Choose The Right Property Management Company To Benefit Your Community

10 March 2023 - 16:14, by , in Condominium, Property Management, No comments

The duties of a property manager in a condominium are constantly evolving requiring ongoing training and collaboration with condominium specialists, as their responsibilities can vary. Mareka’s condo property management company stays ahead of the game and on top of all responsibilities. It is important to understand that condos are small communities in which a large number of residents live in a relatively small space, leading to potential issues that may arise. This is why hiring the right condo property manager is your best bet to ensure a smoother condo experience.

Managing condos involves two main aspects. The first is property management in which we engage with the community on behalf of the association. The second is property management for individual unit owners who see the property as a long-term investment or do not live in their unit full-time. Both types of management are crucial to maintaining the performance of individual units and the health of the entire community. Condo property managers or management companies take over the operations of the condo association. The condo association management and board members hire professionals at Mareka to handle the tasks and duties of the community.

What Do Property Managers Do?
Our property managers deliver professionalism and efficiency when fulfilling our responsibilities. Ensuring the financial stability of the community is a crucial aspect of a condo property manager’s job which we do not take lightly at Mareka. Homeowners and the board rely on the manager to maintain the financial wellbeing of the condominium, which involves tasks such as creating annual budgets, collecting payments, managing financial statements, scheduling audits, and filing tax returns. We overlook conflict management which involves mediating and resolving disputes between parties, a frequent occurrence in a closely-knit community. Common issues include noise and pet-related conflicts, and it is the property manager’s job to find a mutually agreeable solution and enforce any necessary consequences to prevent the situation from escalating into a legal dispute. We also serve as an important communication channel between property owners and the condo association. Residents can direct their questions and concerns to our property manager, who then relays them to the board and communicates the response back to the resident. 

Our condo property managers also act as financial advisors to the board, providing guidance on long-term reserve fund planning and operational budgeting. We must ensure that all repairs and maintenance remain within the association’s budget to prevent overspending. One of the key responsibilities of a condo property manager is managing projects, which can range in type and complexity and involve the contracting of third-party vendors and relate to maintenance or construction. For example, if a gym machine breaks down our property manager will promptly contact contractors or vendors to find a solution to replace or repair it. In some cases, the property manager may also oversee construction being done on a resident’s property, requiring them to find contractors and supervise the work.

 

Managing several properties on a daily basis can be a daunting task. Our office receives hundreds of emails and phone calls daily. When you hire Mareka Properties, you won’t have to worry about handling these tasks or the logistics involved. We’ll assign a property manager to handle these tasks and resolve issues on-site. We also help with coordinating city services such as snow removal and garbage disposal. Proper maintenance of a property is critical to maintaining its value.

At Mareka Properties, we specialize in delivering personalized condominium property management services. Our expertise extends to managing townhouses and high-rise buildings, and we understand that successful management of a condominium corporation requires experience, responsibility, and a commitment to providing high-quality service. We have been managing the day-to-day operations and guiding boards of directors at condominium corporations since our inception, and this remains our core area of expertise.

If you’re wondering about the average property management fees in Toronto, we have great news for you! Mareka offers a fair and affordable fee structure while providing exceptional condo property management services in Toronto, Etobicoke, and nearby areas. What sets Mareka apart is our unique in-house supervision of security personnel and staff. All of our staff members are WHMIS and CPR trained, enabling them to assist with on-site emergency situations. Our 24-hour emergency call system guarantees immediate emergency response to owners, residents, and board members and our emergency contractor response time is between twenty minutes to half an hour, which ensures prompt resolution of any emergencies that may arise. Contact Mareka today for expert condo property management at (416)255-7300!

About author:
Mary is the CEO of Mareka Properties (2000) Ltd. She holds a CPM, RCM, and CRP designation, and brings over thirty years of experience to the helm of the company. Additionally, Mary has a thorough knowledge of the legislation governing the industry, an in-depth comprehension of building components, and a proven track record of guiding condominium corporations and boards of directors to success. She's the full package!

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