CCI Review - 2020/2021 - #4

Property Management vs Condominium Management By: Trish Kaplan, CCI (Hon ’ s)

owners they represent. It is up to the owner to do their due diligence in selecting the appropriate management services for their needs. A “ Condominium ” Manager/ Management Company is responsible to administer the day - to - day operations of a Condominium Corporation as directed by the members of the Board of Directors who remain responsible to manage the affairs of the corporation, so their participation in all avenues of oversight with best practises within the corporation is relevant. The Board

Before condominiums became the thriving industry it is today, the term “ property ” Manager was the term used where assistance by a Manager was employed to carry out day - to - day operations in rental units on behalf of individual investors and/or developers. The introduction of condominiums created a distinction in the terminology defining the “ Manager ” and it was made more clear as time, responsibilities and legalities evolved. A “ Property ” Manager/ Management Company is defined as a third party individual or company hired to handle the day - to - day operations of investment properties, where such properties may be a rental unit in an apartment building, or an entire building that is designated as rentals, sometimes to include a condominium unit on a condominium property. A Property Manager would be responsible for the owner ’ s obligations as a landlord (i.e., financial, maintenance and other aspects as negotiated in an agreement between the property Manager/ management company and the owner). A property Manager who is engaged by an owner of a condominium unit would also be knowledgeable of their responsibilities to the Condominium Act, the corporation ’ s governing documents, as well as, the landlord - tenant laws Residential Tenancies Act, 2006 (RTA) and the Rental Fairness Act, 2017 and all other documentation that is relevant to acting on behalf of

Trish Kaplan , CCI (Hon’s) is the current part- time Administrator for the CCI-London and Area

Chapter, also having served in the position from April 2003-

September 2010 and was awarded the Distinguished Service Award from CCI National in November 2006.

is responsible to carry out the appropriate due diligence of

employing a condominium Manager/ management company that best suits them. The Condominium Manager/ Management Company would have resources to be responsible to maintain the corporation ’ s records and to offer particular services, including, but not necessarily limited to, collection of common element fees, communicating with owners on all aspects of the owner responsibilities and complaints, providing reconciled financial statements, retaining operating and reserve accounts in the Corporation ’ s name; payment of the corporations invoices; preparing annual budgets, organizing and prioritizing maintenance on the property, handling emergencies in a timely fashion and with the particular professionals where they may have relationships to best serve the corporation, enforcing the corporation ’ s governing documents while serving as the go - between or

CCI Review 2020/2021 —June 2021 - 24

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