Stratagize

Brent and James welcome Paul Mendes from Lesperance Mendes to shed light on the topic of strata windups. In this episode, owners will gain valuable insights into what they need to know about strata windups, discover common mistakes to avoid, and learn about the key steps involved in the process. With expert guidance and practical advice, this episode equips owners with the knowledge to navigate strata windups successfully and make informed decisions for their properties.

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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. 👊 _________________________________ 🚨 STRATA TIP:The number one mistake councils make with windups is they don't communicate enough with the owners. Ensure your process provides owners with all the information required. Consider holding townhall meetings.

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MAIN TAKEAWAYS:🛠 Windups are the voluntary termination of the strata corporation. The process requires an 80% vote of all owners.

🛠 Developers recognize prime targets are stratas with bad depreciation reports which drives prices lower.

🛠 Most strata windups fail at the 80% vote

🦄 MYTH VS FACT A windup is forced onto strata owners. They won't have a say in the process.

(Myth)

Owners have quite a bit of influence at SGM. Owners can lobby other owners, get proxies, drum up oppostion.

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Connect with Paul MendesLinkedin _________________________________ RESOURCES 8 steps to going out to bid Decision making tool

In this episode, Brent and James dive into the world of strata warranties with Naomi Rozenberg, partner with Lesperance Mendes and equip you with knowledge & best practices to navigate the process with confidence. Understanding and implementing these tips will help ensure a smooth and successful warranty experience.

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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. 👊 _________________________________ 🚨 STRATA TIP:Set expectations with your strata manager around their level of involvement with the warranty process.

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MAIN TAKEAWAYS:🛠 Five key reporting deadlines that are tied to the commencement date: 12 month, 15 month, 2 year, 5 year and 10 year.

🛠 Engineering reports can take six months to complete. Plan well in advance of your deadlines.

🛠 Read through warranty manual & create calendar reminders for key dates & deadlines. Read through maintenance manual, review recommendations and create spreadsheet of what needs to be done & when.

🛠 Watch out for warranty deadlines that expire at 12:01am

🦄 MYTH VS FACT The strata corporation is responsible for deficiencies in the strata lot.

(Myth)

Strata corporations are responsible for deficiencies with common and limited common property.

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Connect with Naomi RozenbergWebsite

_________________________________ RESOURCES 8 steps to going out to bid Decision making tool

In this episode, Brent and James meet with Alex Chang, partner at Lesperance Mendes and delve into the intriguing world of the Civil Rights Tribunal and its effect on resolving strata matters. While the tribunal's approach is lauded for its quick and efficient justice, there are concerns that the decisions reached may not always be well-informed. Council members are presented with essential insights and considerations to navigate this complex landscape.

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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. 👊 _________________________________ 🚨 STRATA TIP:Unmet expectations are the biggest source of complaints. Understand the four keys to proper expectation setting: Set vs unset & realistic vs unrealistic.

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MAIN TAKEAWAYS:🛠 CRT decisions are quick & dirty and may not be as well informed and the normal rules of evidence do not apply.

🛠 A common mistake is a strata council responding to a claim on their own without assistance of a lawyer.

🛠 Tip when writing a CRT claim is to ensure that what you are seeking is clear. If the order is not clear the CRT might not be able to enforce that order.

🦄 MYTH VS FACT A strata council cannot enlist a lawyer to assist them with their response.

(Myth)

A strata lawyer can assist the strata in the background with many aspects of the process up to drafting the full resposne they can copy and paste.

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Connect with Alex ChangLinkedin

_________________________________ RESOURCES 8 steps to going out to bid Decision making tool

Join hosts Brent and James in an eye-opening conversation about BC's housing crisis. With thousands of people flocking to the region each month, the demand for housing is reaching unprecedented levels. However, the alarming reality is that the supply falls far short of meeting this surge in demand, setting the stage for an imminent price surge that threatens to leave countless individuals without affordable homes. In this captivating episode, they sit down with Brendon Ogmundson, Chief Economist with the BCREA to unpack the ineffectiveness of government policies aimed at curbing demand. Prepare to be shocked as they unveil a startling revelation: This is not a housing bubble; its an expensive game of musical chairs where the stakes couldn't be higher.

Don't miss this enlightening podcast that confronts the housing crisis head-on and paves the way for meaningful discussions and potential solutions.

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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. 👊 _________________________________ 🚨 STRATA TIP:Understand the difference between outcomes and needs. Put some thought into the root causes behind the problems you are facing. Whatever is required to solve those root causes become the actual need which results in the desired outcome.

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MAIN TAKEAWAYS:🛠 Immigration is going to bring about 100,000 people into British Columbia annually.

🛠 To match supply with demand, the BCREA is calling for 45,000 units per year to be completed (25% increase over current rate of completion. CMHC is calling for 80,000 units per year to be completed.

🛠 Speed of completion is one of the bigger issues. 10 years ago it took 12-15 months, today completion takes over 24 months.

🛠 Government policies aimed at addressing demand have not had the desired effect. Focus is needed on the supply side of the problem.

QUOTES

"It's [housing crisis] is a huge problem, it's taken ten years for policy makers to figure out the issue is supply."

" We're getting to a bad place. There is a bunch of demand and not much supply so prices are raising at an unsustainable rate."

"Affordability is not a problem that politicians can fix."

🦄 MYTH VS FACT Is the housing bubble going to burst?

(Myth)

We've had so many economic shocks and none of them had an impact on home prices.

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Connect with Brendon OgmundsonLinkedin

_________________________________ RESOURCES 8 steps to going out to bid Decision making tool

In this episode, Brent and James discuss Bill 44 with Jamie Bleay, partner at Bleay Both Uppal LLP. An in-depth look at the controversial removal of rental & age restrictions for stratas 2009 and older.

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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. 👊 _________________________________ 🚨 STRATA TIP:If you have old bylaws that are no longer enforceable due to changes in legislation, consider having a strata lawyer review and edit them and have them passed at an upcoming AGM. This is good practice to do every 5-10 years.

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MAIN TAKEAWAYS:🛠 The removal of rent restrictions affects about 2,900 empty strata units as determined under the Speculation & Vacancy Tax.

🛠 Stratas are leaving old restriction bylaws on the books as a passive (and unenforceable) deterrent.

🛠 Occupancy limits are a growing area of inquiry in Mr. Bleay's practice.

🛠 A strategy for making rental less attractive may be to increase the move in/out fee.

🦄 MYTH VS FACT Bill will 44 have a detrimental impact on pre-2009 strata corporations.

(Myth)

Jamie sees Bill 44 having very little impact at all.

_________________________________ Connect with StratagizeWebsiteLinkedinEmail Connect with Brent AndersonLinkedin Connect with James MilneLinkedin

Connect with Jamie BleayLinkedin

_________________________________ RESOURCES 8 steps to going out to bid Decision making tool

In this episode, Brent and James discuss privacy with Veronica Franco, partner & strata lawyer with Clark Wilson LLP. An in-depth look at the roles and responsibilities of strata corporations to protect your personal information.

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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. 👊 _________________________________ 🚨 STRATA TIP: Ask your management company what steps they take to ensure your private data & information is protected. It's your information you have a right to know how its safeguarded.

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MAIN TAKEAWAYS:🛠 A strata corporation is constantly collecting personal information.

🛠 Generally you can't use cameras to enforce bylaws, however if cameras are a last resort and the infraction is causing hardship to the strata then camera footage may be used to enforce bylaw infractions.

🛠 The biggest mistake councils make is they think the strata should be redacting personal information. PIPA maintains that if information is requested under SEC 35 of SPA then information shouldn't be redacted.

🛠 Strata records are the book of accounts and correspondence to and from the council. If the council is just emailing each other and the strata manager is not copied those emails do not form strata records.

QUOTE "Strata management companies need robust systems in place to protect strata residents banking information."

🦄 MYTH VS FACT Can a strata council install cameras without owner approval?

MYTH

Under the SPA – not allowed to used Operating fund money for expenses that occur less than once per year

Under PIPA – Not allowed to operate cameras until you have documented need for cameras, obtained consent, put up signage and followed the rest of the steps required.

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Connect with Veronica FrancoLinkedin

_________________________________ RESOURCES 8 steps to going out to bid Decision making tool

In 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. 👊 _________________________________ 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 Decision making tool

In this episode, Brent and James discuss the rental market and insights on how to be a good landlord with Keaton Bessey, managing broker of Greater Vancouver Tenant and Property Management Ltd.

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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. _________________________________ STRATA TIP:The council president is no different from any other council member except an additional vote in the event of a tie. They do not control council's decision. Each member must have an opportunity to speak and to vote.

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MAIN TAKEAWAYS:

• The biggest mistake landlords make – Don't have a process nailed down for tenant screening, and not enough experience & metrics

• Landlords & tenants don't have to be stuck with the 2% rent cap. They can negotiate mutually agreeable terms

• A good affordability metric is that takehome pay is 3x the monthly rent. If the math is not good, the risk of tenancy issues is much higher.

QUOTES"Tenant screening is like a water filter, they pass through multiple stages"

"Bad tenants come from bad landlords"

MYTH VS FACT The relationship between tenants and landlords is negative.

(Myth)

Landlords and tenants are not two classes of people. Its not even mutually exclusive as tenants can be landlords. The media and polarization makes people choose sides.

_________________________________ Connect with StratagizeWebsiteLinkedinEmail Connect with Brent AndersonLinkedin Connect with James MilneLinkedin

Connect with Keaton BesseyLinkedin

_________________________________ RESOURCES 8 steps to going out to bid Decision making tool

In this episode, Brent and James talk with former strata manager, James Payette and discuss his decision to leave his career and his hopes for the industry's future.

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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. 👊 _________________________________ 🚨 STRATA TIP:The council president is no different from any other council member except an additional vote in the event of a tie. They do not control council's decision. Each member must have an opportunity to speak and to vote.

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MAIN TAKEAWAYS:🛠 Junior managers have more properties and senior managers command smaller portfolios comprised of higher revenue generating properties.

🛠 Strata managers receive up to 200 emails per day and it takes a full 8 hour day just to stay on top of correspondence. Working on directives and running council meetings all happens after hours.

🛠 Working relationships with councils are great, but interactions with residents are often overwhelmingly negative.

💬 QUOTES"Strata Manager is the wrong term; it sets the wrong expectations for the clients. The role should be called Strata Administrator."

MYTH VS FACT 🦄"Getting licensed is enough education to prepare a strata manager to do their job"

(Myth)

The licensing course excels at teaching compliance with the act, but it stops short of competencies such as holding a meeting or preparing a budget.

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Connect with Lisa MackieWebsite

_________________________________ RESOURCES 8 steps to going out to bid Decision making tool

Everything You Need To Know About Financial Statements: Best Practices For A Financially Healthy Strata

In this episode, Brent and James speak with Isadora Goh, Vice President of Client Accounting for FirstService Residential who shares tips, advice, and red flags when reading financial statements.

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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. 👊 _________________________________ 🚨 STRATA TIP:Take the backstory into account when reviewing financials. Is the CRF low because a large project was held in past few years? Are you over budget on a line item because of an annualized expense?

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MAIN TAKEAWAYS:🛠 Four main documents: Operating budget, financial statement, balance sheet, operating statement.

🛠 Number one advice: Prepare a balanced budget

🛠 Provincial Government has introduced legislation for mandatory 10% contribution of annual operating fund to CRF effective November 1, 2023.

💬 QUOTES"Don't just increase your budget by a set percentage. Take a look at your expenses and build your budget each year."

MYTH VS FACT 🦄"Low strata fees are better for resale"

(MYTH)

Lower strata fees mean smaller operating budget and less money for curb appeal and CRF. A building with a higher CRF is a better investment as the purchaser is more likely to be protected from special levies. _________________________________ Connect with StratagizeWebsiteLinkedinEmail Connect with Brent AndersonLinkedin Connect with James MilneLinkedin

_________________________________ RESOURCES 8 steps to going out to bid Decision making tool