In this episode Sean Ingraham, Senior Vice President speaks about the differing business models of strata management companies and how that has an impact on the customer experience.
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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:
If you're finding it difficult to keep on top of council communication via email, consider using a messaging app such as Slack.
The most impactful benefit is that you could set up separate channels for the common topics of conversation such as Budget, Landscaping, Bylaws, just to name a few. Within each channel, the conversation is organized chronologically so it is very easy to follow. It also allows posting of photos and uploading of documents like vendor quotes for easy reference and discussion.
MAIN TAKEAWAYS:
🛠 What is strata - form of home ownership (unit) plus indivisible portion of common property.
🛠 Alberta, BC, Chicago are portfolio. Elsewhere in North America your manager works in your building.
🛠 8 buildings per strata manager. Common to have 16 and up
🛠 Doing the strata management course is the easy part… being able to handle fast pace, high demands and make critical decisions takes a certain person. A lot of people who enter don't last for long.
🛠 More training and access to experts is needed. Building systems much more complex, cost sharing agreements, legislation, more compliance, more communication. Expectations on managers are higher and expectations & speed of response are higher. The solution has to be technology based.
🛠 Hosting community events is the best security asset you have. People who have bonds to their community have more pride of ownership. Money should be allocated in the budget for this.
🛠 Holding a townhall can be crucial to ensuring resolutions pass at the AGM and don't get bogged down by debate.
QUOTES:
💬 "An extra cent per square foot spent on curb appeal over 5 years can see an increase of $35-40k in property value"
💬 "If we can't correct the number of people entering the industry, large stratas will be served alright, but small properties of 100 units or less likely won't have a strata manager and will have to self-manage or they will pay a very high amount."
MYTH VS FACT 🦄
"All strata management companies are the same"
(MYTH) Lots of different size of companies. Smaller companies don't have the resource capabilities that larger firms do.
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