Licensed Professional Condominium Management
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Diagnose and correct situations before they become problems.
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Take the workload off Directors.
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Procure quality independent trades people.
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Collect fee arrears.
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Preserve or enhance market value.
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Provide up to date accounting records.
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24-hour emergency service.
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Secure adequate insurance at the best rate
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Provide trust accounts subject to audit
What Can Professional Management Do For You?
The role of your property manager
Our responsibilities would be to prepare the AGM package that would include an agenda, audited financial statements, proxy forms and other necessary information and to distribute this to the owners in a manner which is in accordance with the Corporation’s bylaws. Your Property Manager is in attendance at the AGM to ensure that it is run according to the Condominium Property Act and the Corporation’s bylaws which would include the election of the officers.
On a yearly basis, we will prepare and present draft budgets for the Board’s approval, and distribute to the ownership with notification of any condo fee changes. Every five years we will arrange for a current reserve fund study to be completed. As your Property Management Company, we work very close with the Board of Directors to ensure building maintenance and safety issues are dealt with and to maintain strong relations with ownership.
Full Service List
The Celtic Group of Companies has a professional Management System that handles all the elements within our list of services, such as:
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Fiscal Management Accounting Services
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Physical Maintenance of Common Property Areas
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Board Meeting Support Services
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Records and Correspondence
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Insurance
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New Legislation Interpretation and Training (put on free seminars with top Condominium lawyers when we are permitted to gather in larger groups)
View all of our services provided by our Management Team​​
Financial Management
Our accounting department offers a full cycle accounting service, utilizing recognized Property Management accounting software. This accounting package provides the Board with up to date reports and analysis on which to base budget and reserve fund discussions.
Complete financial statements are provided prior to each Board meeting so that the treasurer may present a current treasurer’s report. At each Board meeting we will provide a summary of your reserve fund cash and term deposits. We will also advise when term deposits are maturing and offer up to date investment options.
Technical Support
Celtic Group of Companies works closely with a number of contractors dealing in all aspects of building maintenance. We also work closely with a number of engineering companies for larger scale projects.
When work is required or seasonal contracts need to be awarded, we would proceed to secure quotes from various contractors to be presented to the Board for final approval. As a general rule, we ask the Board to pre-approve major maintenance expenses with the exception of emergency situations. In an emergency, the required action is taken. The Board will be advised as quickly as possible as to the nature of the emergency and the action we have taken.
Celtic Group of Companies’ policy is to ensure that all work is completed to the Board’s satisfaction prior to any invoices being submitted for payment.
Accounting
Your Property manager and our Accounting team work together to provide you with the most up-to-the- minute information about the financial status of your Corporation. Some of the specific services provided in this area include:
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Preparation and disbursement of assessment notices and delinquency notices.
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An established arrears collection protocol.
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Preparation and payment of payables as well as, preparation of monthly statements for the Board of Directors. Complete reporting package issued monthly.
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Access to qualified Accountants for the purposes of determining correct turnover information to set up your accounts.
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Preparation of annual fiscal budget for the Board of Directors review & approval and Capital Reserve Fund recommendations for the Board of Directors.​
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Financials are reviewed by the Broker and your Property Manager before distribution.
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Condominium Fee and Assessment payments can be made by post-dated cheque,
automatic withdrawals, Visa/Master Card and Debit.
Collections
The Arrears Program is designed to ensure that all Condominium Fees are paid.
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All unit owners are advised when their fees are in arrears.
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Unit owners who are 45 days in arrears are informed of the penalties (interest, caveat, legal action) that will be taken if fees are not paid.
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When a unit owner is 55 days in arrears, a Caveat is placed and their file is sent to the lawyer for further collection. All related costs are at the owner’s expense.
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Unit owners who’s payments are returned NSF are charged a $25.00 fee per returned payment plus a $50.00 late fee.
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All individual payment arrangements by unit owners must be made in writing and are subject to Board approval.
Physical Maintenance
In addition to our suggested Management System, we would like to bring to your attention two very important aspects of a Condominium Corporation’s needs:
Maintenance
Maintenance of a Condominium Complex is perhaps one of the most visible aspects of the management of a Condominium Corporation. It is through regular maintenance that all owners will determine how well their homes are being cared for.
Your Property Manager will provide monthly inspections of the buildings and grounds, ensuring that all work is performed in a manner acceptable to all owners.
All goods and services are sought from the private sector on a competitive basis. Our criteria is quality, service and price. Costs are not marked up to cover administration, etc., only the actual cost is charged to the Corporation.
Planning
This area is extremely important as it has a direct influence on how high or low Condominium Fees are and how long the Corporation will be viable. Proper planning for a Condominium
Corporation is achieved through the following procedures:
1. The annual fiscal budget, sets out operations and plans for the upcoming year.
2. Planning for and providing funding into the Capital Replacement Reserve Fund. Celtic Management Services Inc.’s expertise will arm you with establishing long term plans, budgeting for the required amounts and collection of the moneys for the reserve.
Our condo board has been using Celtic Management for the last 18 months and I cannot begin to explain how helpful and prompt Andrea (manager) is at responding to emails and following though on things that I need addressed in an efficient and timely manner. I have had nothing but positive things to say about Andrea and her helpfulness.
