Even a very small co-op needs a paid bookkeeper to make sure its money is properly accounted for. Beyond that, a property manager knows the annual and seasonal routines that will keep the property secure and well cared for. When the essential tasks are looked after, volunteers will have the time to focus on organizing community activities and planning for the future. If a large maintenance project is underway, the manager usually plays an important liaison role between the contractor, the members and the Board of Directors.
Some co-ops choose to hire a management company. Others prefer one or more employees. Each option has its strong and weak points. The challenge is to decide what will work best for your co-op.
The right employee will give your co-op their full commitment, building solid relationships of trust with the board and members. A good management company looks after hiring, training and supervising staff. It offers a strong back office with expertise in finance, property management and community relations.
A challenge for the Board is to recognize where its own work can add real value to the co-op. In its important role of supervising the co-op’s management, it needs to stay focused on the results achieved.
The Agency has developed a model Management Services Agreement suitable for use in any province. Here’s how to find the property management company that is right for your co-op. And here’s the contract you’ll want them to sign.