Methodology

Methodology of Best Condo Management Performance evaluation How the most effective condominiums and management companies will be revealed Benefits for Condo Management Companies For Condo Management Companies Condo management companies gets a unique opportunity to showcase their best managed condos in front of Condo Directors and Owners as the best evidence of theirs excellent results Why should Condo Directors select their companies? As a result, management companies that demonstrated their financial and non-financial performance or progress will be awarded with a Sign of Excellence – digital Badge (with a ID number) that might be displayed on the a company’s website, business card and their advertisement. That Badge is to help Condo Directors and Owners to identify the best Condo Management Companies with proved excellent results. Benefits for Condo Directors & Owners For Condo Directors & Owners What might be a main reason to select a particular Condo Management Company? Definitely, it is a proved result! That result might be financial and non-financial or financial and non-financial progress should be demonstrated. The Sign of Excellence – digital Badge (with a ID number) on a Company’s website or business card or on advertisement will be a good evidence of the company’s proved efficiency. And a listing, photos and videos will help Condo Directors and Owners to understand what exactly have been done in that condominium by that particular Company. All of that will help Condo Directors and Owners make informed, result-based selection of the most efficient Property Management Company. Main Requirements to condos applied for best practice showcasing – Absence of current court cases; – Absence of condominium’s long-term payables (except leasing obligations); – Healthy reserve fund; – All scheduled major repairs and replacements needed performed in timely manner. Methodology of Evaluation All condominiums will be divided into 2 groups: Low – rise (1 – 4 floors); High – rise (5 + floors). Financial assessment will be performed taking into account: 1. A level of services (basic, economical, luxury and ultra luxury); 2. A set of amenities and inclusions; 3. Other factors that reasonably might influence on financial KPIs. Detailed analyses will be performed to make adjustments between groups. Stage 1. Preliminary ranking will be done by Condo Business Intelligence based on: Financial indicators supplied by condo management company /or condo manager, data revealed from other sources open to public. Number of years under current management company/ or a manager. Financial progress (condo fees decreasing or any other financial achievements). Data about High Quality Repairs or Replacements below a market price (using new technologies, using public tender to find great contractors); Data about Non- Financial Improvements (anything that improves condo owners’ life experience – save time, improve comfort etc.) Stage 2. Condo Directors’ and Condo Owners’ Choices. Data aggregated from: Online voting page; Direct e-mail voting; Voting at condo-social.ca Final ranking will be based on aggregated Condo Directors’ and Owners’ Voting (1–10 scale). All positions for evaluation are listed below. Indicators & Information for Evaluation Green lines data is collecting from Condo Management Companies when they send an application. Yellow lines data is collecting from Condo Directors and Condo Owners. All other lines data is collecting from Real Estate and Government data sources available to public Condo Name Set of amenities Set of inclusions City Neighbourhood Overall Ranking Condo Fees 1 Year Annual Growth, % 3 Year Annual Growth, % / a Year Market value 1 Year Average Appreciation of 1000 SF Unit, $ % a Year 3 Year Average Appreciation of 1000 SF Unit, $ %/a Year # of Years under current management company/ or manager Financial Progress High Quality Repairs or Replacements below market price Non- Financial Improvements VCI Above/ Below in the City Above/ Below in Overall Sample (Toronto & GTA) Days to Sell Condo Owners Choice Condo Directors Choice