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
Contact us today to learn more about the strata management services we provide. We look forward to connecting with you!
