- better communication through QUOTES page https://condo-fairtender.ca/quotes.html) to check service prices in different condominiums and get in touch with directors to find out about their experiences working with a particular service provider.
- improved quality of services and prices.
Just pure competitive market might give optimal combination of
a right quality and a price!
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