Selecting a property management company is one of the most important decisions your condo board will make. The right partner will support your board, protect the long-term value of your property, and improve resident satisfaction. The wrong one can lead to poor communication, compliance issues, and costly mistakes. If you’re wondering how to choose a condo property management company, here are the most important factors to guide your search.
Understand Your Condominium’s Needs
Before reaching out to providers, take time to assess your condominium’s specific requirements. Consider factors such as:
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The age and size of your building
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The type and complexity of amenities offered
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Your board’s expectations for maintenance, budgeting, and compliance
Preparing a detailed package that outlines these details will allow prospective management firms to provide a tailored proposal that reflects the needs of your community.
Prepare a Request for Proposal (RFP)
A well-crafted RFP helps you compare management companies on a level playing field. Be sure to include:
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Questions about experience with similar properties
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A clear list of services required
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Expectations around communication and responsiveness
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Insurance and licensing verification
Request references and case studies from comparable communities to assess how well each company delivers on their promises.
Evaluate Their Service Scope
Understanding the full scope of services offered is essential when determining how to choose a condo property management company. A qualified firm should provide:
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Financial and reserve fund planning
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Day-to-day operations oversight
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Annual maintenance and capital project planning
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Regulatory compliance management
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Administrative support and record keeping
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Strategic support for the board of directors
Learn more about ICON’s experience and approach to full-service condominium management and how we support thriving communities across Ontario.
Review Availability & Communication Practices
Availability is a cornerstone of effective condo management. Your chosen firm should offer:
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Multiple channels of communication (email, phone, portals)
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Prompt response times for owner inquiries
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24/7 emergency services
Proactive communication practices help prevent minor issues from escalating into major problems and keep board members well-informed.
Confirm Licensing and Regulatory Compliance
In Ontario, all property management firms must be licensed by the Condominium Management Regulatory Authority of Ontario (CMRAO). Verify that any company you are considering holds valid registration and will assign a General Licensed condominium manager to oversee your building.
This ensures they are authorized to perform essential duties such as overseeing budgets, managing contractors, and maintaining compliance with the Condominium Act.
Assess Their Commitment to Professional Development
A company that invests in ongoing education is more likely to stay ahead of industry changes and regulatory updates. Look for firms that:
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Offer internal training to staff
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Participate in continuing professional education
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Provide CMRAO-accredited learning opportunities for licensed managers
Ongoing development translates into more competent, informed service for your community.
Check Track Record and Client Reviews
Review testimonials, Google reviews, and references from other condo boards. Ask about:
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The responsiveness of the management team
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Transparency and reporting practices
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Overall satisfaction with the service provided
Speaking directly to board members from similar communities can give you valuable insight into the firm’s performance and professionalism.
Review Contract Terms Carefully
Finally, carefully evaluate the terms and scope of any proposed management contract. Pay close attention to:
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What services are included (and what are extra)
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Fee structure and any additional charges
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Contract duration and renewal terms
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Termination clauses
A clear, comprehensive contract protects your board and ensures shared expectations from the outset.
Ready to Elevate Your Condo’s Management Experience?
Knowing how to choose a condo property management company can help your board avoid costly mistakes and set your community up for success. By following the steps above, you’ll be better positioned to find a management partner that aligns with your values, supports your board, and enhances your community’s well-being.
If you’re looking for tailored, expert property management services, we’re here to help. Request a Proposal today to see how we can enhance your condominium living experience and maximize property value.
