What is the role of your co-ownership property manager?
Are you a property co-owner? Did your condo’s syndicate administrator hire a property manager? The following lines will inform you on the role and responsibilities of a co-ownership property manager.
The role of the manager
A manager is hired to ensure the smooth functioning of your co-ownership property. A good manager has the proper understanding of the obligations under law and the obligations in your declaration of co-ownership. Working for the administrators of your condo, the manager’s responsibilities include maintaining the value of your condo and ensuring all shared environments are well-maintained. The manager’s work can be divided into 3 key aspects: the building’s financial, administrative and maintenance management.
In terms of administrative management, the manager works closely with the administrators and draws up the documents for the Board of Directors’ monthly meetings and for the calling and holding of the annual general meeting of property co-owners. The manager also oversees staff recruitment and supervision. He maintains contact with the Board of Directors to measure co-owners’ satisfaction. It is also up to the manager to ensure the declaration of co-ownership is followed.
In addition to collecting condominium fees, the manager writes monthly and annual monitoring reports. He establishes the budget with Board members, produces financial statements for the co-ownership property, and performs accounting tasks.
The role of the manager also consists in conducting regular inspections of your condo’s shared areas, and keeping a maintenance log. If the manager wants to make recommendations, he will need to go through the Board of Directors first. The manager also handles and negotiates service contracts, and supervises work once it has begun.
All in all, the manager oversees the proper functioning of your co-ownership property’s financial, administrative and maintenance aspects.