Canada’s Most Widely Read Condominium Magazine
May 2012 • Vol. 27 #3
Technology Clicking in to the web
PM#40063056
Harnessing your knowledge
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the art of...nature
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Contents Focus: Technology
8
Harnessing your knowledge By Carl Friesen
14
Clicking in to the web By Drew Regitz
departments
6
Publisher’s Letter
30
Smart ideas
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features
11
Finance Condo reserve fund risk exposure By Daniel J. Correia
22
Maintenance Energy audits By Ross Morley
26
Maintenance Surviving the bubble By Cathy Doherty
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Peace of mind included. At CLM, we know contemporary condominium living is not only about comfort, but in having confidence in the day to day management of your investment. With over twenty years of ‘hands-on’ experience, CLM’s team of professionally trained managers provide the highest standard of service. A member of CCI, ACMO and BILD, we are also ACMO 2000 certified. If it’s time to reconsider your choice of professionals, think CLM—we’ll make you feel more than just comfortable, we’ll make you feel confident. For competitive management rates, and to find out how CLM can keep condominium living worry-free, please contact; Stacey Kurck Director, Business Development Office: 1.877.81.CONDO (26636) x467 Cell: 416.894.2377 stacey.kurck@condominiumliving.ca
www.condominiumliving.ca
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NAT0
publisher's Letter
Publisher Steve McLinden Editor Scott Anderson Advertising Sales Paul Murphy, Melissa Farrell, Sean Foley Senior Designer Annette Carlucci
At your service At CondoBusiness
Designer Jennifer Carter Production Manager Rachel Selbie Contributing Writers Carl Friesen, Drew Regitz, Daniel J. Correia, Ross Morley and Cathy Doherty Subscription Rates
magazine
and condobusiness.ca , our goal is to provide information to assist condo board members, presidents and directors in running efficient buildings and increasing the value of their properties. As a board member, you hold an extremely important position. Residents look to you to make good decisions and work your way through a plethora of research and choosing prospective service providers. In this issue, our line-up includes a piece by Ross Morley of M&E Engineering guiding you through energy and utility audits. We discover that even the newest buildings are not necessarily equipped with the most efficient heating systems. It is also nice to benchmark the performance of your building against other similar structures to understand where you can improve. Also in this issue is an interesting perspective provided by Carl Friesen on content marketing. “Harnessing your knowledge…” stresses the importance of property management firms highlighting strengths and making their unique selling proposition clear to potential clients. How many times have we all “surfed” for prospective suppliers only to be frustrated by the lack of quality information? Finally, another great source of information about condominium management is our monthly Condo Business e-newsletters. The e-news includes video commentary from some of the industry’s leading experts. If you are not receiving our e-news, please send me an email and I will ensure you are added to the list. And, it’s free.
Canada: 1 year, $60*; 2 years, $110* Single Copy Sales: Canada: $10*. Elsewhere: $12 USA: $85 International: $110 *Plus applicable taxes Reprints: Requests for permission to reprint any portion of this magazine should be sent to info@mediaedge.ca.
Circulation Department Lina Trunina circulation@mediaedge.ca (416) 512-8186 ext. 232 CONDOBUSINESS is published eight times a year by
President Kevin Brown Accounting Manager Maggy Elharar 5255 Yonge Street, Suite 1000 Toronto, Ontario M2N 6P4 (416) 512-8186 Fax: (416) 512-8344 e-mail: info@mediaedge.ca CONDOBUSINESS welcomes letters but accepts no responsibility for unsolicited manuscripts or photographs. Canadian Publications Mail Product Sales Agreement No. 40063056 ISSN 0849-6714 All contents copyright MediaEdge Communications Inc. Printed in Canada on recycled paper.
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Steve McLinden Publisher Email: stevem@mediaedge.ca Tel: 416-512-8186 x239
/condobusiness /condomediaedge
6 CONDOBUSINESS | www.condobusiness.ca
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TECHNOLOGY
Harnessing your knowledge to stand out in a crowded market Many property management companies have trouble getting noticed
By Carl Friesen
and demonstrating the added value they offer. Their
leaders know that if they could find a way to demonstrate their difference, they would have their choice of properties to manage, with less price-based competition, and they would be more secure against another firm low-balling its way into their market.
8 CONDOBUSINESS | www.condobusiness.ca
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TECHNOLOGY
In this article, we will look at how the resources needed to do this are to be found “between the ears” of the company’s senior personnel. While we will focus on how property companies can succeed, these principles also apply to the careers of individual proper t y management professionals. To understand how this works, think of your own purchasing decision process in buying a car. You probably don’t go to some curb-sider offering a $500 vehicle of undetermined history. Instead, you’re likely to spend many times that amount, partly because you want something that won’t literally leave you stranded. You will pay more if you are convinced a vehicle is worth more. The members of a condo board looking for management are likewise interested in finding a company that is able to protect the interests of their building’s owners, and is able to offer the best advice on maintaining the value of their investment. They want to know that their management company is current on ways to save energy, protect against water damage, fire, vandalism, burglary and other problems. Increasingly, they are interested in finding a management company that is up on using green energy, environmentally-appropriate landscaping and water-saving techniques. Rather than just tell condo boards (and the professionals who influence them, such as lawyers and accountants) that your company offers leading- edge service, show it through the fast-growing practice of content marketing (CM). “It is important for a company of any size to recognize that the marketing landscape has changed,” said Jeff Neasmith, vicepresident, Business Development at All Roads Inc. “People are depending more and more on the web to deliver the answers to their questions. This may seem obvious but the implications are profound. If a company is not answering the questions of the people that are searching online for their service, product, expertise, then they likely won't be doing business with that company.” “The key to answering these questions is good content that is first easily found, and secondly delivered in a way that allows people to be educated on the product or service rather than being sold.” Effective content To harness the power of CM to build your
business (and your career), first think of the issues that face condo corporations and their professional advisors today. These might include energy reduction either to save money or for environmental reasons, to improve security, provide a networked environment, stay current on the amenities they offer, or landscaping that reduces the use of potentially-harmful chemicals. Then, think of the advice you would give on dealing with these issues, and create content around that information. This content
might take the form of a blog or newsletter, white papers, a slide show, a video or audio podcast. It is important to create this content in a variety of formats, because everyone processes information differently -- some rely on text, some prefer to be shown in a video, some need to interact with the information to learn. The third step is to make it available. Access will be much easier for users if you have incorporated keywords and search terms that are used by people in your market.
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TECHNOLOGY
Think of the search terms that you would use in order to find the expertise you’ve provided, or better yet, ask current or potential clients what terms they would use. Online tools like Google Adwords can help you find effective and popular search terms. Be aware that search engines are becoming smarter and smarter -- and are likely to detect “keyword spamming,” which is the insertion of search terms and keywords just to attract online hits. But genuine, natural use of the right key words
and phrases will help push your content towards the top of searches. If your business is targeted at a specific place, such as Lower Mainland B.C. or northern Alberta, be sure to include those keywords, along with information related to the specific issues faced by condos in those parts of the world. Lower Mainland content should help boards deal with dampness and mould, while northern Alberta may have more to do with heat loss in winter. While you can post content on your own
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site, you should also consider making the effort to get your information published in media relied upon by the people you want to reach. This might include newsletters and websites, as well as discussion groups, read by members of condo boards. If your content is genuinely useful (like, “recent developments in security systems” or “trends in the most popular machines in fitness centres”) you have disclosed your affiliation and you are clearly not trying to sell your services, your content will likely be welcome. Consider media relied upon by business professionals that advise condo boards. The legal publication The Lawyers Weekly, for example, has several issues a year devoted to Real Property themes, and may be willing to accept content that helps lawyers who advise condo boards, so that lawyers may be more willing to recommend a management firm. Content that works What themes work best for demonstrating expertise? Here are several: • Trends: Consider a trend that is affecting your market, such as the growth of mobile devices. Can you write about what this means for condo management, such as the need to provide good reception everywhere on the property? • How-to: Describe the procedure for achieving an outcome -- maybe, how to develop landscaping that does not require extensive watering. • How-to -work-with: Advice on ways to gain good outcomes from a condo m a n a g e m e nt c o m p a ny, su c h a s developing good information exchange using current technology. • Reviews: Your informed opinion on newlydeveloped products or services, such as a new cloud-based solution for financial management, allowing board members instant access to their corporation’s financials. Useful, relevant information that helps the user solve problems or achieve benefits is a powerful way of showing that your company is the go-to solution in its field. 1 Carl Friesen is Principal of Global Reach Communications Inc., and helps business professional firms demonstrate thought leadership, to stand out and get noticed in a crowded market. For more information see www.showyourexpertise.com.
10 CONDOBUSINESS | www.condobusiness.ca Premier CONDO ad 2007 March FINA1 1 11237_Condo_May_2012.indd 10
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fiNaNCe
Condo reserve fund risk exposure By Daniel J. Correia
C ondom i n iu m prop e r t y managers and experienced
board
members
would
t y pica l ly ag ree t hat el ig ible reser ve fund investments are absent of risk for one main reason. The reason is, placing allocated reserved assets of all the shareholders of the corporation in the hands of a select few f inancially inexperienced board members, without
restrictions, could lead to catastrophic losses in the reserve fund. Such losses would result in increased personal financial pressure to each shareholder from either special assessments or higher percentages of maintenance fee increases to replace losses.
May 2012 11
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finance
T h e C o n d o A c t 19 9 8 d o e s a n exc e l l e n t j o b o f r e s t r i c t i n g b o a r d members from exposing its owners to private sector investment offerings l i ke s t o c k s a n d c o r p o r a t e i s s u e d b o n d s . T h i s d o e s n o t , h o w e v e r, suggest that investment selection and process should be left idle and without consultation of a financial professional with condo business experience.
Risk, contrar y to popular belief, is present with every investment decision that is made. Most individuals perceive risk as a complete or total loss, like owning Enron or Nortel stock; however, risk is associated with any possibility of loss of capital or hindrance to goal objection. For example, money that is left in cash is subject to inflationar y risk. Contributions placed in
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investments that all mature within a specific period of time are faced with reinvestment risk. Assets that need to be liquidated due to unforeseen expenditures can be faced with loss of interest, and perhaps even market risk. Both managers and board members may not be aware of the specific risks that they, themselves, are taking on. The risks outlined above are not uncommon to condo reserve funds seen today. Many condos are holding large sums of reserve fund assets in cash or short-term GIC deposits, such as one-year or less. The current (and historically) low interest rates remain artificially low due to monetary policies, economic growth (domestic and international) remaining relatively low, and inflation concerns viewed as benign. This has been the reality for the past few years, and the crystal ball that tells us when rates will rise remains foggy. Inflationary risk like reinvestment risk does not impact the original capital that was invested, but does impact the future goal or plan that might be set in place today. Individuals are in contact with inflationary risks in every day life, with the price of common items such as stamps, bus fare, and other items that determine the “cost of living”. Individuals in C anada are subject to price increases on a monthly basis determined by the C onsumer Price Ind ex (C P I). C P I t akes a b asket of goods and ser vices, such as frozen f r e n c h f r i e s , m e n s’ h a i r c u t s , a n d n e w s p a p e r s . N o t s u r p r i s i n g l y, condo corporations are not exempt to s u c h i n f l a t i o n a r y i n c re a s e s . I n fac t , c ond os are subje c t to higher inflationar y rates than an individual’s because the baskets are completely dif ferent. Instead of stamps, dining out, and milk, condos have copper, professional labour fees, and fan coils in their basket of goods. If a condo has neglected to consider inflationary effects, then the percentage of future d e p o s i t s i n t h e re s e r ve f u n d w i l l increase; this means more funding is required, and this would come from either service slimming or an increase in maintenance fees. Reinvestment risk can be viewed in a similar light to an old adage “a dollar
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finance
today is worth more than a dollar tomorrow.” Today’s reserve fund dollars are earmarked for tomorrow’s reserve fund line items. Reserve expenditure dates are engineers’ best estimate after their due diligence and as such is not an exact science. However, like professional engineers, your financial professional should position your assets in line with the engineers’ estimates, and update the plan according to the engineers’ plan every three years. Reinvestment risk is eliminated when the investment matures, and the funds are used to fund reserve fund expenditures, instead of being re-invested. Market risk would only come into consideration if Federal and Provincial bonds where purchased and sold. Any investments in consideration for a reserve fund should be purchased and held until maturity to eliminate market risks. The only event in which a bond should be sold on the market, as opposed to being held until maturity, would be due to an unforeseeable event that caused the reserve fund line item to be replaced sooner than expected. At this point, the bond may be sold at less than, more than, or equal to the value at which it was first purchased. Planning with a financial advisor can limit the possibilities of this occurring by considering laddered investments and a percentage of cash for such emergencies. The Condo Act 1998 states in section 115 , su b se c ti o n 8 , the I nve s tm ent Plan “Before investing any part of the money in the cor p oration’s reser ve fund accounts, the board shall develop a n i nv e s t m e n t p l a n b a s e d o n t h e anticipated cash requirements of the reser ve fund as set out in the most recent reserve fund study.” U ltim atel y, c ond o b o ard s shoul d consult with a financial professional who is familiar with the Condo Act, as he/she will create an investment plan for board members to review, revise, and approve. The property manager should be the main liaison to provide information to the financial advisor, due to increased familiarity with the particular property and its declaration. 1
“Any investments in consideration for a reserve
fund should be purchased and held until maturity to eliminate market risks” CARMA_CondoBusiness_01-19-2009_CS2--F.pdf
2/3/09
5:41:35 PM
The expressed views here are that of Daniel Correia's and are not those of Edward Jones April 2012 13 11002_Carma_2011.indd 1 11237_Condo_May_2012.indd 13
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COver stOrY
CLICKING IN T YOUR CONDOMINIUM CORPORATION NOW HAS A PROFESSIONAL WEBSITE … SO, HOW DO YOU GET PEOPLE TO USE IT?
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COver stOrY
N TO THE WEB By DreW reGitZ
Consider how the technological advances of the past decade have altered the way we interact with one another on a daily basis. Facebook, for example, was launched a mere six years ago and it now boasts more than 500 million active users. In fact, if Facebook was a country it would be the third largest behind China and India! Twitter was launched just four years ago and enjoys more than 176 million users. Amazing how technology has become part of the fabric of our lives.
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cover story
It’s no surprise, therefore, that more and, when implemented with little and more condominium corporations are forethought and planning, can have lessimplementing technology solutions to help than-desired results. them better serve their members and What follows are some suggested maximize their time, money and energy. g u i d e l i n e s t o c o n s i d e r w h e n It’s not just a desire to better interact i m p l e m e n t i n g n e w t e c h n o l o g y with the corporations but a necessity to solutions for your corporation. Applying communicate and manage effectively these principles can help ensure a and efficiently while maximizing all smooth transition from the old to the available resources. And yet, introducing new, and help increase adoption so all JermarkHRISE_Condo_Apr09.pdf 5/1/09 4:17:41 PM new technology solutions is a challenge may benefit as desired and planned.
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Improving experience and service One of the biggest challenges staff face when introducing new technology is dealing with the frustration the corporation feels by having to adjust to new policies and procedures. Normal resistance to changes kicks in and must be overcome initially to gain trial and acceptance. An effective and proven way to minimize the impact of change is to involve those impacted before introducing the new technology. It is often helpful to send out a survey or questionnaire or to hold a meeting to get resident feedback on how they might be better served by the condominium corporation. And discuss the types of technology solutions that are now available to better serve their needs. Listen, and take this feedback into account, and, when introducing the new website, explain how it directly addresses the specific needs and desires requested by the community. This type of approach includes them in the process and will help acceptance and adoption going forward. Keep in mind that residents want information quickly and easily while staff wants to save time, money and headaches managing and providing this information. Some common points of interest (and helpful discussion) for successfully implementing a professional website, for example, might include: • Everybody will now have the ability to play and learn - a basic need for most • Understanding that kids are typically technology proficient and we need to keep pace • We all need to refrain from resisting change as it is necessary in today’s world • You can make mistakes with minimal to no harm done with this new technology … just do it • The knowledge that nothing stays the same, so we must change or go backwards. Another key point is that technology which is user friendly and allows residents easy access and seamless interaction will always be a success and will minimize frustration. Your website must be intuitive, easy to use and relevant to ensure maximum adoption. Also, it is critical to consider the technology from the perspective of the corporation users: • Does the website minimize the steps required to get the information desired? • Is the website interface intuitive and familiar to the user? • Are there processes or procedures that may seem confusing to the residents?
16 CONDOBUSINESS | www.condobusiness.ca
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cover story
The old communication adage KISS – “Keep It Short & Simple” goes a long way to increasing adoption and utilization of new technology solutions. So, be sure to involve a small number of corporation members in a test run to help address these issues and to gain insight on how best to introduce the new technology to the corporation as a whole. Meeting a basic need for people to be included in change initiatives will help to improve your chances for success. A test with a small number of corporation members provides valuable information and helps ensure the successful implementation of your new website. These types of test runs also produce some “success stories” that can be shared with the entire corporation when introducing the new website. It will also help you identify those functions which the corporation will use most often, and provide the greatest benefit to the residents. These functions should be as simple and “user friendly” as possible. Rarely do users utilize all of the functionality available in a technology solution. Knowing which functions the corporation is likely to use most often allows you to customize training by introducing these high-use functions first. By making these functions as easy to use as possible, you increase the sense of success and the level of excitement experienced by corporation members during the launch and training process. This type of approach also allows you to roll out functionality in stages to ensure greater adoption and utilization as the user gains incremental confidence in the technology and its benefits. Then, within this atmosphere of success and excitement, you can introduce those lesser-used functions. Since these functions are used less often, but have great benefit, they may take a few extra steps to get to – which means that for some corporation members, those functions will feel more difficult to access. By introducing them last, after some familiarity and success has been experienced, it will help to make corporation members more open to experimenting and learning. Timing is everything … Choose the optimal time for introducing your new website. Taking the time to carefully consider the best time to introduce new technology to your corporation can also have a dramatic impact on its success. For example, the
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cover story
least occupied with holidays, children, travel, etc? • When will you be least occupied with other projects or duties? • When is your corporation the least active with events and activities?
holidays are generally not the best time to introduce change of any kind. It is a hectic, busy time of year for everyone and that makes it difficult for people to focus on the new technology and how it functions. There are a number of periods during the year where people can be pre-occupied and will focus less on change. Consider early April through tax day or end of June when kids get out of school and summer vacation plans kick in. Or early September as school
starts up again and Labour Day plans are in full swing. You get the picture, with a little planning you can determine the best time to introduce your new website … and ensure the best opportunity for success. In order to help corporation members avoid a negative experience, consider the best month, day and time to introduce your new website. For example: • When will your corporation members be
Carefully select the best time to introduce your new website in order to ensure a smooth transition. Thinking through these questions will help you target the best month for introducing the new technology. In addition, it will help you devise a schedule of days and times when the training offered to the corporation on how to use the website will be most likely to lead to a successful outcome. It is also important to consider what processes and procedures are going to remain the same. Change often causes people to feel uncertain and anxious; remember to point out those things which will remain the same. This will give your corporation members a sense of solid ground on which to stand while the other processes and procedures around them are changing. And always maintain focus on the new additional benefits the technology will provide you and them. Making the transition timely, comfortable, and as easy as possible for the corporation is important when striving for maximum adoption and utilization of your new technology. This involves providing members with the tools and resources they need to understand and easily use the website. Provide available staff members to answer questions during the implementation period. Although offering corporation members training and support during the optimal implementation time, often times it is just not enough. What seems easy during training sessions when staff is on hand to answer questions can be exceedingly difficult once members are home struggling to use the new technology. The loss of a readily available “lifeline” can inhibit adoption so be sure to make resources available at all times during the implementation period. Change is difficult and stressful for most people. Providing staff to answer questions timely and accurately will help relieve anxiety and frustration … and increase adoption of your website. It will take time, and a bit of practice, before some members feel a sense of confidence when using the new website. It is, therefore, important to provide extra support staff for a time so that questions can be answered quickly and concerns can be addressed immediately.
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cover story
Expecting members to always search for the answers in a document or online may increase the length of time it takes before the implementation of the new technology can be considered a success. In addition to extra support staff, another way to improve adoption and utilization is by identifying those corporation members who are using the technology with confidence. Ask those members if they would be willing to help others who are struggling. This is a great way to connect the corporation with one another and to increase the likelihood of a successful implementation. A l t h o u g h t h e m e m b e r s of yo u r condominium corporation may experience a few bumps and some anxiety adopting your new website, careful and thoughtful planning can significantly reduce the level of frustration involved when change is introduced. Your new website is a great tool to improve the communication and management of your corporation so the more people who adopt the technology, the greater the benefit to all. A smooth implementation that maximizes adoption and
utilization relies on the following key points: • Involving condominium corporation members before intro ducing the technology • Have a trial group test the technology and provide valuable feedback from the member perspective • Carefully plan and chose the right time for implementation • Be sure to explain how the new website will benefit the members directly • Remember that technology is a tool that should be easy to use • Keep in mind that change is difficult. Give members some solid ground on which to stand by telling them what will stay the same and be familiar to them • Test out the website with a small number of members in order to gain insight and understanding into how the technology is actually used and how the positive change will impact the corporation • Design the training to reflect what was learned through the testing of the software with the limited number of members • H i g hli g ht t h e “su c c e s s s to r i e s”
experienced in the initial test training • Begin training by introducing those functions which will be used most often and which are user friendly • Provide extra support staff during the implementation period and for some time after to answer questions as they arise • Encourage corporation members who are confidently and successfully using the technology to help those that may be struggling • Encourage and address feedback directly and positively with an eye on moving forward. Finally, once the new website has been successfully launched and is working as designed and desired, communicate to the corporation about the success by highlighting how the technology is well on its way to improving communications, saving time, money and headaches while making the condominium corporation more efficient and effective. 1 Courtesy of AssociationVoice, Inc.
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20 CONDOBUSINESS | www.condobusiness.ca
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maintenance
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an ACMO 2000 Certified Company
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Maintenance
Energy audits By Ross Morley
As utility costs continue to climb, it’s no surprise that property managers and condominium
Boards in both newer and older buildings are experiencing increasing pressure from the residents to take advantage of cost savings opportunities and be able to demonstrate that they have achieved the savings. All too often, we see Boards focusing efforts in areas where minimal energy reduction and financial savings are truly available; an energy audit will give a condo Board the big picture of where the major energy saving opportunities lie. Technolog y, materials, and energ y costs are changing rapidly, a qualit y energ y audit per formed more than five years ago will be out dated. In many cases, buildings that follow the b est p r a c tic e of ke e p in g an u p - to date energy audit prove to be leaders in energy reduction and savings. The focus of any energy audit is to provide the building with a quantifiable look at where a building stands compared to its peers, where the real savings oppor tunities can be found, and
provide the building with a realistic energy reduction target and payback assessment. How does your building measure up? Ever y c o n d o B o a r d a n d p r o p e r t y manager has obligations and oppor tunities to prove to the condo residents that it is acting with the residents’ best interests in mind by ensuring continual improvement through third party verification of one of the building’s largest operating expenses – its utility costs. The first step for any energy a u d i to r i s to d ete r m i n e h ow yo u r building measures up to buildings of simil ar c o nstr u c tio n an d o p er atin g characteristics.
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maiNteNaNCe
H istor ic al energ y bills shoul d b e collected by a qualifi ed energy auditor for a minimum of two years prior to the audit to help develop an energy snapshot and a basis for comparison and analysis to other facilities, and to analyze the retrofi t savings potential. “The unbiased comparison of how your building ranks to the average facility in its class versus the best-in-class facility can be eye-opening for many condominium Bo ards and proper t y managers.” – Ed Porasz, P.Eng. President of M & E Engineering. An experienced energy auditing firm will typically identify a wide variety of potential energy savings opportunities; in some cases, an energy audit may only identify minor energy and cost savings opportunities, but the condo Board can be satisfied in knowing it has done its due diligence for its residents to ensure that the current energ y usage and practices are acceptable and the building is currently spending the least it needs on its energy bill. Identify your areas for improvement A building with high energy consumption can often be the result of outdated, inef ficient e quipment w ith limite d capabilities. Many of the residential condos, even new condos, were found to utilize inefficient technology for one of their largest utility expenses – the boiler plant. Boilers today can reach efficiencies of up to 96 per cent using condensing technology; however, the typical condo, including new buildings, use atmospheric type boilers, which for all intents and purposes are only slightly more advanced than a science lab bunsen burner. This technology is reliable and it works. But, it is expensive to operate. Typically, it was installed to minimize construction costs, with very little consideration to the long term energy impact that condo owners are left to absorb. We recommend conducting detailed inventory of energy consuming aspects and associated operating details as part of any energy audit. These include: lighting systems, building envelope, water consuming equipment, Heating, Ventilation, and Air Conditioning (HVAC) equipment, control systems, and common element equipment.
Where energy audits go wrong Energy audits are usually beneficial to a condo Board or property manager, but some can also be misleading. Selecting the right auditor and agreeing on the right mandate can have a big impact on the quality of the recommendations ultimately made. Many manufacturers and contracting firms have expanded their services to offer low-cost or no-cost energy audits as a means of gaining a foot step into the building. We have continually seen example
after example of low-cost and no-cost audits that overestimate or underestimate savings potential, miss obvious savings opportunities, and may neglect to assess entire categories of a building’s energy reduction potential because the area is not their focus. A poor energy audit can result in unnecessary overspending and underperformance for a condo Board relying on the expertise of an inexperienced auditor, or one focused on selling a single product.
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Maintenance
A common similarity of lower quality energ y audits is a recommendation to f u l l y r e p l a c e e q u i p m e n t , w h e n i m p rove d o p e r at i o n , n ew c o nt ro l s , partial replacement, or even waiting a few years may be more cost effective and a greener solution.
A g o o d energ y audit is of ten the result of a condominium Board working w i t h t h e au d i to r to e s t a b li sh c l e a r scope and acceptable payback periods when implementing any energy conservation measure. A typical condo Board may already have a number of energ y saving or green initiatives in place; discussions with the auditor regarding past, current, and potential future energy retrofits can greatly enhance the quality of the audit
Buyer beware In numerous cases, we have seen condo Boards not getting the right answers if they don’t ask the right questions. Many upgrades performed would never have been considered past the initial planning stages, if the true savings and financial payback periods were accurately presented, while other upgrades were not concerned but should have been. A common mistake we see is the replacement of old gas-fired atmospheric t y p e b o iler s w ith hig h ef fic ien c y, condensing type boilers that will never reach their potential peak efficiency. More often than not, the original building piping and equipment were never designed or modified to deliver water at temperatures low enough to take advantage of the condensing technology, leading to lost savings and wasted capital costs. T he imp or t anc e of sele c tin g an 11222_JMCC_2011.indd independent, experienced energy auditor is vital to avoiding costly mistakes at the initial design stage.
so that the audit will focus on items that the building wishes to pursue in further depth. Whether the building is old or brand new, at taining LEED cer tific ation or simp l y p l anning a retrofit , the first s te p tow ard s e ne rg y s av in g s is an up -to - date energy audit provided by a qualified energy auditor. The Board will not only ensure a trusted analysis but will feel confident implementing the proposed changes. 1
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Capitalize on available rebates In several provinces, especially Ontario, there are financial incentive programs available to the buildings for auditing their facility to identify energy conservation opportunities. In Ontario, the Ontario Power Authority through the saveONenergy A u d i t Fu n d i n g p ro g r a m i s of fe r i n g significant incentives that can pay up to half the cost of the audit directly back to the condominium corporation. Condo Boards should engage auditors who have experience in working with these incentive programs to maximize available grants. Getting the most from your audit Energy audits can range in levels of analysis based on the specific interests and needs of the building, from a walkthrough audit to an investment grade audit. May 2012 25 Untitled-10 1 11237_Condo_May_2012.indd 25
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maintenance legal
YRCC 591 – Before YRCC 591 – After
PCC 110 – Before PCC 110 – After
Situated to survive the bubble – older condominiums in a saturated market By cathy Doherty
A condominium highrise suite’s
equity is directly tied to how the common elements are managed and maintained. Lobbies, corridors, amenity spaces
and exterior ground all influence the real estate value of a suite. So, it is important to invest in each of these areas in order to maintain the equity of the suite. With ever increasing competition from an abundance of new builds, maintaining ‘curb appeal’ is paramount. 26 CONDOBUSINESS | www.condobusiness.ca
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maintenance
Real estate agents know the importance of ‘curb appeal’. Invariably, their first suggestions, before listing a house, focus on the front entrance—moving plants, repainting, fixing steps—and inside the doorway, ensuring the space is inviting. That first impression is just as important in a condominium highrise. For highrise suite owners, their suite door is the secondary entrance; the lobby is where guests and potential purchasers will form their first impression. If tiles aren’t cracked, or wall coverings aren’t damaged, sometimes updating a lobby is not at the top of the priority list for a Board of Directors. But over time, the once welcoming entrance, now stale and outdated, becomes nothing more than flow through space that says “we’re too busy to worry about this now”. This was the case at YRCC 591 (5 Weldrick Road, Richmond Hill). The lobby had gone well beyond its ‘best before’ date. Though the lobby was still fully functional, the furniture still in good shape and the colours weren’t offensive, there was a tiredness about the space. Everyone just walked through the space, there was no
sense of community, no lift to spirits or to selling prices. With potential buyers in mind, owners hope that their lobby is inviting, chock full of the ‘wow’ factor to keep a buyer’s interest piqued even before seeing the suite. Owners want to impress and garner compliments rather than explain away dreary colours and fading fashions. If the lobby isn’t presenting an inviting first impression, then it might be time to rethink the look. When the Board of Directors at YRCC 591 brought in Trevor Kruse, from Hudson Kruse Design, to present a new look, they knew the time had come. Owners and residents alike agreed a change was needed. Kruse knew they were demanding something dramatic and unique. Everyone may want a new image, but how easy is it to renovate a lobby while residents continue to move through the space? New builds have an easier time implementing complex design features without the extra concerns of public access. For a short time residents may feel like they are living in a construction zone,
but addressing an older building’s features to update amenities and attract potential investment means owners, residents, and management must accommodate these inconveniences. When asked how difficult it was to get residents and owners on side for the project, Kruse happily reflected on his experience at YRCC 591, “There wasn’t any resistance.” Kruse noted that the lobby had become so outdated the community was eager to update it. “When a refurbishment is started so long after it should have been, it is easy to make improvements.” But design is not a stand-alone issue when contemplating major changes; an important question on manager’s and owner’s minds, “What is the rate of return on investment?” As talk of a “condo bubble” heats up and as the condominium inventory in Toronto continues to rise, older buildings need to stay current to better situate themselves in the event of a bubble burst. As CMHC statistics for April were announced— housing starts are up 14 per cent—concerns that the market is headed towards a major correction are running rampant throughout
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maintenance the industry. The impact could well be felt most acutely in the older condominium market as builders lower prices on the abundance of new units and overall real estate values drop. When shopping for a new condominium, buyers take appearance into account. It’s human nature. Older buildings in themselves attract many buyers due to the unit size as they are on average larger in square footage however; the hallways are typically dated and tired causing many buyers to rethink where they wanted to live. In Toronto, the largest condominium market in North America, competition is fierce. Older buildings are at a disadvantage, having to compete against new buildings that have more modern amenities and utilize modern technologies. A newly refurbished building will have more appeal than an older building and puts the updated building in the same category as new builds. In October 2011, CPL condominium design interiors completed a major residential corridor/common elements refurbishment project at PCC 110 (1535 Lakeshore Road East, Mississauga). Shelley Porritt, a real estate agent in Toronto with over 15 years experience in the condominium market,
remarks, “By refurbishing the building, typically we see an increase in sales, and renovated units sell quicker when the building reflects the updates and renovations of the interior unit.” Directly after the renovation project, owners selling their suites saw an immediate 3 per cent value increase, even before the active ‘spring’ season. Good design ensures that the corporation receives the best a d v i c e o n w h a t to d o a n d h o w to do it. Par tnered with good design is strong execution. If the design is not implemented properly, its return on investment will be compromised. Good design creates demand and demand t r a n s l a te s i n to i n c re a s e d p r o p e r t y values and the more values increase the more equity created. When a Board of Directors is planning for a refurbishment project, it is important to remember that it isn’t all about the new design trends or the hip colours, though they play an important role. Good design should incorporate long term maintenance concerns, energy conservation and material utilization (sustainability), along with new technologies that can save the corporation
on maintenance and overhead expenditures immediately and into the future. Too often design is compromised without understanding how it impacts the return on investment. Investing in new technologies, which will remain with the corporation for the next 12 to 15 years, if not longer, will have a direct impact on how the building is perceived within the real-estate community. Smart corporations can now market their community to perspective buyers as not only new but progressive, ultimately affecting demand for suites and increasing their selling price. A re-design and refurbishment not only refreshes the architectural finishes within the building but also is an investment into the community which has very real and measurable returns! 1 Cathy Doherty is a member of CPL condominium design interiors / Connoisseur Painting: a refurbishment and painting firm based in Oakville, serving the GTA and Golden Horseshoe condominium marketplace for over 20 years. For more information and to view a showcase of projects, visit www.cplgroup.ca.
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Technology
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CONDOMINIUM LAW GROUP The Condominium Law Group at Fogler, Rubinoff LLP is committed to providing quality legal services to condominium corporations throughout the Greater Toronto Area and surrounding areas including Hamilton, Kitchener-Waterloo, Barrie and Collingwood.
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smart iDeas
Innovative ideas at the top of Toronto Condominium developer Tridel teamed up with technology companies Cisco and Control4 recently to develop the RĂŞve condominium development. This innovative penthouse unit in downtown Toronto combines environmental features and finishes with cutting-edge technologies.
EXPERIENCE: The suite also offers Control4 lighting solutions including keypads and dimmers, as well as audio and video products such as the Control4 iPod Dock. It runs on the Control4 OS 2.1 platform providing integration of all third-party devices, enabling the creation of various specialized, feature-rich applications for control, security, entertainment and more through a single user interface.
TOUCH: The EcoSuite utilizes Cisco Smart Home products powered by Control4; Cisco's Smart Connected Home Controller; Smart Home remote and in-wall touch screen.
C O N N E C T: C i s c o i n s t a l l e d a comprehensive network infrastructure to enable highly secure, professionalgrade connectivity to the internet while supporting advanced security management capabilities and business-class data, voice, security and wireless throughout the suite.
RENEW: The EcoSuite is also breaking new ground on renewable energy technology. Tridel installed PowerPanel solar collectors providing solar heated hot water and photovoltaic power directly to the suite. Other features include an advanced energy recovery ventilation system, spray foam insulation to reduce energy loss through the walls, water efficient fixtures, salvaged and recycled wood for the flooring and low emitting materials in the cabinets and paints.
30 CONDOBUSINESS | www.condobusiness.ca
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Untitl
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