Your relationship with your strata management company is exactly that: a relationship
. And just like with any relationship, it’s a good idea to take stock every once in awhile to make sure it’s as healthy as it can be.
Of course, for strata corporations, this means more than just the sense of fulfillment that comes from prompt and attentive service by your strata management company. For a truly healthy relationship, that personal commitment has to come along with other essentials. Here’s a quick look at what makes a strata management company relationship-worthy. If you can check off each of the following with an enthusiastic “yes,” then you’ve got the right firm.
1. They make it easy.
That’s the whole reason for partnering with a strata management company, right? They’ll assume the critical financial and administrative functions, along with vendor and community relations, too. Yet those essential services are simply a starting point. You’ll know you’ve found a partner for the long-term when your strata management company finds innovative ways to make everything easier and more efficient. One example? Technology. Today’s strata management companies should offer a web-based portal that puts them at your disposal 24/7 – offering streamlined management and tracking tools in the process. After all, being a council member is an around-the-clock commitment. Your strata management company should be willing to make that commitment, too.
2. They can act like a small firm – and a big one too!
Small companies can deliver genuine customer service and build long lasting personal relationships, but this often comes at a higher price because they lack purchasing clout. Big companies, on the other hand, can keep prices down, but this sometimes comes at the expense of a quality customer service experience. So is it too much to expect the best of both worlds? Not at all! Today’s best strata management companies are global entities comprising local market leaders. That way you get people who know your community, know local concerns and know the best vendors who perform the highest quality work – backed by the resources of a much larger organization. That means great personal service, plus lower-than-ever vendor prices by virtue of the power of bulk purchasing. Think of it as the friendliness and accessibility of the little guy, paired with the power of a big one.
3. They can predict the future (almost).
If you’ve been a strata council member long enough, you know to expect the unexpected. Surprises happen. But great service from your strata management company involves always looking ahead. You’ll know you’re getting the most from your firm when they anticipate challenges – and address them – before they even arise. For the best companies, being proactive is the only way to be. This includes preventive upgrades, maintenance and modifications that are more cost-effective to address sooner rather than later (when they’re full-scale emergencies). Keeping one eye on the future has a way of making things a lot better here in the present.
4. They know that higher yields are as essential as lower costs.
Some strata councils are content with a firm that saves them money. That’s the whole point of a strata management firm, right? Well, the truth is that’s only half the equation. The growth and security of your community’s trust funds are the backbone of your long-term security. And it takes a special kind of strata management company – one with strong relationships with national banks and credit unions – to ensure you’re enjoying the highest possible yield on those funds. The same goes for your operating accounts. The right firm will realize that growing these accounts is just as critical as minimizing the expenses that diminish them. The difference? Not all strata management companies have the power to negotiate more beneficial yields from your bank.
So how’d you do? If you got anything less than four out of four “yeses,” then start a dialog with FirstService Residential here.
We’ll show you how we can not only fulfill your expectations, but also exceed them.