Everything You Need To Know About Financial Statements: Best Practices For A Financially Healthy Strata
Release Date: 04/13/2023
Charging forward: A strata’s guide to EV readiness
Stratagize
Electric vehicles are here to stay – is your strata ready? Lee MacFarlane from Edwards Mechanical breaks down the process for making a building EV-ready. From infrastructure upgrades to funding, he covers key steps, and what councils need to know to future-proof their building. Connect with Stratagize: Connect with Brent Anderson Connect with James Milne
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Perfecting the RFP process: Council alignment tips for new management
Stratagize
In this episode of the podcast, we explore how strata councils must align during the RFP process when selecting new management. Guests Dave Calloway, Regional Vice President with FirstService Residential, and Kim Palmieri, Vice President Sales & Operations East Region, share expert insights on avoiding common mistakes and ensuring smooth decision-making. Tune in to learn how to navigate this complex process and secure the right management team for your community. Connect with Stratagize: Connect with Brent Anderson Connect with James Milne
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Making data driven decisions: The power of BENCHMARK
Stratagize
In this episode, CEO David Diestel discusses the groundbreaking Benchmark report from FirstService Residential. Packed with critical financial data for high-rise communities, this report is essential for budget-savvy boards. From maintenance fees to reserve funds, this guide supports boards to confidently back their budgetary decisions with data. Discover how this resource could transform your budget meetings. Our commitment to Life, simplified. Connect with Stratagize: Connect with Brent Anderson Connect with James Milne Get the Guides:
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First-Year Frustrations: A Strata Council Survival Guide for New Builds
Stratagize
In the first year of managing a newly built strata, councils often encounter unexpected issues with developers, from deficiencies to lack of money. This episode delves into the common frustrations councils face in new builds, offering practical advice to overcome initial hurdles and ensure long-term success. Tune in for expert tips, red flags to watch for, and essential survival strategies to help your council navigate the first-year journey with confidence.
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Council’s Toolkit: Combatting unsafe behaviour with bylaws
Stratagize
In this episode, Brent and James explore how strata councils can effectively address unsafe behavior, bullying, and harassment by utilizing their most powerful resource—bylaws. Return guest, Lisa Mackie, Partner and Strata Lawyer with AHBL breaks down the key steps councils can take to enforce bylaws that promote safety and respect within their communities. Join us as we discuss practical strategies for using bylaws to foster a secure and harmonious strata environment.
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Mandatory depreciation reports are the tip of the iceberg
Stratagize
Brace yourself for the new era of depreciation reports that’s rewriting the rules for strata corporations. We discuss the sweeping changes and their profound implications for future planning and asset management. Learn how these pivotal changes will impact future planning and why it’s just the beginning.
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The art of the deal: Key aspects of negotiating contracts for strata councils
Stratagize
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The question every strata buyer should ask (but doesn't)
Stratagize
In this episode, Brent and James are joined by Matt Scalena, one of the hosts of the ever-popular Vancouver Real Estate Podcast. Together they discuss the impact a realtor has on the dynamic landscape of purchasing in a strata. This is a must listen for any first time home buyers and those new to strata living. Connect with Stratagize: Connect with Brent Anderson Connect with James Milne
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Building the future: Inside a groundbreaking training program for Strata managers
Stratagize
The strata management industry is eager for new talent, but more crucially, it demands well-trained strata managers. Given the fast-paced nature of the field, managers are often thrust into their roles and expected to learn on the job. We had the opportunity to speak with the insightful Katherine Olson, Associate Broker in Strata & Rental Management, who specializes in training and development. She shared her perspectives on the challenges and solutions for providing reliable training to get strata managers well prepared and confident. Connect with Stratagize: Connect with Brent...
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Unlocking Inbox Zero: Transforming Email Management
Stratagize
Waiting days for a response from your strata manager? It’s a frustration many strata residents face. What if there is a solution? Explore the frontier of efficient communication and modern email management with Lielin Chester’s game-changing approach to strata management email... 64% of all resident email is resolved in four hours! Listen in to learn how this revolutionary approach goes beyond swift & efficient responses, and a more accessible manager to prevent burnout, turnover, and improving work-life balance for strata managers. Connect with Stratagize: Connect with...
info_outlineEverything You Need To Know About Financial Statements: Best Practices For A Financially Healthy Strata
In this episode, Brent and James speak with Isadora Goh, Vice President of Client Accounting for FirstService Residential who shares tips, advice, and red flags when reading financial statements.
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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:
Take the backstory into account when reviewing financials. Is the CRF low because a large project was held in past few years? Are you over budget on a line item because of an annualized expense?
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MAIN TAKEAWAYS:
🛠 Four main documents: Operating budget, financial statement, balance sheet, operating statement.
🛠 Number one advice: Prepare a balanced budget
🛠 Provincial Government has introduced legislation for mandatory 10% contribution of annual operating fund to CRF effective November 1, 2023.
💬 QUOTES
“Don't just increase your budget by a set percentage. Take a look at your expenses and build your budget each year.”
MYTH VS FACT 🦄
“Low strata fees are better for resale”
(MYTH)
Lower strata fees mean smaller operating budget and less money for curb appeal and CRF. A building with a higher CRF is a better investment as the purchaser is more likely to be protected from special levies.
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