Guide
How to choose a reserve fund study provider: 12 questions to ask
The study sets your contributions for years, so the provider matters more than the price. Before you hire anyone, confirm the person signing is qualified in your province and independent of the corporation, then compare what each quote actually includes. These are the questions to ask, and what a good answer sounds like.
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Is the person who signs the study qualified in our province?
Why it matters: Each province lists the professions allowed to prepare a study, and a study signed by someone outside that list does not comply.
A good answer: A named person with a designation on your province’s list. Ask for their registration number and check it with the regulator.
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Are they independent of our corporation, board and manager?
Why it matters: Every province requires independence. A provider tied to the developer, a director or the management company cannot sign your study.
A good answer: A written statement of independence in the proposal.
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Will they inspect the property in person?
Why it matters: Condition drives the plan. Most provinces require an on-site visual inspection for a full study.
A good answer: A site visit included in the scope, with photos of components in the report.
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Who actually does the site visit and writes the report?
Why it matters: Some firms send one person to inspect and another to write, or subcontract parts of the work.
A good answer: A clear answer naming who inspects, who writes and who signs.
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Does the projection cover every component over the full horizon?
Why it matters: A study that leaves out components, or projects fewer years than your province requires, understates what owners will owe.
A good answer: At least 30 years (25 in Saskatchewan) and a complete component inventory.
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How many funding models will we get?
Why it matters: One recommendation gives the board nothing to compare. BC requires at least three funding models.
A good answer: More than one funding option, with the effect of each on contributions and on the risk of a special assessment.
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How long until the first draft?
Why it matters: Deadlines, AGMs and budgets all depend on it, and some providers book months out.
A good answer: A committed date for the first draft. Ours arrives about 30 days after the board approves the quote.
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How many meetings with the board are included?
Why it matters: The board has to understand the plan to adopt it, and questions come up after the draft.
A good answer: At least one draft review meeting, and a clear price for more.
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Can we see a sample report?
Why it matters: A sample shows whether the report is clear enough for owners to follow, and whether it has photos.
A good answer: A real report format, not a brochure. Ours are on our sample reports page.
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What happens between studies?
Why it matters: A study is a snapshot. Costs move, work comes in early or late, and contributions are set every year.
A good answer: A way to keep the plan current, such as software or an annual update, and what it costs.
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What exactly is included in the price?
Why it matters: Quotes that look cheaper sometimes leave out meetings, revisions, travel or updates.
A good answer: An itemized scope, and the price of anything that is extra.
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Who else like us have they worked with?
Why it matters: Experience with your building type and your province matters more than size.
A good answer: References from property managers or boards with similar buildings.
Who can sign in each province is set out in our requirements by province guide.
Common questions
How do I choose a reserve fund study provider?
Confirm the person who signs is qualified in your province and independent of the corporation, that the study includes an on-site inspection and covers the full required horizon, and compare turnaround, meetings, sample reports and what happens between studies. Compare scope as well as price.
Is an engineer better than a certified reserve planner?
Both are qualified in most provinces. What matters more is experience with your building type, independence, a real site inspection and a clear report. Reserve Plus studies are signed by an engineering professional (a P.Eng. or C.E.T.), and priced in line with certified reserve planners and appraisers.
Should we always take the lowest quote?
Not without comparing scope. Check what is included: site visit, number of funding models, meetings, revisions and support between studies.
Ask us all 12
Request a quote and the PDF answers most of them up front: scope, timing, meetings and what happens between studies.
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