Mortello Property Services Inc.
Talkstrata » Forums » Strata Corporations » Strata Management CompaniesSubmitted by strata.grunt on Wed, 04/23/2008 - 20:34.
Hello, I am new to your excellent site and want to thank you for your thoughtful design and much needed subject matter. I intend to be a valuable contributer as well as thoughtful reader in future. Right now however, I am posting this message out of desperation and lack of lead time.
Does anyone have experience dealing with the company Mortello Property Services Inc.?
They have given us a quote for full Strata Management of our 55 suites that seems too good to be true. Even more so because most other companies wont even provide full services for a community of our small size.
Any feedback would be great as would suggestions on how to investigate the companies other clients satisfaction level (I do not trust testimonials or company provided references)
Here's their breakdown of service:
Our services include, but are not limited to, the following:
• Transition Management - arrangement for transfer of Strata Corporation's records and funds review of existing contracts, review and co-ordinate common area deficiencies report, review of existing bylaws, compile up to date Owners' infornation list, mailing of notice of property management
change, notifying contractors and service companies of the new property management agent, and assist Strata Council members with a smooth transition of property management;
• Detailed agenda packages with copies of all quotations, correspondence, listing of completed and in-progress items provided to the Strata Council members at each Council meeting, act as Recording Secretary at meetings and Strata Council; preparation and distribution of minutes;
• Regular on-site inspections with a written report included in the agenda package;
• Prompt and accurate financial accounting with Financial Reports to the Strata Council within 15 days of month-end;
Monthly review and all necessary follow-up to ensure prompt collections of strata fees and enforcement of the Strata Corporation's Bylaws and Rules;
• Detailed contingency reserve funds analysis and assistance in long-term assets management of the Strata Corporation;
• A welcome package for new owners, including copies of the Bylaws and Rules as well as information pertinent to the Strata Corporation's operation.
• Ensure the Strata Corporation's compliance of all legal, financial and administrative requirements of the Strata Corporation under the Strata Property Act and regulations to the Strata Property Act.
• Transition Management - arrangement for transfer of Strata Corporation's records and funds review of existing contracts, review and co-ordinate common area deficiencies report, review of existing bylaws, compile up to date Owners' infornation list, mailing of notice of property management
change, notifying contractors and service companies of the new property management agent, and assist Strata Council members with a smooth transition of property management;
• Detailed agenda packages with copies of all quotations, correspondence, listing of completed and in-progress items provided to the Strata Council members at each Council meeting, act as Recording Secretary at meetings and Strata Council; preparation and distribution of minutes;
• Regular on-site inspections with a written report included in the agenda package;
• Prompt and accurate financial accounting with Financial Reports to the Strata Council within 15 days of month-end;
Monthly review and all necessary follow-up to ensure prompt collections of strata fees and enforcement of the Strata Corporation's Bylaws and Rules;
• Detailed contingency reserve funds analysis and assistance in long-term assets management of the Strata Corporation;
• A welcome package for new owners, including copies of the Bylaws and Rules as well as information pertinent to the Strata Corporation's operation.
• Ensure the Strata Corporation's compliance of all legal, financial and administrative requirements of the Strata Corporation under the Strata Property Act and regulations to the Strata Property Act.
Your Property Management team includes the following:
a) A fully experienced Senior Property Manager (with a minimum five (5) years experience) who will attend all meetings, take minutes and provide minutes of meeting within 5 business days, supervise trades and employees of the Strata Corporation to ensure the Corporation is maintained to the highest quality, oversee the operation of the Corporation, review financial statements, and assist in the preparation of operating Budgets and Bylaw amendment;
b) A Strata Administrator who maintains personal contact with the owners, facilitates transfer of unit ownership, maintains name and address register (i.e. - Owners List) provides prompt follow-up regarding collection of strata fees and maintains the Strata Corporation's records;
c) A Strata Accountant (overseen by a CA.) who will review monthly financial statements to ensures critical financial data is accurately prepared and the financial records required by the Strata Property Act are maintained.
d) A 24-hour emergency contact number and direct pager number to contact your Property Manager.
Our monthly fee to provide full service professional property management for your project will be $1,200.00 plus GST for five (5) Strata Council meetings and one (1) Annual General Meeting.
Photocopying and postal is an additional cost.
Comments. Suggestions or recommendations on how we should act?
Fri, 04/25/2008 - 00:35
Ask them for a full customer list and a contact name for each and call them, as many as possible, this is the BEST thing you can do. I have done this before and strata council members are pretty honest. Have a set list of questions to ask them. Response time is one of the best indicators of how good the service is. Most issues are time sensitive when it comes to stratas. Everything in the services agreement is a standard list of services.
Wed, 05/14/2008 - 06:52
It looks like a good deal to me. There is risk to managing a strata complex. Complexes are subject to unusual events that require a lot of work just to comply with the spa ie flood catastophic events etc. This risk is growing year by year. The standard door fee $20-30 per unit does not address any unusual events. I do not know how a self managed strata could cope with
a catastophic event especially if the owners/managers are affected say a flood. Yes some issues are time sensitive but there usually is some reasonable response time. Proper legal management is an asset to a strata. Experience with asset management has a value in the long term property outlook. There
are laws governing the "provision of real estate services" like
collection of fees that when ignored leaves the owners wondering where there money went. Self managed strata corporations are not covered by the insurance fund against the fraudulent activities of their managers. Buying into a strata that is not professionally managed is risky. The strata corporation funds are more secure when they are properly managed. Economies of scale can be utilized to save the corporation on common costs. The proper management of stratas should be made legal. The investment of all crf funds should be in a province wide pool to provide better returns to the stratas. The legislation must change.
Sun, 05/18/2008 - 22:45
Hello, I am new to your excellent site and want to thank you for your thoughtful design and much needed subject matter. I intend to be a valuable contributer as well as thoughtful reader in future. Right now however, I am posting this message out of desperation and lack of lead time.
Our monthly fee to provide full service professional property management for your project will be $1,200.00 plus GST for five (5) Strata Council meetings and one (1) Annual General Meeting.
Photocopying and postal is an additional cost.
Does anyone have experience dealing with the company Mortello Property Services Inc.?
They have given us a quote for full Strata Management of our 55 suites that seems too good to be true. Even more so because most other companies wont even provide full services for a community of our small size.
Our monthly fee to provide full service professional property management for your project will be $1,200.00 plus GST for five (5) Strata Council meetings and one (1) Annual General Meeting.
Photocopying and postal is an additional cost.
Comments. Suggestions or recommendations on how we should act?
I am not sure of your location but that is in line ( actually high ) with our Strata Property Management company. But then again we have been with the same company for close to 10 years. $14,400.00 a year for what you describe is what your contract is and is close to the average for a 55 unit complex. Its usually in the extra fees that they get you but you can minimize those :)
Keep in mind that there will be probably be extra schedules that will all of a sudden disclose extra fees should you look into major work to your complex.
You should also check to make sure your Property Managers are Real Estate Board Certified as well as up to date with PIPA ( PERSONAL INFORMATION PROTECTION ACT ).
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Joined: 2008-04-22