Condominium owners face common problems and perils. Vertical City started off as a way to address those challenges using our experiences and software solutions to educate and support condominium boards in providing better value to owners.
Our First Test
In October 2019, we had an opportunity to put our ideas to the test, supporting our first condominium board. During that time we:
developed an energy analytics tool. Using historical utility bills and weather data, a forecast model was built to predict expected utility consumption and compare that to actual use. The model clearly identified an existing mechanical issue that had been unresolved for the previous two months, which had already cost the condo corporation more than $100k. Read more here.
developed a budget analysis tool. Software was developed to aggregate historical budget information from various sources, creating a trend visualization for any budget line item. The tool enabled the condo board to have more informed discussions about budget items.
performed reserve fund analysis. Research efforts were undertaken and showed a consistent reserve fund shortfall versus the reserve fund study projections. This analysis allowed the condo board to address this concern, and be more aligned with projections in the most current reserve fund study.
built a reserve fund management forecast tool. The forecast tool was built to observe the potential impacts of various reserve fund management actions. Market linked GIC investments were slowly added to the reserve fund in an effort to increase investment returns. Read more here.
Community Feedback Identifies Gaps
Connecting with Industry Professionals - Through conversations with professionals across various industries, it became apparent that our research and solutions were ahead of the curve, and in some cases we shocked industry experts with our approach.
Connecting with Other Condominium Boards - Conversations with other condominium boards in the community quickly highlighted the lack of solutions and support available for corporations to address the common challenges that the condominium community struggle with.
Motivated to help address the gaps uncovered, we created Vertical City to educate and provide support to the condominium community, with an objective to provide an online toolkit that would help everyone address these common challenges.
On a mission to provide every Condominium Owner in Ontario the tools they need to protect their home and grow their investment
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