Strata Management

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Paragon Realty offers a different approach to strata management services. Paragon offers it’s clients professional strata management, with a personal touch.

Every Strata Corporation is unique. Paragon’s management team specializes in meeting strata corporation’s individual needs through a customized strata management plan. The plan consists of three major components:

OPERATIONAL SERVICES

Paragon’s services for building operations include all the activities required to operate the property from maintenance to advising on the long term prospects of the property.

ADMINISTRATIVE SERVICES

Paragon relies heavily on a well organized administrative system. Records, files and controls for various functions are established to give the Strata Manager guidance and direction in all aspects of property operation. The basic elements consist of:

  • administer all owner files, occupant turnover and all documentation relating thereto;
  • supervise and maintain accurate records of all contracts and legal obligations of the Strata Corporation;
  • assist with the preparation and registration of the Strata Corporation Bylaws and Rules and any subsequent amendments as may be required from time to time;
  • consult and advise on matters relating to the Strata Corporation’s Bylaws and Rules;
  • provide reports for Strata Council on problems or recommendations regarding the common property;
  • obtain tenders and negotiate contracts on behalf of the Strata Corporation and, subject to the direction of the Strata Council, for the maintenance of all common property, including building and grounds maintenance and repairs;
  • obtain, analyze and prepare recommendations on quotations for necessary insurance and act as the Strata Corporation’s representative in handling any insurance settlements;
  • report to the Strata Council on all correspondence from individual owners and reply according to instruction;
  • act on behalf of the Strata Council to enforce the Bylaws or Rules of the Strata Corporation, thus promoting co-operation amongst owners;
  • attend, record and distribute minutes of the Annual General Meeting and Strata Council meetings.

FINANCIAL MANAGEMENT

It is Paragon’s philosophy that accounting systems must be designed to support the specific needs of both the property and the Strata Corporation. They must be responsive, provide accurate and timely information and be easy to understand. Paragon uses Yardi Genesis, a software package specifically designed for property management.

The basic elements of the system are:

  • prepare a proposed operating budget annually for the Strata Corporation, displaying income and disbursements for the fiscal year of operation together with non-annual maintenance/contingency reserve funds for capital replacements and repair;
  • collect the monthly strata fees from all owners and prepare cheques from the Strata Corporation’s account for the payment of all charges incurred in the maintenance and operation of the Strata Corporation;
  • provide the Strata Council with a monthly operating statement, displaying all income and disbursements including a budget comparison, balance sheet statement and, a detail general ledger;
  • submit monthly to the Strata Council an Accounts Receivable and an Accounts Payable summary statement;
  • prepare and maintain all necessary payroll records;file as required by law all reports and tax returns on a timely basis;
  • provide a monthly bank reconciliation on the Strata Corporation’s bank account;
  • provide long-range financial planning for major capital expenditures;
  • provide all correspondence relative to the above services and;
  • provide lien administrative services.