Record keeping is an essential task for any condo, and it can be a real headache. With so many documents to keep, track, and share, it’s a challenge to keep organized. Fortunately, there are ways to improve condo record keeping.
Types of Records
In condo record keeping the paperwork piles up easily. There are a lot of documents that need to be kept, and many of them need to be kept for a long time. As a result, the record files grow quickly, compounding over the years.
In Ontario Condo Law, a number of documents need to be kept for set time limits:
|Record Type||How Long Condos Must Keep Records|
|Minutes of board/owner’s meetings||Unlimited|
|Current records of owners/leases||Unlimited|
|Reserve fund plans/studies||Unlimited|
|Ongoing litigation & insurance claims/investigations||Unlimited|
|Current warranties/insurance policies||Unlimited|
|Financial records||7 Years|
|Status certificates||7 Years|
|Returns & notices of change||7 Years|
|Director disclosure||7 Years|
|Training records||7 Years|
|Specific owner records||7 Years|
|Expired agreements/warranties||7 Years|
|Employee records||7 Years|
|Past litigation and insurance claims/investigation records||7 Years|
|Engineer/Architect/Appraiser reports on the condition of the property||7 Years|
|Proxies, ballots, & votes at owners’ meetings||90 Days|
With years of documents, corporations look to condo record keeping tools to manage it all. This doesn’t even include extra documents and files condos may need to keep for their own use. So you can imagine just how quickly the documents pile up.
As a result, literal paperwork is all but unmanageable for any sizeable property. Instead, condos are going paperless. The government allows for all of these files to be kept digitally, so you don’t need to manage an ever-growing stack of paper.
Record keeping software also makes it easy to stay organized and access files. Instead of sorting through filing cabinets, you can use dynamic search tools to quickly find and share any document. You can store documents under a number of parameters so they can be found in moments by searching the document type, owner names, and more.
Quality of Records
It’s not just the organization and maintenance of the records that improve, but the quality as well. By leveraging digital condo record keeping tools, more supporting documentation can be provided with ease. Drag and drop supporting images, files, videos and more.
You can further improve ease and quality by having all your condo management under one comprehensive software solution. For example, consider how Condo Control Central improves and expedites the online status certificate process:
As comprehensive condo management software, it can accept payments, automate records, and email necessary parties immediately. The buyer fills out a form online for a faster, easier process. The condo manager is immediately notified of the new request through email.
Not only can the condo manager see the request but it has all the necessary information allowing for an easy process. If needed, this record can be pulled up instantly through the software’s search function.
Access & Storage
A good condo management software platform is a precise balance between ease of access and security. You want to make it easy to sort and share records and documents without leaving your system vulnerable. This means having strong control over access rights and sharing in a user-friendly system.
Ease of Access
A user-friendly, easy to navigate interface is essential for the best property management software. It cuts down on time for users at both ends of communication. The search feature makes it easy to find, access, and share documents with the necessary parties. It is also secure because parties can access the documents through a single system.
At the receiving end, the user benefits from templated and standardized documents and records. This makes them consistent and easy to read. It’s a better user experience and a more efficient process.
Making use of mobile condo management apps further improves ease of access. It allows for access at home or on-the-go. In today’s technological landscape, mobile access is becoming a necessity for anyone managing multiple properties.
Sharing Access and Rights to Access Records
Not all documents and records are shared solely between condo managers, management company, and boards. Condo owners, prospective buyers, and agents have the right to access a number of key records including:
- The financial records of your corporation.
- The minute book containing the minutes of owners' meetings and the minutes of board meetings.
- Your condo corporation’s declaration, by-laws, and rules.
- A copy of any return or notice that the corporation has filed with the CAO.
- All lists, items, records and other documents from your condo corporation’s turn-over meeting.
- A list of the names of the owners of each unit in the corporation and their address for service.
- The budget for the first fiscal year.
- All reserve fund studies and all plans to increase the reserve fund.
- All agreements entered by, or on behalf of, the corporation.
- All instruments appointing a proxy or ballots for a meeting of owners that are submitted at the meeting.
- Other records as specified in regulations or your condo corporation’s by-laws.
Your property management software needs to be able to handle requests to access these documents efficiently and securely.
Simplify Condo Record Keeping With Automated Software
Automated online software is the best way to simplify condo management. You can save time and money with digital tools that take care of menial tasks for you, allowing you to focus on the important things. Contact us today to learn how you can run your condo the really smart way.