In this episode, Brent and James sit down with Roger Williams, Executive Director of PAMA who passionately advocates for the continuing education of strata managers.
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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:
Negotiate price strata management price increases.
Price increases have become a four-letter word this year. No one wants to pay more for anything and if there is an aspect in our control to approve or decline we may choose the latter. The implications of keeping management fees stagnant mean the company has to make choices... Either they pay their managers less, they increase the size of portfolios, or they reduce or remove support. Declining fee increases means accepting a decreased level of service. In most cases, a 5% increase equates to around $1 per month per unit. An increase like that should be easy to handle and budget for. What you are looking to avoid is an over correction where in a few years you are hit with a double-digit increase or face termination and enter the market with quotes averaging higher than your proposed increase.
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MAIN TAKEAWAYS:
🛠 Two components to strata manager education: Compliance & Competence
🛠 Strata management relicensing does not focus on competencies.
🛠 Education is more robust for the 26,000 realtors in the Province vs 1000 strata managers.
🛠 Strata management fees haven’t increased meaningfully since the 1980’s
💬 QUOTES
“You can’t get improvement without paying for it somewhere”
MYTH VS FACT 🦄
“Good service depends solely on the strata manager.”
(Myth)
The strata manager is an important piece in a big group of people that make your building and investment a healthy one.
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