The Financial Time Bomb: Accounts Receivable and Your Budget
Stratagize
A large accounts receivable (AR) can be more than just an inconvenience for a strata, it can cripple its ability to operate. In this episode Oscar Miklos, founder of Refresh Law returns to reveal the hidden risks of letting unpaid strata fees linger and provides actionable strategies on how to recoup those funds. Connect with Stratagize: Connect with Brent Anderson Connect with James Milne
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Why I Sold My Strata Management Company
Stratagize
After years of battling rising costs, shrinking margins and growing client expectations, Sanjay Maharaj made the tough call to sell his business. In this episode he breaks down the challenges that led to that decision and what it means for the future of strata management. Connect with Stratagize: Connect with Brent Anderson Connect with James Milne
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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
info_outlineIn this episode, Brent and James meet with Chris Churchill, President of FirstService Residential BC to discuss significant challenges the strata industry is heading towards over the next few years and the implications this has for strata corporations and residents.
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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. đź‘Š
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STRATA TIP:
Take advantage of the multiple avenues for strata education. Whether that is signing up for a membership with CHOA, CCI or registering for the webinars or events that we conduct. Smaller stratas are very likely to see a reduction in their level of service over the next decade requiring the council members to be more hands on. Getting skilled up with available education will be a key to your stratas success.
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MAIN TAKEAWAYS:
- Up to 50% of strata managers will be retiring in next 5-10 years. The industry will move from being underserved to completely overwhelmed.
- As the supply of strata managers dry up, management services will be rendered from the top down, where the largest buildings receive coverage. This supply will start to run out at around 80 unit buildings. This will result either in massively increased management fees or these buildings will end up being self-managed.
- To keep people in the industry, companies need to invest in technology so that strata managers are not overwhelmed with thousands of emails per month.
- The most successful properties/councils cooperate with their strata manager, it is not a one-sided relationship.
QUOTES
“We don’t need government intervention, we need government cooperation to speak with industry leaders to understand the complexity of the housing issue and the role strata plays in this situation.”
MYTH VS FACT
All management companies are the same.
(Myth)
If that were true then all companies would be managing the same type of asset and that is simply not true. Some specialize in small boutique properties, others specialize in large developments.
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RESOURCES
8 steps to going out to bid
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