A licensed condominium property manager plays a vital role in ensuring the efficient and compliant operation of a condominium corporation. Under regulatory frameworks such as Alberta’s Condominium Property Act and Real Estate Act, these professionals execute delegated authority on behalf of the condo board to steward the community effectively. Their responsibilities typically span financial, operational, legal, administrative, and resident-facing functions.
Financial & Administrative Oversight
- Budgeting & Fee Collection: Prepare annual operating budgets, manage reserve fund contributions, collect quarterly common expense fees, and handle arrears collections when needed.
- Financial Reporting: Provide monthly or quarterly financial statements, bank reconciliation reports, and prepare for third-party audits to ensure transparency and accountability.
- Records Management: Maintain accurate financial records, condominium corporation documentation, bylaws, insurance policies, and insurance certificates
Property Maintenance & Vendor Coordination
- Common Area Upkeep: Oversee regular maintenance of shared spaces lobby, hallways, elevators, mechanical systems, landscaping, life-safety systems to maintain safety and aesthetics. Vendor Management: Hire, monitor, and negotiate contracts with service providers such as cleaners, contractors, engineers, and security personnel.
- Emergency Response: Coordinate emergency response protocols fire alarms, flooding, mechanical failure to protect residents and minimize damage.
Governance & Compliance Support
- Bylaw Enforcement: Enforce condo rules and bylaws, respond to resident complaints, and serve as liaison between residents and the condo board. Board Administration: Assist with board and annual general meetings issuing notices, preparing agendas, producing minutes, and reporting on corporate affairs.
- Legal & Regulatory Guidance: Advise boards on compliance with Alberta’s Condominium Property Act, PIPA, safety codes, and insurance obligations.
Risk Management & Asset Preservation
- Reserve Fund Planning: Coordinate or review reserve fund studies to support long-term capital planning and major repairs/replacements. Insurance Oversight: Manage insurance program renewal, review appraisals, process claims, and maintain sufficient coverage for board’s assets. Safety System Oversight: Monitor life and safety systems (e.g., smoke alarms, sprinkler systems, emergency lighting) to ensure code compliance and functionality.
Resident Relations & Conflict Resolution
- Point of Contact: Act as the primary communication hub for residents responding to inquiries, resolving conflicts, and escalating issues to the board when needed. Community Communications: Facilitate newsletters, announcements, and info-sharing to keep residents informed on policies, repairs, and governance decisions.
Ethical Conduct & Professional Standards
- Qualified Expertise: Operate under licensed brokerage, with continuing education and oversight, ensuring up-to-date professional competence.
Condominium property managers are more than caretakers they are strategic partners in governance, finance, operations, and community relations. Acting under the direction of the condo board, they provide critical expertise in budgeting, compliance, maintenance, and resident services. Boards that engage a licensed condominium manager benefit from stronger asset preservation, better risk mitigation, improved community trust, and assurance of regulatory adherence. Effective property management forms the backbone of healthy, well-run condominium communities.
Comments