GOVERNANCE VS MANAGEMENT
Good governance on the part of an educated board of directors leads to hiring skilled management, who will follow the direction of the board to help the co-op organize, prioritize, manage and plan for the future.
To quote CHF Canada’s paper on “Getting Management Right”...
“Some housing co-ops think their members should do all the day-to-day work of managing the co-op. Otherwise, they think, theirs is not a real co-op. But no one ever said that being a co-op depends on who does the administration.
A real housing co-op is one where the members own the housing together for their mutual benefit. They make decisions democratically for the good of the co-op and its community. They elect the board of directors to govern the co-op’s affairs. And they follow the seven international co-op principles. Having the members do the management isn’t one of them.”
By moving management to a professional organization, with staff trained in commercial and residential property management, a board demonstrates sound governance by ensuring the co-op’s day to day operations are being handled securely and efficiently, freeing the board and members up to build their community and make the important decisions that only members can make.
BENEFITS OF FULL SERVICE MANAGEMENT
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Continuity of services. With a volunteer committee, turn-over is generally so high, that no long-term plans can be carried out and each new chair has to start from scratch. A dedicated Property Manager will work with your board to ensure your community plans become a reality.
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Fewer member conflicts. When members are put in a position of having to manage their neighbours, there are bound to be personal conflicts. An outside Property Manager is a neutral party.
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Sound fiscal management. A Property Manager sees the big picture and is able to recommend trades and services based on experience and ensure the co-op is only paying for work completed according to the co-op’s specifications.
OUR MANAGEMENT SERVICES
Your FIRM Property Manager will work closely with your Board of Directors to ensure all aspects of your business are managed with professionalism. Good management rests on three key components:
Maintenance & Project Coordination
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Members can phone or email during regular business hours to reach the Property Manager with any questions or maintenance concerns or call Firm’s after-hours line for emergencies.
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All calls are prioritized, then scheduled according to the co-op’s predetermined list of contractors, adhering to the co-op’s rules and policies.
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Inspections are coordinated and performed for move-outs and move-ins.
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Small to medium scale renovations (such as those taking place between move-ins) are coordinated to ensure minimal loss of income and maximum quality to members.
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Large scale projects (such as roofing and building envelope work) are put out to tender, while the Property Manager facilitates communication between the co-op and contractors.
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An annual maintenance schedule (including gutter cleaning, dryer vents and catch basins) is developed and adhered to.
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Your Property Manager will communicate with members via phone, email and written notices as required to coordinate with members.
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FIRM conducts ongoing research into the most cost-effective and high quality contractors and materials.
Bookkeeping & Finance
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Housing charges are collected and arrears kept up-to-date according to the co-op’s rules and policies.
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Your Property Manager will communicate with CMHC, The Agency and BC Housing (as applicable) to ensure adherence to your Operating Agreement and administer housing charge assistance.
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Invoices are received at our office, verified by your Property Manager, logged and paid by our accounting team.
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All daily banking activities are handled by our accounting team.
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Your Property Manager with work with our accounting team to assist your co-op with annual budget preparation and auditor’s reports.
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Your share register will be updated with each unit turn-over.
Administration & Board Support
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Your Property Manager will attend board and general meetings as required to provide reports and answer questions. They will also record meeting minutes and provide them in the co-op’s preferred format to members (eg: uploaded to the co-op’s website or printed).
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Administration, such as preparation of registry filings and notices to members will be handled according to your board’s direction.
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All mail and emails, including membership applications, will be received and processed, redirected or delivered as required.
At FIRM Management, we recognize that every co-operative community is unique, so we will tailor a service package to meet your needs and work with your existing service providers to ensure continuity of support.
We look forward to working with you!