When you hear the word strata, you probably think of apartment buildings and residential housing complexes. They’re only one piece of the strata management industry. In the Vancouver area, there are many stratified commercial properties and industrial warehouse complexes and a strata manager can help you manage the intricacies of these properties.
A strata management company knows the in’s and out’s of managing commercial and industrial complexes and can help you protect your property investment. Your industrial/commercial strata issues are different than in residential complexes and here are three key areas a strata management company can help:
- Operational management: A strata management firm can help with the day-to-day operational needs of your property. This includes ensuring that the property is safe and well-maintained and dealing with requests from strata members. This may also include taking meeting minutes and coordinating strata council meetings.
- Community management services: In commercial or industrial stratas, like a residential strata, there are many parties involved, each with their own needs, wants, and stakes in the property. A strata manager’s job is to manage the relationship between all parties including owners, councils, and other third parties (such as tenants, trades, and Agents for owners). They can also help support and enforce strata rules and bylaws.
- Financial Services: Your strata manager and strata management company can help manage the finances of your property including collecting fees, creating operations budgets and forecasts, paying third-party trades and contractors, and keep you informed of any changes in strata legislation (Strata Property Act) that might affect your property.
As you make your personal and business resolutions for 2021, consider how hiring a strata management company that will make your life easier and your business potentially more profitable. A strata manager knows how to optimize your cash flow and can manage your commercial or industrial strata properties on your behalf.
With 2021 starting in a couple of weeks, now is the time to hire or change strata management companies. At CENTURY 21 Prudential Estates (RMD) Ltd., we can provide you with a second opinion on the management fees your complex is paying. Feel free to contact us by phone, or submit a request for a proposal today.
And, finally, in the spirit of the holidays, we want to wish you and yours a very merry holiday season and a prosperous and healthy New Year. From the CENTURY 21 PEL family to yours, we hope you make it a memorable one.