Even if your condominium board is comprised of experienced and knowledgeable individuals, there are still compelling reasons to hire a property management company to assist in the running of your day-to-day operations. One especially important factor is the impact that it can have on your decision making when it comes to the best interests of the corporation.
While property management companies are most commonly known for the day-to-day services that they provide, it cannot be overlooked that they also act as advisors to your board of directors, which helps to prevent issues that may come as a result of negligence and in the case of unforeseen accidents or mishaps.
Furthermore, the legal landscape around property management companies is changing in Alberta. New regulations will soon come into play that will make it law for all property management companies to have a brokerage license. But don’t be fooled into thinking this is just arbitrary regulation passed down from the province – these changes benefit everyone, and the advantages far outweigh the costs.
What are some of the liability protections that come with hiring a licensed property management company for your condo building?
- A professional property management company will act as your condo board advisor team that can help you to navigate tricky waters when it comes to liability issues.
- They will ensure that everyone stays on the right side of the bylaws even as changes to legislation occur.
- A licensed property management company can guarantee you the condo board services offered are appropriate and stand up to condominium act regulations.
- They will enable your condo board to keep up standards in individual units as well as implement those standards in the entire building.
- Management companies know how to address issues and proactively create solutions in a way that enables condominium boards, owners and residents to work together in agreement.
- Everything gets done a little faster and easier with more friendliness on all sides.
If you want to make sure that your condo community meets the highest standards, directors should understand what their roles and obligations are, and consider hiring a licensed property management company. Their job will be to advise on and administer many of the affairs of the condo corporation in a collaborative manner with the condo board members.
You should always keep in mind that the management company’s job is not to please any one person or take sides. They are there to act in the best interests of the corporation - not to their own benefit. In essence, they are the protectors of the assets of the condominium board.
Looking to hire a licensed property management company?
Braden Equities Inc. has been successfully managing condominium buildings in Edmonton since the 1970s. A lot has changed since then, but our commitment to the residents living in each building we operate has not. Contact us today.
Thank you for reading our blog. What are your thoughts on the importance of hiring a licensed property management company to limit the liability of your condo board?