This is the tale, of two places,
only steps apart, say fifty paces. |
| |
The names we can’t give you,
for fear they may sue. |
| |
|
They both looked so pretty,
in the heart of the City. |
| |
|
|
Two condo conversions, all bright and shiny,
only one would make the owners whiny. |
| |
|
|
|
The owners of the first weren’t so lucky, their reserve fund study was short and mostly sucky. |
| |
|
|
|
|
|
|
The crack in the foundation, no need to worry,
yet the seller seemed in a bit of a hurry. |
| |
With low condo fees and hot days in the pool,
shiny new paint, it all looked so cool. |
| |
|
The mechanical is great, why take a peek,
it’s only much later they’ll discover the leak. |
| |
|
|
The roof is just fine, the seller said with a smile,
he’ll be long gone, before it costs them a pile. |
| |
|
|
|
|
|
|
So as time goes by,
a professional manager they try. |
| |
The manager gives them advice,
that they think is not nice. |
| |
|
He says the low condo fee,
can no longer be. |
| |
|
|
His advice they don’t take,
they think his numbers are fake. |
| |
|
|
|
Fire the manager, they say with a cry,
I’m not to blame, he says with a sigh. |
| |
|
|
|
|
This Board all knew better,
they fire him with a letter. |
| |
|
|
|
|
|
Off the property manager goes,
he’s not the cause of their woes. |
| |
|
|
|
|
|
|
Sometime has now passed and what he said has come true,
the boilers not working, the owners are blue. |
| |
The manager is now gone, the buildings in trouble,
those low condo fees, are now way more than double. |
| |
|
And now it’s too late,
they can no longer wait. |
| |
|
|
The roof is leaking, the shine has faded,
no wonder the owners are jaded. |
| |
|
|
|
If the Board had just listened,
this building could have glistened. |
| |
|
|
|
|
Off to the neighbours they’re rushing,
the pipes are clogged, the toilets aren’t flushing. |
| |
|
|
|
|
|
For the steal of a deal,
wasn’t so real. |
| |
|
|
|
|
|
|
The second building is great, its story will be short
for Delta Appraisal completed the Reserve Fund Study report |
| |
The seller of this building was thoughtful,
she wasn’t trying to make a pot full. |
| |
|
They hired a professional manager from the start
took her advice, followed their budget to heart. |
| |
|
|
The condominium fees were realistic,
no need for the owners to go ballistic; |
| |
|
|
|
Repairs and maintenance were completed as needed
the property manager’s sound advice was heeded. |
| |
|
|
|
|
This building was a great investment,
no need for a special assessment. |
At Delta Appraisal, we work with property managers and board members to set realistic budgets and to prioritize maintenance and repair projects. Our functional Reserve Fund Studies are unbiased and we are not competitors in property management or maintenance.
For more information about Delta Appraisal and our easy to read, functional Reserve Fund Studies or to request a competitive quote, please contact us.
If you have a topic that you would like to see in a future newsletter, please let us know. We are always looking for new ideas and would be happy to give you credit for your topic. Please send your ideas to delta@telus.net.
