Mo Killu GPM Property Management
Condo Fees
The Top-Ten Ways to Save 10 Places Boards Can Work With Their Property Manager to Find Savings to Keep Condo Fees Down In a thriving city where the condo market is booming, and thousands of Torontonians are living the condo life, condo fees can be a hot topic. That’s because they can vary from building to building and depend on many factors, like amenities, number of common spaces, the age of the building - or more often than not - how resourceful and seasoned the building’s property manager is along with their ability to openly and effectively communicate with the condo board and residents. Exemplary condominium property managers exhibit strong negotiation skills and critical thinking - particularly when it comes to working with contractors to ensure the best prices for services for the building. In fact, an experienced condo property manager plays a valuable role in helping condo boards manage expenses by carefully hiring and monitoring service companies and professionals, and overseeing staff and contractors. The ideal condo property manager is dedicated to prioritizing finding inefficiencies and cost savings for the condo board around every corner. In fact, the aforementioned approach has helped GPM stabilize condo fees year over year across the buildings it manages across the GTA, with little fluctuation. It’s true that market forces like skilled labour shortages and rising costs of essential construction materials are beyond our control. However, this is all the more reason condo boards need to work closely with the condo property manager. C V 6
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CONDOVOICE FALL 2021
Carrie Cowton GPM Property Management
ONE
DON’T
Stick With the Status Quo Condo boards may be comfortable with service providers but experience has shown us it is often well worth taking the time to review contracts and sourcing competitive quotes every TWO 3 years.
LOOK
for Inefficiencies If it’s an older building, it is highly likely there are more sustainable options for utilities. Switching to products that are more sustainable isn’t only just good for the environment, it lowers utility costs significantly in the long run. Replacing products with low flow toilets, shower heads, flow valves, automating or regulating common area systems for low capacity overnight, all translate to savings.
THREE
ASK
for No Interest Payment Plans If the property management company has a good relationship with the contractor, this can be an option. Depending on the size of the project, this can equate to tens of thousands of dollars in savings for the condo board.