Effective vendor management for strata corporations

Strata corporations need to have policies in place to function well. However, if you create new rules without adequately considering all their potential effects, or if you don't enforce them properly, things can go awry. Follow these tips when creating strata policies to avoid creating problems within the community.

If your community is managed by a strata management company, you probably have an after-hours number you can call for urgent issues. But what if you simply want to take care of day-to-day strata business? “People don’t operate in normal business hours anymore,” says Rolando Hernandez, national customer care director at FirstService Residential. “Residents and council members need to be able to take care of strata business how and when it’s convenient for them.”

A depreciation report provides an inventory of your Strata Corporation’s common property and assets, their projected 30-year maintenance and replacement cost. It is a useful tool for Strata Councils when it comes to budgeting for capital projects and it also gives transparency for owners and buyers on the building.

Your strata council may not want to think about future expenses given what you need to spend money on today. But eventually, you’ll need to fund the repair or replacement of your building’s big-ticket components. Whether that means replacing the roof, overhauling the elevators or installing a new heating and cooling system, you can’t overlook these projects. So how does your strata plan to pay for them?
 

So how do you determine which property management company will provide your strata with the best service? Here are 10 important questions that you should ask when consulting with strata management companies to help you make an informed decision.

So, your council has been self-managing your strata, and now you’re ready to hire a strata management company. Good decision! At first, you feel relief and then... panic sets in.  This is a big decision. How do you go about finding a reputable company that will dedicate itself to ensuring the safety and happiness of you and your neighbours? How do you know you’re making the right choice?

The relationship between a strata corporation and its property management company is similar to most relationships in your life: its success hinges on effective communication.

In the interest of transforming mystery into a portrait of the industry’s reality, you’re invited to consider (that is, re-consider) these eight myths about property management firms.

All strata corporations have bylaws. Bylaws affect a strata lot owner’s rights and responsibilities and how a strata corporation operates. Strata corporations can have bylaws which can: establish quiet hours, ban smoking in common areas, allow certain types of pets, restrict the rental of residential units, or even specify the type of window coverings.

One of the most crucial ways to protect your strata corporation’s financial health is by staying on top of your property’s maintenance and improvements. To manage this well, you need to have a means for attending to required preventative maintenance and regular maintenance. Here’s what that should entail.