See our Property Management Proposal For more information about our client services.
There are many reasons to work with Simco Management, including:
- Strong accounting background – The owner Mr Ray Pratt has a B. Comm from the U of A., 4 years articling for a Chartered Accountants, and eight years as controller of a large housebuilder/developer).
- Strong construction background with ten years in senior management (Manager, controller) of an Alberta based homebuilder (S & S Homes Inc.).
- Strong background in reserve fund study analysis and preparation, with the undersigned producing reserve fund studies for our clients dating back to 1989.
- Our own maintenance staff, which are available to respond to both emergencies and perform minor maintenance tasks
- Owners are active in the company on a daily basis.
- Our corporate philosophy is that we are accountable to both the Board of Directors and all owners, and strive to build strong open communication with our Boards.
- We provide direct call response on our after hours emergency numbers (which are provided to all owners and residents), with a minimum of three numbers provided.
- Neither Simco Management, nor it’s owners have any financial interest in any other entity or persons providing services to our clients
- Simco Management (Edmonton) Inc. is a licensed broker under the Real Estate Council of Alberta. While the Real Estate Council has advised that condominium management is considered to fall under the Council’s mandate; a number of firms in the industry are not licensed real estate brokerages. In addition to errors and omissions coverage offered through REIX as a licensed brokerage, Simco Management (Edmonton) Inc. also carries an additional $1,000,000 errors and omissions coverage.
Property management is a service industry, though the attitude of many property management companies appears to run counter to this basic premise. At Simco Management, providing quality professional property management, coupled with an understanding and sensitivity to each client’s needs and a close working relationship with the Board of Directors is our operating philosophy.
We care to make Simco Management a reliable and strong company that is a pleasure to work with.
To that effect, the following corporate background, operating policies and procedures, are instated and maintained:
- Licensed Real Estate Broker / Errors & Omissions Insurance
Simco Management (Edmonton) Inc. is a licensed broker under the Real Estate Council of Alberta. While the Real Estate Council has advised that condominium management is considered to fall under the Council’s mandate; a number of firms in the industry are not licensed real estate brokerages. In addition to errors and omissions coverage offered through REIX as a licensed brokerage, Simco Management (Edmonton) Inc. also carries an additional $1,000,000 errors and omissions coverage.
- Financial Control And Reporting Procedures
A separate trust bank account is established for each client, with a reconciled copy of the trust bank statement forming part of our report.
Annual budget preparation is done on a detailed line by line zero base approach, which is detailed in a monthly cash flow budget reflecting seasonal variations in each respective expenditure category. (Many of our industry competitors simply add an inflation factor to expenses without any detailed analysis). This detailed cash flow budget ensures that reported actual to budget variances are meaningful during the course of the fiscal year. Material variances are reported on with reference to their impact on projected operating results for the year
- Accounts Receivable Collections
Collection of condominium fee receivables are addressed by our staff accounts receivable clerk. Our procedures (subject to specific Board direction) are to immediately advise mortgage companies directly of all arrears once they reach ninety days in arrears, in addition to the legal filing of a caveat with no costs to the Corporation other than the direct land titles charge for registration.
Collection actions are reported to Board monthly in a detailed written report outlining actions taken and any change in status since the last financial report.
- Accessibility/Emergency Response
All Board members are provided direct access to the owners of Simco Property Management seven days a week, 24 hours a day through cellular phone so that questions and concerns can be addressed with immediacy.
There is also a minimum of two additional staff on emergency 24-hour direct call (cellular) to respond to after hours maintenance emergencies.
All members of the Board of Directors are provided with 24 hour emergency numbers for both Simco administrative staff and our “critical” trades (if requested). Arrangements can be made for sub-trades to respond to emergency calls made directly by the Board to ensure the response time to an emergency is minimized.
- Board Minutes
Board minutes are taken by the attending property manager (unless the Board wishes to take their own minutes) and are distributed to Board members within ten working days along with the Agenda for the next meeting.
- Response to Owners
All administrative staff has a clear understanding that all condominium owners are to be dealt with the same respect as Board members. Owner’s questions and concerns that require a written response are handled by a personally crafted letter rather than by form letter.
- Pre-authorized Chequing Facilities
Simco Management has established pre-authorized chequing facilities arranged through the Bank of Nova Scotia as an alternative to monthly fee payments by post-dated cheques.
- Administrative And Secretarial Support Services
Our fee includes all administrative and secretarial services of a “normal” ongoing nature including all normal preparations required for owner’s Annual General meetings such as notices, proxies, and agendas.
Costs of additional services requested are established prior to providing the specific service. Photocopying would be charged at ten cents per page for large photocopy runs.
There are no photocopying charges for copies related to accounting or normal ongoing administrative and secretarial services.
- Master Insurance Policy
Simco Management (Edmonton) Inc. maintains a master insurance policy through HUB International Insurance Brokers Ltd., which allows the purchase of insurance at favourable rates and deductibles. The Corporation has the option to obtain coverage under their own stand-alone policy or under Simco’s master policy as they choose.
- Contract Cancellation Clause
Our contract provides for contract cancellation without cause on 60 days notice. This clause has been in our contracts since we began managing condominiums in 1986. Our first three clients from 1986 are still clients of Simco Management today