Peel Condominium #143 is a condo complex of two-story apartments in
four buildings that, from the street, look like a single building on
the corner of Credit Woodlands and Dundas Street in Mississauga.
Like many older condos, it needed money to make some expensive repairs
and it had $395,000 in the Reserve Fund but needed more. They had been
negotiating with a financial company for a couple of years over the
terms of a loan.
They were also unhappy with their property management company and they
had given management their notice. The board was disenchanted with
property management companies and they informed Maxium Financial
Services that they were considering three options:
1.
Hiring a full service
management company.
2.
Hiring for back room
financial services and paying for advice on
major projects.
3.
Going self-management.
The representative from Maxium replied that, as a condition of a loan
their company would insist on a third-party full service property
management company. A management company would:
• Give the corporation the ability to special assess your unit owners.
• Be diligent in collecting fees on a regular and timely basis.
• Provide sound advice on maintaining your condo.
• Has access and can recommend competent trades to service your condo.
• Deal with and deflect controversial issues.
A couple of weeks later, a Maxium employee recommends two management
companies. The first on the list was Channel Property Management Ltd.
The hand written notes on the e-mail state that Channel is competent
yet competitive and that Lisa (Maxium) will welcome Manzoor. Channel is
located at Steeles and Highway 27. Honest, business like, educated
managers, upfront and experienced.
On 01 September 2005, Channel became the condo’s new property
management company.