What To Expect From Your Strata Management Company

What To Expect From Your Strata Management Company

In British Columbia, many commercial and residential buildings operate as a strata. This means that individual property owners share common ownership of parts of the building as well as ownership of their individual lot. A strata management company can help to manage the day to day activities and obligations of the strata building and work with the strata council. 

What is a Strata Council

A strata council is formed of owners of the property elected to be on the board. As the managing body for the strata corporation, council members will make decisions that affect the daily operations of the building. Their job is to ensure that everything in the building is running as smoothly as possible. The council must operate according to the Strata Property Act, regulations, bylaws and rules, and majority vote of the owners.

What does a Strata Management Company Do

Each strata building must operate under the Strata Property Act and according to the building’s bylaws and rules. A licensed strata manager is educated and knowledgeable about Strata legislation and can guide the Strata council as they make decisions to abide by the law. Managing a co-owned building can be complicated and a strata manager can help. 

There are a range of strata services a company can provide. Services often include building management, administration services, and financial management. Some of what you can expect to contract a strata property management company to offer might include:

Building Management

  • Building Maintenance
  • 24-Hour Maintenance Emergency Service
  • Trade Supervision
  • Site Inspections
  • Long Term Planning for projects such as replacing the roof or updating balconies
  • Preparation and administration of the Depreciation Report
  • Training and managing any onsite Staff
  • Insurance and Insurance Appraisal
  • Attendance at Strata Council Meetings for input and recommendations
  • Prepare and distribute Annual/Special General Meetings notices in accordance with the Strata Property Act.  
  • Legal Arbitration

Financial Management

  • Monthly Financial Statements
  • Annual Budget
  • Strata Fee Collections
  • Special Assessments
  • Payroll Administration
  • Trade/Utility Payments
  • Bank Account Management
  • Individual Strata Fee Statements
  • Contingency Funds

Administrative Services

  • Strata Bylaw Administration and Infractions
  • Correspondence from owners and residents
  • Meeting Minutes of regular Council, Annual or Special General Meetings
  • Contract negotiation and finalization to protect the interests of the property
  • Strata Property Act Interpretation
  • Real Estate Services Act
  • Owners’/Tenants List
  • Parking/Lockers database maintenance
  • Form “K” Notice of Tenant’s Undertaking on file
  • Dealing with forms/documents requests
  • 3/4 Vote Resolution

A strata council will make decisions about which property management services will best serve their building and then hire a strata management company to help.

How to Hire Strata Management Services

The strata council can enter into a contract with a strata management company on behalf of the strata corporation. For new developments, the owner-developer can enter into an agreement for strata management services that may also include the start-up of the strata. There are rules and regulations about contracting strata managers. For this and other reasons, it is important to hire someone with strata management licensing. 

Duties of a Strata Manager

Strata Managers become licensed through the BC Financial Services Authority and are obligated to provide services following common law and statutory duties and to also comply with the Real Estate Services Rules. As listed on their website, these are:

  • undivided loyalty to the strata corporation;
  • to obey all lawful instructions of the strata corporation;
  • to keep the confidences of the strata corporation;
  • to exercise reasonable care and skill in performing all assigned duties; and
  • act in the best interest of the strata corporation;
  • act in accordance with the lawful instructions of the strata corporation;
  • act only within the scope of the authority given by the strata corporation;
  • advise the strata corporation to seek independent professional advice on matters outside the expertise of the strata management company;
  • maintain the confidentiality of information respecting the strata corporation;
  • disclose to the strata corporation all material information respecting the company’s strata management services and the strata property itself;
  • take reasonable steps to avoid any conflict of interest; and
  • if a conflict of interest does exist, promptly and fully disclose the conflict to the strata corporation.

Let us Know How We Can Help

If your strata council is looking to engage the services of a strata management company, we’d be pleased to provide you with a proposal. We provide a full range of strata management services and can also customize our services if you’d like additional support, consulting, or only specific services. We provide strata management services throughout British Columbia in Vancouver’s Lower Mainland, Fraser Valley, Whistler/Squamish, Vancouver Island, the Okanagan Valley, and Northern BC.

 

 

 

 

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