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What will my investment property rent for?

Thinking about renting out your home, condominium or investment property this spring? Our team at Emerald Management & Realty Ltd. is ready to hop to it and help!

How??? … Super simple: 

(1)  Complete our FREE online Rental Assessment Form to assist us in completing a rental evaluation of your property.

(2) Be available to respond to any clarifying questions regarding your rental property and queries about Calgary property management.

(3) Review the Rental Assessment Report and let us know if you have any questions or concerns!

 


What You Need to Know About Condo Condominium Contributions


“Condominium Contributions”  most commonly known as “Condominium Fees” refers to the annual levy paid by every owner in a
condominium building to cover ongoing operational, repair and maintenance costs. Depending on the condo building management, such fees or contributions are most often paid monthly (or, sometimes annually depending on the condo board).

The amount of the fees due per unit are based on the prescribed unit factors of the condo unit. This is defined on the Condominium Plan and registered at Land Titles (Alberta).

The condo fees and reserve fund contributions aim to cover all forecasted operating expenses and capital expenses for the next financial year, and will be based on historical operating figures. Any major expenses anticipated for the forthcoming year will be included and, in such case, the projected condos fees will need to take such major expenses into account.

How condominium fees work

The prescribed amount of condominium fees are determined after the preparation of an annual operating budget for the condo corporation. The budget may be prepared by either the condo board or by a third-party, such as a property management company engaged to manage the condo corporation.

The condo board will review and endorse the proposed operating budget, in addition to considering and prioritizing any improvement or major projects and reserve fund expenses. The costs of such works may be included in the annual condo fees (unless they involve significant costs, whereupon a special levy may need to be charged on owners for the year in question).

While all purchasers of a condominium in the concerned condominium community become a member of the Corporation, there will be an elected Condo Board, which represents all owners. The Board will make decisions on matters, such as setting the budget and the condo fees.  

Of general interest, this is also very similar to how fees and dues are handled in Homeowner Associations (HOAs).  Essentially a homeowners association fees is a monthly due paid by the homeowner who lives in and HOA.  A community that is set up is an HOA then uses the fees and dues collected to help maintain the common areas, properties owned by the HOA and amenities. 

Why are condo fees important?

A common question we receive is: “What do condo fees pay for?”

In short, they provide the necessary funds to keep the condo and related property operating and in good repair. For example, common areas need to be cleaned, the corporation property must be insured and maintained, necessary repairs must be attended to and so on.

These fees also set aside an amount every year (called the “reserve fund”) to pay for future major renovations and replacements that need to be undertaken, such as replacing the condo’s roof or the building’s heating or ventilation system.

All condo owners have a vested interest in keeping their building in good condition and state of repair, thereby protecting the value of their investment.

Expenses included in most Calgary condo fees

Many condo owners want to know what condo fees include. In Calgary, most condo fees include (but are not limited to) costs for the following items:

  • Cleaning and repair and routine maintenance of common areas — such as hallways, lobbies and external areas, gyms and swimming pools
  • Repair and maintenance of machinery such as elevators and water pumps, as well as the building structure itself
  • Utilities, such as for heat, water and sewers in common areas, plus garbage collection fees
  • Security guards and reception/concierge personnel if required;
  • Landscaping and snow clearing for any greenery, yards, gardens, decks, sidewalks or driveways
  • Building and public liability insurance
  • Management company fees for the overall management and administration of the condominium corporation
  • For larger buildings, caretakers and/or live-in managers (if required)
  • Any scheduled repairs to maintain the building in good condition or enhance its life

Expenses less commonly (or not) included in Calgary condo fees

  • Owner’s personal insurance
  • Repair and maintenance items or improvements within a condo owner’s unit
  • Utilities, internet or cable TV provided exclusively for a condo unit occupier
  • Leasing fees, if a condo owner chooses to lease out their unit
  • Mortgage repayments or sales commissions, if a condo owner sells their unit

Need help with matters relating to condo fees?

If you have any questions or are looking for help with anything relating to condo fees in Calgary or the surrounding areas, our team at Emerald Management & Realty Ltd. is happy to be of service.

To learn more or if you have any general inquiries, contact us today by calling us at 403-237-8600 or filling out our contact form. We pride ourselves on being available for our clients 24 hours a day, 7 days a week.


Happy Chinese New Year 2021

Kung Hei Fat Choy! Happy Chinese New Year!
 

Wishing you a year of abundance, good health, luck & fortune.

 
This year we are celebrating the year of the Ox!  Did you know … that people born in a year of the Ox typically carry the characteristics of being honest and earnest. They are low key and don’t look for praise or to be the center of attentions. They will rarely lose their temper and they tend to think logically and make great leaders.
 
The years of the Ox are; 1937, 1949, 1961, 1973, 1985, 1997, 2009, 2021.
 
From all of us at Emerald Management & Realty Ltd.,
 

Happy Lunar New Year!

 
 

Best Tips For Running a Successful Board Meeting

Running a successful board meeting, whether it be a condo board meeting or HOA/housing board meeting, is not as easy as you might think.

When it comes to running a successful board meeting, there is usually a wide collection of personalities, viewpoints and personal opinions and interests involved. Managing them all to make the best use of the available time and achieve the objectives of the meeting is an art by itself.

If you want to know how to chair a board meeting and make it successful, keep reading.

The main ingredients for a successful board meeting are preparation, organization and control. Therefore, the most important things to consider are:

Meeting agenda

A well-organized agenda is one of the main keys to holding a well-run, well-managed board meeting. The agenda for the meeting should include items for following up from the previous meeting, as well as items for discussion in the forthcoming meeting.

Naturally, the agenda should be circulated to all invited parties — ideally together with a copy of the minutes of the last meeting.

The agenda should prioritize the most important items that need voting on and cover any key presentations. Attendees are always interested in details of the financial performance of a property/properties. They’ll want to see documents such as the income statement and profit and loss statement, plus usually wish to know details of any major repairs or scheduled works;

Meeting quorum

Ensure that there will be enough attendees to form a quorum. Without such, the board meeting group won’t be able to vote for/make any decisions — which can render the meeting as unproductive. The Condominium Corporation Bylaws or  if applicable, Articles of Association will usually set out the mechanism to calculate such quorum.

Start and end on time

This may sound like an obvious tip, but you should always allocate a time budget for each of the agenda items. One of the biggest weaknesses of committees and board meetings is that they can end up running too long when there is no set time limit. Good time management is a major key to productivity and to hosting successful board meetings.

Depending upon what’s on the agenda, normally 60-90 minutes should be enough for most board meetings. We also recommend allocating around 10-15 minutes for discussion and decisions on major items.

Keep things simple and to the point

The agenda should be kept brief and be focused on the most important items wherever possible. It’s not recommended to repeat matters from the last meeting or spend too much time focusing on unnecessary items that have already been decided upon.

While it’s great to report progress, the main goal should always be to ensure decisions are enabling the working committee or property manager to continue to carry out his/her mandate.

Manage attendees

Of course, every owner or verified attendee wants to have their say. However, it can sometimes be difficult to focus on main points if the meeting’s participants are not managed properly. Be firm but fair and respect what the attendees are saying, but be sure to keep them focused on the most important matters at hand.

Ensure meeting minutes are taken

It might seem obvious, but keep minutes and record all decisions. Ensure the salient points with the key decisions and action points are noted, as meeting members will always have a chance in the next meeting to comment on the minutes.

Emerald Management & Realty Ltd. Can Help

Board meetings are all about organized discussion to facilitate the most important decision-making. Meeting rules establish the appropriate procedures to get to an end result. It’s worth taking some time to go over the rules every now and then, as this may prevent any issues from arising later.

The board meeting should be wrapped up by having a short overview of what was discussed and final review of action items, with responsibilities attached. Decisions can be briefly recapped.

At   Emerald Management & Realty Ltd., we have many years of experience with arranging, running and managing board meetings for various properties. So, why not get in touch with us today and see how we can help?

Just give us a call or send an email to make an appointment to discuss your own property management needs. We’ll be more than happy to assist with your board meetings or any other property-related matters.