Selecting the services of a good condo manager requires a thorough and thoughtful process; it is up to the board of directors to decide whether they prefer a small or large co-ownership management company, this choice needing to consider not only the size and specific features of the immovable but also the importance of choosing a manager who stands out for their honesty, their skills and their availability as well as having am unwavering commitment to the co-ownership.
Finding the rare gem
The syndicate of co-owners should look for an honest, skilled and responsive manager; thus, it should pick a person whose commitment is unwavering so the co-ownership’s best interest is protected at all times.
Defining the manager’s tasks
The choice of a manager depends upon the immovable’s characteristics such as its size, the presence of elevators, landscaping or employees; it should also be taken into account the abilities of the directors to assume their duties regarding their mandate as well as the co-owners' expectations.
Managerial competence
Since the position of manager is not officially recognized, making a fair and an equitable assessment of the candidates is difficult; the problem is compounded by a lack of supervision and of control to ensure the protection of the public. This is why it's essential to be vigilant in order to hire a competent manager.
It is in the best interest of the syndicate to ask the manager if his staff and himself have received a co-ownership management training; it's also important to know his field experiences when it comes to his understanding of the common information technology (IT) tools as well as his knowledge regarding accounting without forgetting to see if he has achieved an academic degree or if he has obtained a professional diploma.
Ethics and protection of personal information
First of all, considering the ethical aspect of a manager's or a management company's application is crucial, that is to say verifying whether the candidate in question has any affiliations or interests in businesses that could potentially become service providers within the co-ownership and so, in order to avoid any situation of conflict of interest which must, if applicable, be disclosed to the board of directors. In addition, it would be pertinent to inquire about the existence of a code of ethics and of professional conduct regarding the staff of the manager; this will guarantee transparency in the management of the co-ownership.
Second of all, in order to protect personal information, requesting the manager to provide a copy of its privacy policy is fundamental; this will ensure that personal information of the co-owners is handled appropriately.
Competition
It's important to be demanding when requesting and analyzing quotes submitted by several managers. It's possible to consult the managers' profile in the directory of suppliers of the Quebec managers and co-owners' Association (Regroupement des gestionnaires et copropriétaires du Québec) (RGCQ). Also, another step not to neglect is to ask for references from other syndicates of co-owners who've used the services of the prospective managers.
Due diligence
To find the right manager, a syndicate of co-owners should:
Determining the fees
Determining fees is an important step in the process of selecting a manager. In principle, the contracts offered by a management firm are based on a flat fee, which is usually determined based on the number of apartments in the co-ownership. This fee structure should be clearly defined and include all the services that will be provided. It is essential for thesyndicates of co-coownershipr to carefully examine these contracts to ensure they understand all the costs and that they meet the specific needs of their property.
WHAT YOU SHOULD KNOW! Good co-ownership governance depends on the quality of the relationships between the manager, the co-owners, and the board of directors. Transparent and regular communication between these parties is essential to ensure effective management and to meet the needs and expectations of all the co-ownership residents.
WHAT TO KEEP IN MIND: The choice of a manager should be influenced by the specifics of the building and the expectations of the co-owners, while carefully assessing the candidate's skills, ethics, and experience.
WARNING! Although the most managers are honest, their recruitment requires a series of thorough checks. It is essential to conduct a detailed analysis of the candidates' backgrounds, skills, and references to ensure their reliability and effectiveness in managing your co-ownership.
