The Albert Corporation's property managers and maintenance department will conduct regular site inspections as part of an aggressive preventative maintenance program. Through frequent site visits to the property, your buildings will be constantly evaluated with an emphasis on improvements. This enables us to recognize and correct today's problems before they become tomorrow's costly emergencies. It is evident, that the Trustees have made a conscientious effort to maintain the building with the highest standards. We will continue that effort by keeping an on-going, prioritized list of all future maintenance issues, large and small.
An important component of the preventative maintenance process involves long-term maintenance planning. Major system failures or unexpected capital repairs can cause financial distress to any Condominium. Preventive financial and maintenance planning can avoid these surprises. As part of our regular management fee we will maintain the current systems and perform a general conditions survey. For an additional fee, we will examine and inspect the major systems of the building. This will allow us to determine the estimated life and future replacement costs as well as provide an extended 5-year capital reserve and expenditure plan. Some examples of our long-term planning will involve analysis of the following:
> Roof replacement/ repair costs
> Heating system improvements
> Landscaping and grounds improvements
> Window replacement
> Common area improvements/re-decorating
> Masonry repair and maintenance
The Albert Corporation will work side by side with the Trustees to determine the best preventative maintenance program and capital repair schedule. Once a plan has been established these steps follow:
The Albert Corporation researches potential contractors for the project. If necessary, a specification is written for the scope of work. The Albert Corporation contacts the contractor and arranges a meeting and evaluation of the project. The contractor prepares a detailed bid and it is submitted to The Albert Corporation for review. After obtaining a reasonable number of bids from contractors and checking their references, The Albert Corporation presents the bids to the Trustees for review. If any of the bids presented are satisfactory to the Trustees, the contract is signed and the contractor is notified. Depending on the project size, a plan is formulated including a start date, a schedule of construction administration, if applicable, and any other necessary project specifications. Upon completion of the project, an inspection of repairs improvements is scheduled. Vendor payment is contingent upon satisfactory completion of the project. A complete file of punch lists, payment records and warranties is kept at The Albert Corporation for future reference.