True Financial Stability

Posted on Friday November 03, 2017

A strong, healthy strata corporation requires every facet of property management to work in sync toward one common goal...true financial stability. This all starts with creating a strategic plan and developing a road map using the annual budget, depreciation report (if the strata has one) and the strata corporation’s investment strategy. So keep the following in mind when navigating toward success:
  • Defining the purpose of the strata corporation and sharing the core values with residents can make it easier for new volunteers to participate and for homeowners to support the community’s long-term plan.
  • Protect the strata from equipment failures and extend the life of major components by working with local trades to incorporate preventative maintenance expenditures into the annual operating budget.
  • Take a predictive maintenance approach by scheduling proper inspections to gauge which equipment and facilities are operating at optimum capacity, which are on the path of requiring attention and which need immediate action.
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