CCI Review - 2020/2021 - #4

regarding the budgeting and maintenance, provide fiduciary oversight, oversee the implementation of the decisions made, seek cost savings, and more. Decision - making is all carried out in response to the best interests of the corporation. The manager will be a member of the board ’ s team to help provide expertise and experience to assist the board and to carry out decisions that the board makes on behalf of the community. A manager has no voting power, but can be tremendous asset in implementing the work need to execute the decisions. Whether the board is considering hiring for the first time, or is exploring alternative management, the hiring process for management services is an important one. A checklist and step by step process best suited to your community should be created and in place in advance so that no step is left undone. Doing it right the first time is the way to go for efficiency. Before signing any agreement, it is recommended that the corporation ’ s legal counsel review it. First Steps to Take • Talk to other condos who are managed by a professional company. They may have a great manager they ’ d recommend. • CCI has a list of members, which contains Condominium Management, if you are still struggling to populate the ‘ potential managers ’ list. Individual, Professional and Business Partner Membership Listing here . • Try to narrow down your list to 3 or 4 companies. Check online reviews (and the company ’ s responses), their websites and if they are licensed by the CMRAO (government requirement). • Credential checks (the Public Registry of CMRAO contains information on condominium managers and management companies licensed to provide condominium management services in Ontario.) • Contact the management companies, ask to speak to the principle of the company or the person responsible for taking on additional clientele. It is important to find out if they are taking on new business of managing a

condominium corporation. Record your name and the name and position of the person you are speaking to and any impression you may have on the conversation. • If you have a positive impression of the company, ask for a proposal. The proposal should include some references, the price they would charge to manage your company and any extras they would charge beyond their standard rate. • Check the references and make sure you have at least one Corporation reference that is similar to yours. A Vacant Land Corporation speaking to a Highrise Corporation may not give you all of the information you should know. • The whole board should review the proposals and decide if all companies should be interviewed. Once you have your list of potential companies narrowed down, reach out and ask for an interview. Most interviews now happen virtually. Note: Often, the principle of the management company with multiple managers, will attend the introductory interview and while that is important, it is also likely they will not be the manager assigned to your corporation. So, equally meaningful is to meet the individual manager who would be assigned to the corporation. Questions to ask of References This list is by no means exhaustive and you are welcome to create your own list. This is a basic list to give you a starting point. • How long have you had the company as your manager? • What prompted you to choose them, originally? • Have you had many changes in your specific manager? If yes, why? • How are the interactions with owners and the manager viewed, generally? • Are there any charges you pay on top of the monthly contract rate? • What would you like to see done differently at your Corporation? • How is the budget handled with the company? Who drafts it, distributes it, etc?

CCI Review 2020/2021 —June 2021 - 20

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