Lyndsey McNally CWB Maxium Financial
Condo Management
So,You’re Thinking of Switching Management Companies? Is a Change the Right Choice for Your Community?
Ultimately, the board and owners in the corporation need to have confidence in the ability of their management company and assigned property manager. There needs to be mutual trust and respect in the relationship. In my career, I’ve seen this respect and trust break down for a number of reasons. Sometimes, it is best for both the condo
and management company to part ways in favour of a better relationship fit. Let’s explore some of the challenges that can be worked through, as well as some necessary considerations in making such a big change. Working It Out With Your Current Provider The current condominium management market is a challenging one. Statistics released by the Condominium Management Regulatory Authority of Ontario (as of January 6, 2020) tell us that there are only 1,641 general licensees in the condominium market a number of whom are working in “supervisory” roles. It is estimated that in early 2019 there were 11,300 condominium corporations in Ontario (and growing every day). The math is simple – there is a shortage of managers and all management service providers are drawing from the same pool of talent.
Armed with this knowledge, ask yourself as a Board if whatever is driving you to dissatisfaction (and a desire to change service providers) is worth the risk of jumping into an uncertain market. Will your next assigned manager be better or worse than what you have? What’s the old saying: the grass isn’t always greener on the other side? First, consider instead if there are ways that the relationship can be improved to mutual satisfaction. Consider the following: 1. Have you had a direct discussion with your manager about areas for improvement? I don’t mean to say “your manager’s supervisor”. I mean speaking to your manager directly, as a real person, to respectfully detail the areas where improvement is needed. 2. If you have spoken to your manager directly, escalating to the supervisor CONDOVOICE SUMMER 2020
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ILLUSTRATION BY MAURICE VELLEKOOP
The right management company is a very important choice for a condominium community. Your managing agent is the face of your community – with owners, residents, contractors and professional service providers. They are also responsible for ensuring that your operations run effectively. Making the wrong choice in service providers can have a real negative impact on your community and can prevent your condo from running smoothly.