In this episode, Brent and James sit down with Tony Gioventu, Executive Director of CHOA BC who pulls no punches with his opinion on the strata industry and what is needed to turn it around.
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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:
Sign up for a CHOA membership
Being a council member is a big and important responsibility. Lack of knowledge is often sited as one of the main reasons more people don’t sign up to be a council member. Consider joining CHOA and participate in their education programs to skill yourself up to help you make better and more informed decisions for your strata.
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MAIN TAKEAWAYS:
🛠 Management fees are below what is reasonable
🛠 The industry is terribly short of strata managers, between 700-800 in the Province for 14,000 stratas that require management = 18 properties per portfolio.
🛠 Councils need to understand that proactively operating a portfolio worth hundreds of millions of dollars requires a level of a professional who is sought after in the job market. Prospective employers compete for these individuals with high paying positions.
💬 QUOTES
“Current door rate of $25 per month provides for a basic level of strata management, not an in-depth level of leadership around operations.”
MYTH VS FACT 🦄
“Keeping strata fees low makes it easier to sell your unit.”
(Myth)
Low strata fees are a signal that the property relies heavily on special levies to operate which only require 26% of votes to defeat the motion.
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