In this episode Chris Churchill, the President of FirstService Residential BC peels back the curtain and gives us some insight into the current state of the strata industry in British Columbia.
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Over 1.5 million people live in strata housing in the Province of British Columbia.
Let's face it, you'd rather watch reruns of the nightly news than read the Strata Property Act (And we can't blame you) Still, most people are at a loss when it comes to understanding such an important framework for how many of us live our lives in proximity with one another.
🎙Stratagize with Brent Anderson & James Milne features conversations with industry leaders and experts who share their knowledge to demystify an industry that impacts the lives of more than 1 out of 3 British Columbians.
Whether you are a council member, owner, investor, or renter, if you're looking for content that will bring value to your strata and help you get to the next level… THIS is it!
Listen to our latest episode, subscribe and rate us on iTunes. 👊
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🚨STRATA TIP:
Ensure your strata has a quorum bylaw. Quorum is the minimum number of members that must be present for a meeting to proceed. Often, new properties will have a basic set of bylaws that do not include quorum. Lets say you have an AGM or SGM and your quorum is 50 but only 30 people show up.
Without a quorum bylaw, the meeting is not able to proceed and is postponed for one week. With a quorum bylaw the meeting is delayed from starting by 30 minutes and any additional people that arrive in that time frame constitutes quorum and the meeting can proceed.
MAIN TAKEAWAYS:
🛠COVID made technology normal. Before COVID, councils would be reluctant to meet virtually, now its normal. People who travelled for a living missed on council meetings or AGMS.
🛠1400 licensees for 34000 stratas and the gulf is only widening.
🛠The only way to make up for the shortfall of managers is through augmenting service with technology and automating as many processes as possible.
🛠Stratas and management companies are going to need to be able to adapt to change. There are industry pressures, and market pressures such as inflation, vendor costs, materials costs.
🛠Mergers and acquisitions are going to become more common as the need for technology and resources will be out of reach for many firms.
QUOTES:
💬 "If someone went to UBC and took 20 courses they wouldn’t do particularly well with any one of those courses. It doesn't mean that they're not smart it just means they are completely overwhelmed."
💬"The strata industry today is short 400-500 managers. We need massive action to not only get people licensed but the complexity of the buildings coming online require experience."
💬"Customers expect everything in an instant, it’s the Amazon effect. You press a button and something arrives at your door the next day. The same expectation is happening in strata management. You send an email and you expect a response immediately."
MYTH VS FACT 🦄
"My strata manager doesn't care"
(MYTH) No one goes to work and wants to do a bad job. Your manager does care, they are likely just overwhelmed.
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