Victor Estate has several years’ experience managing high-end condominia.
Our account managers ensure that salient issues with the building are seen to in good time and that our property manager, who performs regular inspections of the building, reports all matter back to our base. The account manager delegates general maintenance jobs to our in-house handyman or alternatively to one of our trusted service providers. The property manager also ensures that the place is cleaned regularly and that the lifts are in full working order.
Below are some other reasons why we feel it would be a wise choice to trust us as your Condominium Administrators. We offer:
• Comprehensive administration services including management of all accounts
• Supervised and well-planned maintenance operations
• Back-office Support Services
• Expertise in resolution of Condominium issues and affairs
• Full and regular financial and operation reporting
• 24hr EMERGENCY contact number
• Implementation of energy and cost-saving exercises that have been proving very successful with most condominiums under our management
All administration and finance functions are handled concurrently by our administration department in conjunction with our Accountants and Auditors. These include a pre-planned contribution collection procedure, from budgeting of annual maintenance charges, issuance of bills, collection, chasing, deposits and chasing. All financial reports (and audits when necessary) are produced in a timely manner.
Moreover, our experience has led us to understand the importance of setting up a capital or sinking fund. Most buildings need improvements and major repair works between the seventh and tenth year, especially the facades and internal stairwells. It is our recommendation that an estimation is carried out to cost the requirement for maintenance on several mechanical and building parts, and this discounted to an annual contribution by all apartment owners. The funds would be deposited in a segregated bank account for use by the Administrator (on approval of an AGM or EGM) for the specific capital or improvement expenditure for which funds were collected. We have also been informed that there are some alterations required to the building including improving access to the roofs, as this is currently very restricted. We would address this matter on appointment.
There is more we would like to tell you about us and hope that you will give us an opportunity to do so, but in the meantime we firmly believe that you would greatly benefit if entrust us with your condominium, not only would you be able to enjoy your property without any worry, but knowing also that the value of your property appreciates over time due to professional governance and management by the Administrator.
ADMINISTRATION OF THE CONDOMINIUM
The preventive, remedial as well as on call maintenance are vital for the proper running of ‘the property’. It is in your interests as residents that the property is cared for at all times and that a professional manager is appointed to ensure that the block is highly maintained.
The property manager negotiates with third party contractors on your behalf to obtain various quotations for services required at ‘the property’ as well as to collect payments for the services rendered by the subcontractors.
It is up to the property manager to ensure that such costs are within approved budgets as required by the condomini. The administrator would also handle the administrative duties required such as collecting contributions, regular updates, handling of complaints, general maintenance agreements as well as others.
We are also offering to act as an official Administrator in terms of the Malta Condominium Act and to fulfil the administrative functions outlined within the Act.
ANNUAL GENERAL MEETINGS & REPORTING
The administrator shall meet residents annually or when necessary to discuss any current or pending issues relating to the property. Once issues are resolved a report of works carried out as well as costs incurred is sent to residents either by post or through electronic mail.
Inspections at the property will be carried out on a regular basis in order to ensure that the common areas are well maintained at all times. The property manager will act as an intermediary between the residents and tradesmen. The services provided by the latter will be monitored by the property manager who will report back to the residents.
The administrator will ensure that all yearly contributions are settled in time and will chase any outstanding payments. These contributions are based on the calculated budget proposed and approved by residents. General maintenance, lift servicing, janitorial services amongst others are included in the yearly budget.
MANAGEMENT & BUDGETING OF ACCOUNTS
Annual contributions are to be deposited in designated bank accounts belonging to the Association, which is to be used for the general maintenance and planned projects to be undertaken at the Condominium.