What are "Best Practices"?

These are just a few examples of “best practices” from
Best Practices Property Management.  
We are constantly seeking to innovate and improve.

How does your management company measure up?

Administration

  • Maintains accurate records of owners and residents, including contact information, copies of leases, emergency contact info, vehicle information etc.
  • Uses checklists extensively so that all processes are complete and consistent.
  • Follows Standard Operating Procedures so that standards are known and followed.
  • Ensures Status Certificates, Information Certificates, Records Requests, Notice of Meetings etc. are issued in accordance with legally required deadlines. 

Board Meetings

  • Provides meeting packages to the Board more than 48 hours in advance; reviews minutes from the previous meeting to ensure follow-through.
  • Anticipates and plans upcoming work.
  • Provides quotations which are complete and comparable (“apples to apples”) to enable Boards to make timely decisions. 

Budgets

  • Provides first draft to the Board at least 60 days prior to year end.
  • Develops projections which are based on detailed line-by-line analysis of past expenditures, review of contracts and utility consumption (not X% across the board).
  • Makes adjustments to draft budget in real time at the board meeting so directors can immediately see the impact of changes. 

Communication to Owners/Residents

  • Provides frequent, timely, respectful communications which are grammatically correct, free of typos. 

Compliance

  • Recognizes importance of compliance with regulations, including Condominium Act, health and safety, Fire Code etc.
  • Stays up to date on new (and anticipated) changes to legisalation. 

Contract Management

  • Verifies work completed to acceptable standard.
  • Ensures all contracts are signed by the Board; copies stored; expiration dates monitored. 

Emergencies

  • Is available 24/7 for emergencies; on-site for significant events such as fires, major floods, fatalities etc.
  • Develops and updates emergency procedures manual.
  • Regularly updates list of those in need of emergency assistance, at least monthly.
  • Creates memo, photos and/or video for how to shut off water.
  • Holds required fire drills and staff training. 

Energy

  • Records utility consumption each month for historical analysis; data used for forecasting.
  • Identifies and addresses abnormalities (e.g., increased water usage).

Enforcement

  • Enforces corporation’s declaration, by-laws and rules consistently and proactively.  Has process in place to escalate communication with owner.
  • Recommends changes to rules etc. as appropriate.


Financial Reporting

  • Provides variance reports (budget vs actual).
  • Follows up promptly with late payers, taking increasing steps to assure collection, including liens. 
  • Verifies vendor invoices and attaches all back up documents, e.g. purchase orders.  Pays vendors promptly.


Physical Building

  • Conducts and documents frequent building inspections; copies provided to the Board; deficiencies corrected.
  • Addresses building problems such as water penetration, using professional services as necessary.
  • Verifies equipment is being maintained.
  • Provides building staff with photos of all major equipment and indicates what problems to watch for (e.g., abnormal gauge readings).
  • Ensures cleaning/superintendent staff report deficiencies to Management in timely manner. 

Policies

  • Develops for approval by the Board documented policies for accounts receivable, privacy, Ontarians with Disabilities, reserve fund expenditures, workplace harassment, cannabis use at work and others as appropriate. Filed in “Policies Binder”. 

Reserve Fund

  • Ensures studies are completed and approved on schedule, as required by the Condo Act.
  • Tracks major repairs and replacements in one folder – details what work was done when to build history. 

Security

  • Conducts periodic fob audits.
  • Reviews and maintains Standing Orders for security guards; ensures all guards sign for receipt/review.
  • Makes suggestions for improvements as appropriate.