Currently browsing: Condominium

Take Safety Home

Complacency is often a contributing factor with injuries or an insurance loss in the home. With remote working for many still in effect, staycations continue to be in vogue, and school age children are now out for summer … great time to review your home for risk on often over looked items relating to appliance safety.

Cooking fires are still a leading cause of household fires. If at any time you use a cooking appliance make sure the area is clean and clutter free. Always ensure appliances are turned off and never leave your stove unattended while in use.

Microwave Safety Rules

Most injuries related to microwaves are the result of improper use or heat-related burns from hot containers, overheated foods, or exploding liquids. Safety tips:

Never leave food unattended when cooking
Check containers for microwave safety symbols (look on the bottom)
Do not use metal or shiny objects in a microwave as they can spark and start fires
Use oven mitts to remove hot food food
Prevent steam burns by removing lids slowly and carefully

Stovetop and Oven Safety Rules

Without sounding like a broken record … can’t repeat this one enough … never leave your stove unattended while in use. Safety tips:

Use the back burners on a stove whenever possible
Turn pot handles towards the centre of the stove to avoid them being knocked while walking by or grabbed by a younger child
Avoid loose sleeves or roll up your sleeves while cooking
If a window is nearby, secure the window covering (especially if the window is open and the fabric could blow over the flame/heat)
Keep burners free from debris and shut off your stovetop or oven as soon as you are done cooking

Toaster Safety Rules

A toaster is another essential item in most kitchens, but like most electrical gadgets they pose a risk if used incorrectly. Safety tips:

Never stick anything (especially a metal something) into the toaster. This will help you avoid an electrical shock that could seriously harm you.
Clean the crumb tray after each use to prevent a fire
If you notice an odd smell or any sparking, unplug the toaster immediately and contact the manufacturer. Do not use it again until it has been repaired.
Always store the toaster away from the sink or any liquids that could spill on it to avoid an electric shock

Sometimes, appliance fires and appliance related injuries are caused simply by something beyond your control.

Smoke alarms and heat detectors are essential in keeping you safe by raising the alarm in the event of a fire.

There should be a minimum of one alarm/detector per floor and cover all areas where a fire could start AND your sleeping areas.

In a larger rental home or single family house, put smoke alarms in the hallways that lead to each bedroom. On floors without bedrooms, install the smoke alarm in or near each living area such as dens, living and family rooms. Put a smoke alarm on the ceiling at the bottom of any staircase leading to upper floors.

For more Fire Safety Tips …. visit Emerald Management & Realty Ltd.’s Fire Safety Blog Category!

Emerald Management & Realty Ltd. is a family owned and operated Property Management Company & Condominium Management company located in Calgary with 50 years of experience. Emerald provide a myriad of management and rental property services for tenants, property owners, homeowner associations, and condominium corporations. Contact Emerald Management & Realty Ltd. today! We’d love to show you why we are one of the most respected names in Calgary’s real estate industry

2022 Property Management Insurance Forecast

Emerald Management & Realty Ltd. is proud of our insurance program that has been customized for the properties we manage. With close to 50 years of property management service, Emerald has successfully leveraged its buying power and track record to obtain best in class preferred rates and robust coverage for its valued clients and property owners.   As highlighted in 2021, the insurance market has been incredibly challenging for the real estate sector.

2022 Property Management Outlook

As early as 2018, the insurance market started to experience a dramatic shift with reduced capacity creating a “hard market” that our team at Emerald Management & Realty Ltd. continues to navigate for our valued stakeholders. The “hard market’ experienced since has been characterized with substantial rate and deductible increases, declined renewals along with reduced capacity and/or restrictions on renewals.

The 2022 Q1 predictions made in Q4 of 2021 indicate that the market is to transition and stability to some degree, and the market is now showing signs of this transition with increased capacity and some broader appetite from insurers. Moving into 2022, the general consensus is that markets are still looking to hold their rates with concerns the 2021 claims results are to some degree artificial due to the impact on activity globally with COVID-19. This in addition to impact on claims costs due to global inflation and labor challenges still has many cautious. While the market is transitioning, the outlook on some residential property remains tight especially where the prior rate was before hard market as insurers are not providing any flexibility for rates below their required system rate. The main concern is the impact of inflation on claim costs, as this has major effect as could appreciate looking at 15 to 45% increase on claims.

Despite these challenges, the forecast remains positive for real estate investors and condominium corporations. This is good news as insurance companies continue to advise that market conditions are starting to improve and that there is a return to profitability necessary for the market to soften.¹

What to Expect

In this current environment, even though insurers are cautiously optimistic and forecast a softer market in comparison to the past couple of years, they are still forecasting that where there is an increase in rates, mainly due to the impact of inflation on claims costs and capacity restraints, it should be between 5% and 15%. In addition, it is anticipated that insurance companies will be seeking higher water damage deductibles and even where there is new capacity — it will be limited and expensive.

What are Key Factors Driving Insurance Costs

Key factors that continue to impact insurance rates for rental investment properties and condominium corporations are:

Increase in property values
Impact and the cost of record-high water and fire claims
Cost to insurers have increased from severe weather losses, market disruption and impact of COVID-19
Increase of building materials and construction due to disruption of supply chains, labour and inflation
New regulations from the national solvency regulation is being monitored as it has the potential of impact insurer capacity and drive up costs.
Increased focus on older buildings properties for detailed information on what insurers have identified as risk elements and opt not to renew without upgrades being undertaken.

How to keep property insurance costs down?

As the hard market continues to soften and property owners and condominium corporations adjust to the influences impacting pricing, you can impact insurance costs by²:

Complete preventative maintenance and improvements to buildings and property
Monitor your claims history and take steps to prevent future losses.
Invests in a risk management program and loss prevention planning.

Emerald Management & Realty Ltd. continues to focus on the current insurance environment and taking steps to minimize the impact of this shift on the pricing and coverage term for our clients. As we head into Q2 of 2022, our team continues to negociate and advocate for our stakeholders. Part of our proprietary process includes our focus on achieving stability and retain loyal insurers for our stakeholders on our program.

Contact our team today to learn more about Emerald Management & Realty Ltd.’s practice and process that includes a program dedicated to achieving: low corporate rates, reasonable deductible levels, prompt claims management, coverage during vacancy, and rental revenue loss coverage in the event of an approved claim.

The team at Emerald Management & Realty Ltd. is thrilled to share the news that they have received the PLATINUM CommunityVotes Calgary Award for Best Property Management 2021.  This is the 2nd year that the team at Emerald has received this prestigious award. More information about the award can be found under Media.

Lloyd Sadd | The Gap Between Hearing & Seeing (November 2021)
CapriCMW | 2022 Strata Insurance Outlook

The WHYS of condominium owner insurance

In Episode 2 of our insurance mini-series with Nuera Insurance Inc., Lauretta Enders, BA, CPM of Emerald Management & Realty Ltd. speaks with our valued partner to discuss the “whys” and “what fors” when it comes condominium unit owner insurance.

Emerald Management & Realty Ltd. is a licensed condominium management brokerage and trusted to respond with experience and responsive systems. Emerald Management & Realty Ltd. offers a wide range of condominium property management services and rental property management services. Our primary goal is to offer peace of mind and help condominium boards realize the long-term profitability, a solid governance approach and assist to minimize risk. Contact us today to find out more about how our team at Emerald Management & Realty Ltd. can help by calling 403-237-8600.

Condominium manager licensing is now in effect in Alberta!

If you are a condo board member or involved in the condominium management industry, you are now aware that effective December 1, 2021, any person, or company providing condominium management services, must be licensed with the Real Estate Council of Alberta (RECA).

This is an exciting advancement in the property management landscape that took shape after consultation on condominium manager licensing that started back in 2015. The decision to license and develop educational requirements is in recognition of the specialized work condominium managers undertake. The desired outcome is ultimately for the benefit of and to protect condo owners, consumers, and professional condominium management by ensuring consistent professional standards across the condominium management industry.

Frequently asked questions about condominium manager and condominium brokerage licensing:

Who is RECA and why is this important for condominium corporations?

The Real Estate Council of Alberta or RECA is the independent governing authority that sets, regulates, and enforces standards for residential real estate, commercial real estate, property management, condominium management, and mortgage brokerage licensees under Alberta’s Real Estate Act.¹

Essentially its mandate is to:

protect consumers
provide services to facilitate the business of licensees
protect against, investigate, detect, and suppress fraud as it relates to the business of licensees

“Consumer protection is at the heart of RECA’s mandate and is the main purpose behind this licensing initiative,” explains Don Newell, Chair of RECA’s Residential Property Manager Industry Council. “Though many condominium management companies have operated professionally and successfully in Alberta for years, their clients now have the added protection of a regulated environment.”²

This is important for condominium corporations because it provides consumer protection with the added assurance that licensed professionals enjoy lifelong learning and education, in addition to the experience needed to provide quality service. Under RECA’s mandate, the goal and desired outcome is that licensed condominium managers and brokerages will be less likely to cause harm to consumers.

The Residential Property Manager Industry Council sets the rules subject to approval of the Minister of Service Alberta under the governance structure for RECA, for condominium management. Enforcement of the Real Estate Act, the regulations and rules for the condominium industry will be completed by RECA complaints or issues are brought to its attention.

What is “condominium management”?

The Real Estate Act (reference Section 1(1)(e2) defines condominium management services to be “the exercising of a power or the performing of a duty of a condominium corporation on behalf of the condominium corporation including, but not limited to:

collecting, holding, or disbursing, or attempting to collect, hold or disburse, contributions levied by the condominium corporation or other amounts levied by or due to the corporation under the Condominium Property Act,
enforcing the bylaws or rules of the corporation,
negotiating or binding contracts on behalf of the corporation, and
supervising employees or contractors hired or engaged by the corporation but does not include any activity excluded by the Condominium Property Act, this Act, or the regulations under either Act.”³

Why does this matter for condo owners, condo boards and condominium corporations?

The professionalization of an industry is integral to the elements of a professional condominium manager and include the following characteristics:

Specialized knowledge
Competency
Honesty & integrity
Accountability
Self-regulation

These are examples of desired values that benefit condominium communities and for condo boards as it ultimately increases consumer trust in the real estate industry.

Licensed RECA condominium managers (aka Condominium Manager Associate) have meet the education and experience requirements to provide condominium management services. RECA is charged to regulate individuals and condo management companies and ensure that they follow standards of practice and meet operating and reporting requirements.

What about a code of ethics for condominium managers?

RECA has established a Standards of Practice which is like a code of ethics. The Standards outline responsibilities, prohibitions, and practices for condominium managers. Record keeping and financial management of condominium corporations as part of the Standards of Practice.

What is the difference between condo management and property management?

Based on the Real Estate Act and its definitions, condominium management is a separate activity and industry from property management. The distinction has to do with relationships.

For example, condominium managers enter relationships with condominium boards and perform condominium management activities on behalf of their client boards. In contrast property managers enter relationships with landlords and renters, negotiating leases, holding rental security deposits, and performing leasing related activities for their landlord or renter clients.

Individuals and companies can practice both condo management and property management – just under separate brokerages. The same company can operate a condominium brokerage while also providing property management services. Each brokerage will have its own licensed brokerage and can share ownership.

Timelines and Conditions of Licensing

Education: RECA has mandated that a license is conditional on the successful completion of industry specific exams and courses. Courses are currently in production. It is anticipated that courses will be open shortly. All condominium managers looking to conduct condominium management services in Alberta are to have their conditional license by December 1st, 2021
Certified Criminal Record Check must be completed
Condominium managers and brokers will be required to go through the pre-licensing exam challenge / education by November 30, 2022. Applicants will have different exam/education conditions placed on their licence depending on their individual circumstance
Apply with required documentation to RECA for review and approval.

Note: There will be three condominium management courses provided by third-party course providers (not by RECA):

Fundamentals of Condominium Management,
Practice of Condominium Management, and the
Condominium Manager Broker Program.

The courses you must take, or challenge the exams for, will depend on your current licence status with RECA, your experience, and whether you oversee a condominium manager firm.

Consumers can perform a quick search to see if your condo manager is licensed using the Find a Licensee tool on RECA’s website.

Emerald Management & Realty Ltd. has been a licensed brokerage for several decades with RECA and excited about this advancement in the real estate industry. We are proud of our legacy of providing responsive and licensed property management services to rental properties, commercial owners, and condominium corporations. Our system and processes have been developed to bring peace of mind and full-service offerings including customized maintenance services, administrative support, leasing and specialized management services. To learn more about our goal to enhance the quality of live by managing and providing great places to live and work, request a management proposal today!

Emerald Management & Realty Ltd. has provided proven property management solutions to Calgary & Area for close to 50 years. Its specialized suite of services includes condominium management. Additionally, the team at Emerald is a licensed brokerage providing professional management services to rental properties, apartment building, commercial and industrial properties, and homeowner associations. Profit from our experience, contact Emerald Management & Realty Ltd. at www.emeraldmanagement.com or call us at 403-237-8600

Footnote:

Legislation & Standards | RECA
December 1, 2021 – Condo manager licences are now required | RECA
Exemptions Announced for Condo Manager Licensing | FIELD LAW

« Previous 1 2 3 4 5 … 9 Next »