Stratagize

In this episode, Jason Dunn, Senior Project Engineer with RDH discusses the importance of a depreciation report as a planning tool for stratas.

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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: For buildings with shared common areas, (ie: towers & condos) inspect your make up air unit on your roof to ensure that replacement fan motor belts are not being stored there.

MAIN TAKEAWAYS: 🛠 Depreciation reports are a planning tool used to establish priorities and long term expectations.

🛠 Source an organization that reports to a governing body to prepare your report.

🛠 Findings of depreciation reports do not have to be implemented. The report does not mandate work.

🛠 30-50% funded should be the goal for most stratas

QUOTES: 💬 "It's possible we could see the 3 year term for depreciation reports change in the future."

MYTH VS FACT 🦄 "A depreciation report mandates work to take place" (MYTH) A depreciation report is a planning tool. Highlights needs and potential timelines for renewal. Up to the owners to take the next step.

_________________________________ Connect with Stratagize: Website Linkedin

Email: [email protected]

Connect with Brent Anderson Linkedin Connect with James Milne: Linkedin _________________________________ RESOURCES

8 steps to going out to bid Decision making tool

Maintenance planner checklist

In this episode, Dale Dyck, Vice President of Property Services with FirstService Residential BC discusses the impact a properly functioning services team can have to bridge the gap left behind by a portfolio-based strata management market.

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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 caretaker/concierge what the emergency protocols are, who to call in event of emergency. If they don't know, they should be able to quickly reference a binder or document that has the relevant information.

MAIN TAKEAWAYS: 🛠 For employees to perform their best, they need support, coaching, resources, supervision a shared set of values, and leadership by example, on top of fair compensation, benefits, and opportunities for growth. Smaller firms might find it challenging to execute consistently on these points and have issues with retention.

🛠 Stratas who maintain their own employees directly require engagement from council members for supervision and support. Its an in-depth commitment.

🛠 Strata managers do not manage strata staff. That is a council responsibility.

🛠 Targeted questions to ask in services buying process…

• What kind of support does team member have?
• What hiring and training practices are?
• Are employees assigned to specific buildings or are they rotating staff?

QUOTES: 💬 "A good service company is focused on team members and has everything they need to be successful."

MYTH VS FACT 🦄 "It's a risk to hire the same company for management and staffing?" (MYTH) In most markets this is precisely what a management company is selected for, to streamline the operation, remove redundancy and improve communication by removing the "silo effect".

_________________________________ Connect with Stratagize: Website Linkedin Connect with Brent Anderson Linkedin Email Connect with James Milne: Linkedin Email _________________________________ RESOURCES

8 steps to going out to bid Decision making tool

Maintenance planner checklist

In this episode Paul Murcutt, Senior Vice President of BFL Canada gives an overview of the strata insurance market and what stratas can do to minimize the impact of claims.

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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: Ensure that you have homeowners insurance and that it is updated regularly, at least annually.

MAIN TAKEAWAYS: 🛠 Insurance broker is essentially a professional shopper who goes to the insurance company to seek terms.

🛠 Insurance companies make money two ways...Underwriting profit & Investment income. When one or both of those streams of revenue are down we see insurance companies change their position.

🛠 Replacement value has direct impact on insurance premiums. If replacement value increases 10% then insurance premiums also have to increase 10%

🛠 Replace rubber water supply lines with steel braided hoses

QUOTES: 💬 "Strata corporations have to purchase insurance based on full replacement value. As costs of goods and labour go up, insurance premiums need to reflect those increases."

💬 "50% of homeowners do not have insurance"

MYTH VS FACT 🦄 "Do insurance brokers pay referral fees to strata management companies?" (MYTH) For BFL this has always been a myth. Legislation was put in place last year to prevent this situation from happening.

"Brokers provide insurance" (Myth) Insurance brokers are professional shoppers that go to market and shop for best rates from insurance companies then provide the best pricing available. _________________________________ Connect with Stratagize: Website Linkedin Connect with Brent Anderson Linkedin Connect with James Milne: Linkedin _________________________________ RESOURCES

8 steps to going out to bid

Decision making tool

Maintenance planner checklist

In this episode Darrin Whitney, Vice President of strata operations talks about the support a strata manager needs to effectively manage strata corporations. _________________________________ 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: Strata managers receive upwards of 1000 emails per month. How can you optimize your email to ensure a faster response. In the subject line list the name and strata plan of your property and a brief description of the situation. Ex: My Property, EPS1234 - Need updated certificate of insurance Try to keep your email to 100 words or less. Multi-paragraph emails take too long to read. You are just trying to get the strata manager engaged at this point. If your situation requires more detail, not only will he or she ask for it, but now the situation is on their radar and your email will be flagged.

Avoid reply all. If council is discussing something over email and the strata manager is included, every reply creates a new email, and threads get confusing where action is needed. Discuss with council via email, or messaging app, then send one email to the strata manager with a question or decision. Keep emails to one topic at a time. MAIN TAKEAWAYS: 🛠 One of the main challenges of working in a portfolio market is the exposure to over 1100 different personalities that make up the ownership of the units under management and the expectations around service standards 🛠 Many clients are unaware of the implications of portfolio size and the service received. They may have an expectation they will receive 25% of their time but in reality could be receiving 1/16th. 🛠 Since 2012 there have been 2,500 strata corporations registered in the Province and in that same time about 130 strata managers have been licensed. 🛠 Increasingly, managers can't do their job by themselves they need support. They are an integral piece of the puzzle and the face of the service, but its more like an orchestra than a one man band. QUOTES: 💬 "Many people expect the strata manager to be fully versed in the Strata Property act, all aspects of financial, building maintenance, construction and more." 💬 "In order for strata councils to determine what management company will be able to deliver the desired level of service they have to be really clear on what their needs are." MYTH VS FACT 🦄 "Is a council a democracy?" (MYTH) Peoples preferences do not always predict what they advocate for. A compelling emotional argument can sway someone to vote in a way they were not previously considering. Who is wiling to advocate can be more important than who is willing to vote. _________________________________ Connect with Stratagize: Website Linkedin Connect with Brent AndersonLinkedin Connect with James MilneLinkedin _________________________________ RESOURCES

8 steps to going out to bid Decision making tool

Maintenance planner checklist

In this episode, Brian Duff, the Vice President of Sales for FirstService Residential talks about the single most important element a successful council needs to have and unpacks the six most common personas of council members. 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: Importance of a townhall when making big decisions. If you're facing a special levy, controversial bylaw change consider a townhall to educate members why its important to vote in favour and offer them the opportunity to ask questions so that when it comes time to vote it doesn't get bogged down in debate and is more likely to pass. MAIN TAKEAWAYS: 🛠 Alignment or lack of is the single biggest common indicator of success for a council.

🛠 Large buying groups (like a council) can have challenges as individuals come to the table with different visions or understandings of the problem

🛠 Councils that are not aligned are 50% likely to be dissatisfied with the decision AND it took on average 36% longer to reach a decision. 🛠 Overabundance of information is a leading cause of misalignment. People cope by relying on a variety of biases. 🛠 Alignment requires having a cohesive vision, and a shared understanding of the needs 🛠 6 common persona traits among council members and each council will have a different blend of personas, with different motivations that drive their decision making. QUOTES: 💬 "Councils that are not aligned are 50% likely to be dissatisfied with the decision AND it took on average 36% longer to reach that decision. So you have a situation where its half as likely to be successful and it will take you longer to get there, a lot of people are going to opt out of the project to begin with. The ripple effect is that the problem never gets solved." 💬 "The key to making better decisions is aligning on the problem that needs to be solved and what is required to solve it." MYTH VS FACT 🦄 "Is a council a democracy?" (MYTH) Peoples preferences do not always predict what they advocate for. A compelling emotional argument can sway someone to vote in a way they were not previously considering. Who is wiling to advocate can be more important than who is willing to vote. _________________________________ Connect with Stratagize: Website Linkedin Connect with Brent Anderson Linkedin Connect with James Milne: Linkedin _________________________________ RESOURCES

8 steps to going out to bid Decision making tool

Exploring different personality personas

In this episode, Lydia Tay, Vice President of Human Resources speaks passionately about the role HR plays in shaping engaging and inclusive workspaces. _________________________________ 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: Updating Homeowners insurance. At your AGM you will receive a copy of your stratas certificate of insurance. Take this document to your insurance broker to ensure there are no gaps between your policy and the stratas deductible. MAIN TAKEAWAYS: 🛠 People don't think of strata management as a career choice. It's easy to retrain from a variety of other career paths, especially customer service-related roles and is well insulated from downturns in the economy. 🛠 Bullying and Harassment are unique to strata. Unlike a store where you can deny a customer service for harassing staff. The management company is under contract to give service and you can't deny a strata owner service. Ensuring employees have a system of support to manage conflict is a key part of providing a healthy workplace. 🛠 Employees are more interested in employers that curate experiences 🛠 An HR Department means you can have confidence that the best talent is working in the business 🛠 Burnout occurs when managers are overwhelmed and unsupported. A key function of HR is to ensure that managers have a realistic workload and are supported QUOTES: 💬 "Councils want to work with professional strata management companies. They want to ensure the people are the best, know what they're doing, are experts, and up to date with changes in the industry. An HR Department ensures that someone is the steward of ensuring that employees are trained and knowledgeable in the things that you need them to do really well." MYTH VS FACT 🦄 "Human Resources is all about disciplinary action" (MYTH) It's about creating an environment where people can fulfil their potential while looking after their wellbeing. _________________________________ Connect with Stratagize: Website Linkedin Connect with Brent Anderson Linkedin Connect with James Milne: Linkedin _________________________________ RESOURCES

8 steps to going out to bid Decision making tool

Maintenance planner checklist

In this episode Sean Ingraham, Senior Vice President speaks about the differing business models of strata management companies and how that has an impact on the customer 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. 👊

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🚨 STRATA TIP: If you're finding it difficult to keep on top of council communication via email, consider using a messaging app such as Slack.

The most impactful benefit is that you could set up separate channels for the common topics of conversation such as Budget, Landscaping, Bylaws, just to name a few. Within each channel, the conversation is organized chronologically so it is very easy to follow. It also allows posting of photos and uploading of documents like vendor quotes for easy reference and discussion.

MAIN TAKEAWAYS: 🛠 What is strata - form of home ownership (unit) plus indivisible portion of common property.

🛠 Alberta, BC, Chicago are portfolio. Elsewhere in North America your manager works in your building.

🛠 8 buildings per strata manager. Common to have 16 and up

🛠 Doing the strata management course is the easy part… being able to handle fast pace, high demands and make critical decisions takes a certain person. A lot of people who enter don't last for long.

🛠 More training and access to experts is needed. Building systems much more complex, cost sharing agreements, legislation, more compliance, more communication. Expectations on managers are higher and expectations & speed of response are higher. The solution has to be technology based.

🛠 Hosting community events is the best security asset you have. People who have bonds to their community have more pride of ownership. Money should be allocated in the budget for this.

🛠 Holding a townhall can be crucial to ensuring resolutions pass at the AGM and don't get bogged down by debate.

QUOTES:

💬 "An extra cent per square foot spent on curb appeal over 5 years can see an increase of $35-40k in property value"

💬 "If we can't correct the number of people entering the industry, large stratas will be served alright, but small properties of 100 units or less likely won't have a strata manager and will have to self-manage or they will pay a very high amount."

MYTH VS FACT 🦄

"All strata management companies are the same"

(MYTH) Lots of different size of companies. Smaller companies don't have the resource capabilities that larger firms do.

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Connect with Stratagize:

Website

Linkedin

Connect with Brent Anderson

Linkedin

Connect with James Milne:

Linkedin

_________________________________

RESOURCES

8 steps to going out to bid Decision making tool

Maintenance planner checklist

In this episode Chris Churchill, the President of FirstService Residential BC peels back the curtain and gives us some insight into the current state of the strata industry in British Columbia.

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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:

Ensure your strata has a quorum bylaw. Quorum is the minimum number of members that must be present for a meeting to proceed. Often, new properties will have a basic set of bylaws that do not include quorum. Lets say you have an AGM or SGM and your quorum is 50 but only 30 people show up.

Without a quorum bylaw, the meeting is not able to proceed and is postponed for one week. With a quorum bylaw the meeting is delayed from starting by 30 minutes and any additional people that arrive in that time frame constitutes quorum and the meeting can proceed.

MAIN TAKEAWAYS:

🛠COVID made technology normal. Before COVID, councils would be reluctant to meet virtually, now its normal. People who travelled for a living missed on council meetings or AGMS.

🛠1400 licensees for 34000 stratas and the gulf is only widening.

🛠The only way to make up for the shortfall of managers is through augmenting service with technology and automating as many processes as possible. 🛠Stratas and management companies are going to need to be able to adapt to change. There are industry pressures, and market pressures such as inflation, vendor costs, materials costs. 🛠Mergers and acquisitions are going to become more common as the need for technology and resources will be out of reach for many firms. QUOTES: 💬 "If someone went to UBC and took 20 courses they wouldn't do particularly well with any one of those courses. It doesn't mean that they're not smart it just means they are completely overwhelmed."

💬"The strata industry today is short 400-500 managers. We need massive action to not only get people licensed but the complexity of the buildings coming online require experience."

💬"Customers expect everything in an instant, it's the Amazon effect. You press a button and something arrives at your door the next day. The same expectation is happening in strata management. You send an email and you expect a response immediately."

MYTH VS FACT 🦄

"My strata manager doesn't care"

(MYTH) No one goes to work and wants to do a bad job. Your manager does care, they are likely just overwhelmed.

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Connect with Stratagize: Website Linkedin Connect with Brent Anderson Linkedin Connect with James Milne Linkedin _________________________________ RESOURCES 8 steps to going out to bid Decision making tool

Maintenance planner checklist

In this episode, hosts Brent & James talk about why they created this podcast, and what you can expect. _________________________________

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. 👊 _________________________________

Connect with Stratagize-

Website

Linkedin

Email

Connect with Brent Anderson Linkedin

Connect with James Milne: Linkedin

Three Keys to decision making for Strata Councils_BC.pdf (fsresidential.com)

Maintenance Planner Checklist_BC.pdf (fsresidential.com)

8 Steps For Going Out to Bid