Property Management Services
The Benefits of Property Management by GPMS
Contract Design and Flexibility
GPMS offers a full range of management services to the condominium community. In recognition of the fact that no two condominiums have the same management requirements, it is our intention to tailor the contract requirements to suit the individual Corporation needs.
Generally speaking, any new contracts shall be entered into for a term of not less than one year and no more than five years. In some exceptional cases, longer-term contracts may be beneficial to both parties and these terms will be reflected in the annual cost.
No contract will contain termination clauses in excess of sixty (60) days, with or without cause reciprocally, and all contracts will reflect input from Board members to achieve successful and mutually beneficial working relationships.
A vital component in the operation of a condominium corporation is timely and accurate financial reporting and records, accurate and effective budgeting and forecasting.
GPMS produces monthly financial statements for each client using the SHIFT-SUITE CONSOLE Condo & Property Management software system designed and maintained specifically for condominium accounting, and the accrual method of accounting. Financial statements are provided monthly to the individual boards in time for their review prior to the regular Board meetings.
All condominium funds are held individually, “In Trust”, at a registered financial institution as defined in the Bank Act. Investment of funds is made only in accordance with the provisions of the Condominium Act of Ontario and at the direction of the Board.
It is GPMS’s belief that for our mutual protection and to maintain Board involvement, all cheques bear dual signatures.
- Financial benefits to our clients include: Pre-authorized payment plan for the collection of common element fees.
- Option to pay fees on-line, by phone or at a bank branch or ATM machine.
- Regular monthly financial reports with which copies of all invoices and work orders are supplied to the Treasurer of each corporation.
- Effective collection procedures for outstanding common element fees to maintain the cash flow of the Corporation.
- In house preparation of Notice of Liens and Certificate of Liens in accordance with the Condominium Act (1998)
- Balance Sheet, Trial Balance, Bank Reconciliation, detailed Accounts Receivable reports, Investment reports, and Reserve Fund Expenditure reports.
- Computerized cheque writing. Computerized payroll including advice slips with each pay cheque.
- Payroll system allows complete management and supervision of all staff by tracking attendance, vacation, and preparation of all related government documents in a timely fashion.
- Comprehensive owner/tenant files, which are constantly updated to provide you with accurate information on all units at all times.
- Expense reports showing expenditures current month and year-to-date, the budgeted amount for each category, and the variance between budget and actual. It also shows the balance of budget not yet spent.
- Five year historical profile of expenditures.
- Physical inspections of the exterior common areas of the property are performed frequently and a manager’s report is prepared prior to each regularly scheduled Board meeting.
- Tenders for grounds maintenance and snow removal will be prepared in conjunction with the requirements of the Board and any specific requirements of the individual Declaration.
- Research and preparation of all necessary tender documents relating to major projects within the Corporation. We will advise if the services of a professional engineer or other professions are recommended for the protection of the Corporation’s interests.
- Regular inspections of each condominium and reporting to the Board with respect to maintenance and repair requirements.
- Issuing work orders for day to day maintenance and repair requirements.
- Assist qualified service providers in the preparation of a Reserve Fund Study or Reserve Fund Study Update a minimum of every three years as required by the Ontario Condominium Act (1998).
Administrative benefits to our clients include:
- Advise the Board of any necessary changes to existing rules and by-laws, based on the practicality of same. Management will, where necessary, undertake to prepare and register newly ratified by-laws and rule changes including the required notice to all interested parties.
- Enforcement for each Corporation in accordance with each Corporation’s Declaration, By-laws and Rules.
- Procurement of complete insurance coverage at the most competitive price, taking into account the requirements of the Corporation and Declaration.
- Many other services are available to suit your requirements.
- A representative of GPMS will attend all regularly scheduled Board meetings, to the extent mutually agreed to in contractual arrangements.
- Attendance at the Corporation’s Annual General Meeting is an integral part of our management function.
- GPMS offers what we consider to be a relatively unique and very effective approach to this age-old problem for condominium boards and owners. Our telephone system allows clients to call and register for “visitor” parking through our live after hours answering service.
- In recognition of the fact that no two condominiums have the same management requirements, this registration service can be incorporated to suit each client’s individual needs
- (Note: Not all condominiums use this service. Owners should make themselves aware of and follow the specific parking enforcement registration rules of their complex.)
Emergency and After Hours Service
- Condominium Management cannot, by definition, be classified as a nine to five occupation. In fact it can be said that the law of averages would dictate that emergencies in condominiums are more likely to occur during off duty hours than during regular office hours.
- GPMS offers twenty-four hour emergency service to all of our clients. All of our managers carry a cellular telephone during on call duties. Outside business hours, all calls are forwarded to our answering service simply by calling our regular telephone number, or our toll free number for out of town clients. This offers the most timely and efficient response to emergency situations.