Since December 1, 2021, the Real Estate Council of Alberta (RECA) has required that all condominium management services be performed by licensed professionals. This regulation has created more protection, accountability, and peace of mind for condo corporations, whether they oversee residential complexes, commercial retail units (CRUs), or industrial bays.
Here is a simplified cheatsheet of the key benefits of working with licensed condo management in Alberta:
The Cheat Sheet | A Quick Look
1. Protection Under RECA
Licensed condominium managers are regulated by the Real Estate Council of Alberta (RECA), which enforces strict compliance with the Real Estate Act. This means boards and owners are safeguarded against unqualified or unlicensed individuals. In fact, penalties for unlicensed management can be as high as $25,000 per infraction – underscoring the seriousness of compliance.
2. Professional Standards and Ethical Practice
All licensed condo managers must follow RECA’s Standards of Practice, a professional code of conduct that covers any and all financial management, any record-keeping, disclosure of conflicts of interest, and even ethical decision-making. With this in place, it ensures transparency and accountability in all operations.
3. Expertise in Financial, Compliance, and Maintenance Matters
Condo managers take on complex responsibilities, such as:
- Collecting and disbursing condo fees
- Enforcing bylaws fairly
- Negotiating contracts for services like landscaping, snow removal, or repairs
- Overseeing contractors and staff
- Providing timely and accurate financial reporting
- Understanding relevant legislation and supporting boards with compliance
With this knowledge and experience, condo managers help boards stay compliant with the Condominium Property Act, maintain smooth operations, and avoid costly mistakes.
4. Increased Property Value and Owner Satisfaction
When condo corporations are well-managed, day-to-day operations run smoothly, maintenance issues are handled quickly, and finances are in order. This not only protects the property’s value but also boosts confidence and peace of mind for board members and improves overall owner satisfaction.
5. Tailored Support for Different Condo Types
From residential condos to CRUs and bays, licensed managers have the ability to adapt their services to match the unique requirements of each specific property type, providing solutions that fit both the board’s priorities and the owners’ overall expectations.
In Summary
When you choose to work with a licensed condo manager, you get more than just a solution to outsourcing tasks – it means more protection of your investment (your property), supporting your board, and creating a fair process for everyone involved.
If your CRU or bay is ready to strengthen its management operations with licensed management, connect with CMS Real Estate today to learn how professional services can benefit your property.