Tag: transparency

REMI Realty:

The Importance of
Ethical Strata Management

Managing a strata property is no simple task. It requires strata council members to navigate complex decision-making while keeping in mind the needs of the collective as well as the rights of each owner. This means working closely with a reputable strata management company that follows strict ethical guidelines, such as not accepting any kickbacks or commissions. Upholding ethical standards is the cornerstone of any successful strata management team, and vital to ensuring that all residents within the property have full confidence in their council’s decisions. It is a professional responsibility that requires careful consideration and attention to detail.

Why Ethics Matter in Strata Management

Ethics in strata management involve several important issues, including fairness, transparency, and accountability. When looking for a strata management company, it is important to be aware of the potential for unethical behaviour.

Bribery and Kickbacks

Unfortunately, some companies have been known to accept kickbacks from insurance providers and contractors, as well as other forms of bribes. This behaviour goes against the core values of trust and transparency that should be at the forefront of any reputable management company. It is crucial to thoroughly vet any potential strata management company and ensure that they have a track record of ethical behaviour. Look for companies that have strong relationships with reputable insurance providers and transparent processes when working with contractors to ensure that your strata community is being taken care of ethically and responsibly.

At REMI, we go one step further by making our Anti-Bribery Policy available for all prospective clients. This level of transparency ensures that all decisions are made openly and with consideration for how they will affect all parties involved.

Hidden Fees

In the world of strata management, it is essential to pay close attention to the fees being charged by various companies. While some companies may appear to be cheaper on the surface, it is important to delve deeper and determine if any hidden fees could ultimately come back to haunt you. This is where the concept of management fees only comes into play. By opting for strata management services that charge only management fees and no hidden fees, you can ensure that you are getting the most transparent service possible. This means that you can trust that the fees you are paying are fair and reasonable, with no surprises lurking around the corner.

How to Spot a Dodgy Strata Manager

Selecting the right strata manager is a critical decision – making the wrong choice can result in lost money, lengthy disputes, and might not uphold the interests of owners. Spotting a dodgy strata manager is important, but at times can be difficult. The most reliable method is to look at their track record of strata management. It’s also essential to check their qualifications and whether they are registered with proper authorities as well as if they are affiliated with any recognized industry bodies. Additionally, it’s worth having an honest discussion with them about their methods and processes to ensure they prioritize compliance, safety, and efficiency. A good strata manager will be more than willing to share their knowledge in this regard.

Important Questions to Ask Your Strata Management Company before hiring

When considering any strata management company for a property, it is important to ask the right questions. This includes researching prior experience with other similar properties, getting references, asking about staff qualifications, finding out communication protocols and availability, understanding their business model, and assessing what services and options are available. A strata management company should provide clear and concise answers to each of these questions to ensure that all your needs are met.

About REMI Realty

REMI Realty Inc. is a locally owned and operated real estate management company providing proactive property management services for strata owners and investors in Metro Vancouver and the Fraser Valley in British Columbia. Established in 2006, REMI Realty Inc. continues to grow by word-of-mouth recommendations.

Our experienced team of Strata Managers, Accountants, and Administrative Assistants are here to take care of every conceivable issue your strata could face. We understand how crucial it is for councils to make decisions based on fairness, transparency, and accountability. Strata owners and investors trust us to provide them with cutting edge technology and excellent customer service to help them more efficiently manage their properties. If you ever need to talk to our strata management team, we have real, local property managers and staff ready to answer your call.

Contact Us for Strata Management Services

HOW TO CHOOSE THE BEST
STRATA MANAGEMENT COMPANY?

When you’re a strata owner or council member, you’re responsible for taking care of many complex tasks related to the property. Strata management has become a very specialized and complicated business with numerous tasks, communications, and technical requirements. This can be a lot of work, especially if you don’t have the time or resources to do it all yourself. That’s where a strata management company comes in. Choosing the right strata management company is critical, but how do you know which company is the best fit for your property? What should you look for when interviewing potential candidates? In this blog post, we will discuss the key factors to keep in mind when making your decision. Let’s get started!

QUALITY OF CUSTOMER SERVICE

Customer service is everything when it comes to strata management. When you’re interviewing strata property management companies, pay attention to the quality of customer service they provide. Does their team come off friendly and approachable? Do they answer phone calls and reply to emails in a timely manner? Do they have dedicated assistants for each manager?

Green flags for strata management services include owners being able to reach a strata manager right away when they need help. Most strata management companies use automated voice messaging systems, making it difficult to get help quickly. If you want to keep your owners happy and taken care of, make sure to thoroughly vet the level of customer service you can expect from a strata manager before signing an agreement.

Tip: Give them a call and speak with their staff directly to see if they are professional and friendly.

A great question to ask is how many units each strata manager manages? Many strata management companies over load their strata managers with thousands of units for higher profits. At REMI, our staffs’ wellbeing takes priority. Each manager manages a maximum of 1000 units and each assistant provides administrative support to two managers only.

FINANCIAL TRANSPARENCY

Strata corporations need transparency to develop mutual respect and trust with their strata management company. To have a successful relationship with a strata manager, you have to trust them. So how will you know if your strata manager is being 100% transparent?

· Detailed Record Keeping – a systematic strata management team will maintain excellent records for your strata corporation. Files of communication, requests, and payments are some of the strata documents that your strata management company should be able to track and share with you easily.
· Financial Statements that are Easy to Read – a good strata management service will make sure your financial statements easy to understand. At REMI, we go the extra step to include graphs and visual representation so that you always have a clear picture of where every dollar of your strata’s money has been spent.
· Every Penny is Accounted For – it’s important to know how and when the money was spent. For 100% transparency, all invoices should be included with your monthly financial statements. At REMI, a CPA reviews and signs off every bank reconciliation each month to make sure every penny is accounted for. This gives our clients peace of mind and trust in our services.
· A Clear Anti-Bribery Policy – Finding a trust-worthy company to manage the strata’s fund is crucial. How will you be able to tell if your strata manager is getting kick backs from referring contractors? While you always want to research a strata management company before engaging in their services, you should also ask if they have a clear anti-bribery policy. For example, REMI makes our policy available to all clients that clearly outlines our strict rules around bribery. Any discounts we receive by working with preferred contractors get passed right along to the strata – no exceptions.

EASE OF COMMUNICATION

One of the key traits to look for in a strata management company is their communication. Whether your strata corporation requires accurate financial reporting, managing on-site operations and staff, complying with the Strata Property Act, or returning owners’ phone calls promptly, they need to be able to communicate well and have effective systems for managing communications. When you work with REMI Realty for strata management services, we use a centralized database to streamline all communications. This means that the moment you update information with an administrator, it’s automatically updated in our software and shared across all teams.

What should you expect from your strata manager?

· Discreet communication – strata managers should always be discreet when handling strata information that strata owners share with them. Strata council members are privy to all strata-related information, which they should treat with discretion.
· Open communication – find out what kind of communication channels are available for you when · you need to reach your strata manager. Can you access them by phone? Does a real human answer when you call or does it go to an automatic system?
· Timely communication – in order for strata management services to be delivered effectively, they need to be delivered in a timely fashion. Ask a potential strata manager how fast you can expect a reply, and if they have a team they work with to ensure requests get handled quickly.

Tip: Ask potential strata management companies if they use modern software to streamline all important communications and documents. To provide strata management services that exceed expectations, you need to have excellent technology and systems in place.

TECHNOLOGY

An important consideration in choosing a strata management company is the type of technology they have to assist with delivering the best strata management service possible. What technology platforms and unique software will be available for your strata council to use?

Ask your strata management company if they have an owner portal that allows owners to:

· View account history and transactions in REAL-TIME
· Make payments directly on the owner portal by bank accounts or credit cards
· View notices and meeting minutes
· Send service requests
· Book amenity facilities
· Link multiple units with one single login

Tip: Ask if the managers have an app to handle maintenance requests, bylaw infractions and building inspections; can manage fob/key inventory and effectively communicate with concierge.

ABOUT REMI REALTY

Our experienced team of Strata Managers, Accountants, and Administrative Assistants are here to take care of every conceivable issue your strata could face. Strata owners and investors trust us to provide them with cutting edge technology and excellent customer service to help them more efficiently manage their properties. If you ever need to talk to our strata management team, we have real, local property managers and staff ready to answer your call.