The 10ᵉ edition of the «Who’s Who» survey of the leading players and managers in the Canadian real estate and condo industry has just been published in CondoBusiness Magazine edited by REMI Network.
This year, SolutionCondo ranks among the top 10 players and portfolios in the Canadian condominium industry.
This annual ranking is considered the most comprehensive list of commercial and multi-residential property owners and managers in Canada.
This survey is a market benchmark, used and consulted by over 100,000 owners, developers and real estate professionals every year, and SolutionCondo is proud to be mentioned twice again this year.
SolutionCondo occupies the 9th position among the leading players and portfolios in the Canadian condominium industry, and the 11th position in terms of total number of doors managed.
Take a look at the 10th edition of the annual survey « Who’s Who » 2024 on the major players and managers in the Canadian condo industry.
Congratulations again this year to our president and founder, Élise Beauchesne, and to the entire SolutionCondo team, for their impressive rise to 9th place in Canada’s condominium sector!
This growth confirms SolutionCondo’s position as one of the leading condominium management companies.
Our growth is based on solid foundations:
Building on these values, we have successfully completed a number of complex projects, including :
These achievements testify to our ability to meet the challenges of real estate management and to provide our customers with tailor-made solutions.
We would like to thank our customers, our partners and our entire team for their trust and their contribution to this success.
Contact us to find out more about our services and how we can help you optimize the management of your condominium.
Although cash is an effective method of payment, it carries a higher risk of misappropriation than other payment methods. This is particularly true when cash is received to pay for items over which control is limited (e.g.: chips, access cards, moving expenses, etc.).
In fact, there is a real risk that the persons receiving the payment will keep it for themselves, rather than recording the income transaction for the condominium corporation and collecting the money in return for this sale. It’s quite possible that this is done “sight unseen”, discreetly.
It’s a minor offence, but when it is carried out repeatedly, it can represent substantial sums of money that are diverted from a syndicate if the scheme is not prevented.
It’s much the same principle that applies to Interac transfers, since the person (e-mail) who receives the payment is the one who determines which bank account to cash it into. Someone could just as easily cash it in their personal account if they wanted to.
Of course, if you are a member of a small syndicate and you are in charge of collecting the proceeds of sales yourself, there may not be much at stake.
However, in the majority of cases, condominium administrators are volunteers, which means that this task is entrusted to people with little knowledge of their personal morality or financial problems. These factors could potentially lead them to embezzle funds from the syndicate.
Nevertheless, the number of transactions is relatively limited, so the risk of high stakes is also more limited.
In larger buildings, a management firm or direct employees of the syndicate will often take on the task of collecting revenues. In this case, vigilance is crucial, as the volume of transactions is higher. As a result, the risk of fraud (intentional misappropriation of the syndicate’s assets) could be greater.
Anyone who realizes how easy it would be to appropriate sums without anyone noticing may be tempted to do so when difficult personal situations arise, such as financial issues following divorce, death, illness in the family, etc., even if the person has “technically” never defrauded in the past.
The best way to avoid fraud is to limit the opportunity.
That’s why it’s a good idea to prohibit cash payments and Interac transfers, and to communicate this policy clearly to your building’s co-owners and residents (click here or on the image below to download the poster “Prohibition of cash payments”).
Today, it is easy to offer many secured payment methods with integrated accounting systems like UpperBee. It is therefore possible to be accommodating to residents, while being cautious to limit the risk of fraud. UpperBee offers pre-authorized payment, bank payment and credit card payment, among others.
A similar process can be set up for move-ins and move-outs.
Even if your policy is to prohibit cash and Interac transfers, it’s not impossible for your employees to ignore your policy and accept them anyway. That’s why it’s important to periodically perform a number of validation checks:
A simple control that can be set up, especially if you live in a large building:
By adopting a clear policy on payment methods and implementing adequate validation controls, you can minimize the risk of fraud and protect your condominium’s finances.
» Read: Simplify and secure your co-ownership payments
Elise Beauchesne, CPA, CA, Adm.A
Associate-founder
514-935-6999
[email protected]
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