New firm to facilitate condo management in Gatineau
A Montreal engineering consulting firm striving to provide reliable and advanced solutions that meet the needs of condominium owners has arrived in town.
Djeneba Dosso
The adoption of Bill 16 in April 2019 shifted the condominium industry in Quebec, imposing new responsibilities on its administrators. The legislation, which obligates syndicates of co-owners to conduct a contingency fund study every five years, left many scrambling to meet the province’s new requirements. This is where Regisco, a Montreal-based consulting firm fits in. Forging themselves in the industry as leaders in contingency fund studies and maintenance book management, the firm has announced its expansion into Gatineau.
“The contingency fund study is crucial to anticipate replacement work and major repairs in a condominium,” explained Kayci Ozorai, co-founder of Regisco.
A contingency fund study provides a thorough assessment of long-term financial needs. Expert reports are then produced into recommendation based asset management plans. The province requires these studies because such planning facilitates the availability of funds for major works and ensures intergenerational equity in contributions. Bill 16 also allows for regular and predictable contributions as well as reduced contributions through increased interest income.
“In setting up this fund, the financial contributions take into account the specific features of the declaration of co-ownership, in particular the common areas and restricted-use common areas for which the syndicate is responsible.”
The Montreal firm was founded in 2018 and quickly acquired success by offering condo owners an easy planning and organization system that stood out in the crowded environment of condo management software.
“Very few companies offer this expertise locally, despite legislative requirements,” said Ozorai. “Regisco’s services will bring significant added value to local syndicates of co-ownership in Gatineau. Our local impact consists, first and foremost, in making these services accessible at regional rates, without high travel costs. We are committed to ensuring the proper aging of our real estate assets by providing expertise, support and tools for proactive, preventive building management.”
Among those tools is Regisco’s digital maintenance log, introduced in 2018 as well. The first of its kind filing system allows administrators to track and plan inspections, maintenance and major work autonomously. “The maintenance logbook records all maintenance and repair work, providing a clear, up-to-date picture of the building’s needs,” added Ozorai. The management tool also provides other features, including a pension fund module that tracks and forecasts future expenses. Similar to their quick adjustment to Bill 16, the firm is continuously working to add more features to optimize the use of their digital logbook.
“Although some of the specifics of Bill 16 are still pending, Regisco is helping unions to comply,” the co-founder added. While new in town, the firm hopes to make the lives of Gatineau administrators a little easier as they adopt the new age of condominium management.
“Regisco offers self-management tools so Gatineau administrators can better manage their buildings and effectively plan needs and resources, avoiding costly financial surprises for co-owners. By offering these services locally, Regisco contributes to the financial stability and value preservation of real estate investments in the region.”
https://www.regisco.ca/etude-de-fonds-de-prevoyance/gatineau
Photo caption: Regisco, a Montreal-based engineering consulting firm is providing a new way to plan inspections, assess maintenance and track major work digitally. Their digital maintenance log, introduced in 2018, is designed to help condominium administrators manage activities efficiently.
Photo credit: Courtesy of Regisco.