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Salim Dharssi
CEO and Founder at Managemate, Condo Board Software
Salim Dharssi is a condominium expert and entrepreneur with extensive experience in condo board management and software development. He is the CEO and Founder of managemate, a software company that helps condominium boards and managers run their buildings more efficiently.23 Dharssi has served as a director on the board of his own condominium, where he gained practical experience in managing building affairs, planning projects, and completing maintenance work.5
In addition to his entrepreneurial pursuits, Dharssi is actively involved in the condominium industry:
- He volunteers on the Education Committee of the Canadian Condominium Institute - Toronto Chapter.2
- Dharssi has contributed to Condovoice magazine, writing articles on topics such as board member transitions.1
- He participates in and promotes educational events for condo board members, including courses on insurance fundamentals and governance.46
Dharssi's expertise in condominium management has led him to identify key strategies for effective board member transitions and onboarding.1 He also organizes digital meetups for condo board directors to share experiences and tackle common issues.7
His LinkedIn profile (username: salim-dharssi) reflects his professional background and involvement in the condominium industry.5
Highlights
The condominium industry in Ontario hasn't experienced the crisis happening in the Florida condominium industry. From the Miami Herald article linked below, in South Florida: “People are afraid to buy a condo,” McMenamin said. “What’s the advantage of it? The equity isn’t there. The maintenance fees are high.” 😨
In Ontario, long standing reserve fund requirements have mostly allowed condominium boards to perform the maintenance and repair required to keep their properties in good condition. We also haven't experienced massive insurance cost increases like in Florida, though costs are still on the rise and we're only one or two natural disasters away from insurance increases.
Good governance and the ability to make informed decisions - not only for the short term but with the long term in mind - is crucial for condominium boards to navigate the challenges they face, whether they are on Florida, Ontario or elsewhere.
What are your condominium boards doing to navigate these challenges in the industry today? ⁉️
Read more at: https://lnkd.in/grWyGd_3
#condominiums #boardofdirectors #propertymanagers #governance #boardoperations
Condominium boards are Canada's "fourth level of government." 🏛 This is an interesting observation by Isaac Callan from Global News.
It should be no surprise that the condo manager shortage is driving up fees for condo owners and residents, but this is just one cause. Inflation has hit condos hard too.
What are condominium boards doing to protect their owners' investments and controlling their costs? At managemate, we spend our time on the "front lines" of this issue every day. It's not easy, but there are ways.
Here are some other key takeaways from this Global News article:
1️⃣ “The [Ontario] government is aware that, across the country, the growth in condo housing in recent years has resulted in an increasing need for condo management,” - Spokesperson for Ontario government
2️⃣ New condos give managers extra factors to content with. "The buildings being built now are far more complicated, ... They’re being mixed with commercial, there are hotels in them, there’s short-term rentals, there’s really complicated sharing facilities.” - Eric Plant, President of the Association of Condominium Managers of Ontario
3️⃣ The manager shortage and glut of new buildings have driven up pay. Senior managers, who can be in charge of between 2,000 and 4,000 units, could net salaries between $120,000 and $220,000 per year, “depending on your portfolio.” - Anne Burgoon, VP of Eastern Ontario Property Management Group.
#condominiums #boardofdirectors #propertymanagement #ontario
https://lnkd.in/gjAK3qhc
