Strata Property Management: Five Ways To Improve Customer Experience With Technology
Property management has changed dramatically with digital technology. They’re more in control of their marketing efforts as well as how they manage buildings. With data and new tools at their disposal, the best property management in Abbotsford is more client-focused by being adaptable, preemptive,top-quality and generally forward-thinking.
What is Strata Property Management
Interestingly, British Columbia was the first province in Canada to license strata property managers in 2006 for specific responsibilities.
- Multi-level apartment blocks
- Daily management of jointly-owned property
Multi-level apartment blocks
The strata concept comes from Australian property law called ‘Strata Title’. This law applies to apartment buildings that have several levels, or strata, with joint ownership. These buildings often include common facilities and jointly-owned central areas.
Daily management of jointly-owned property
Multi-level buildings are complex to organize and oversee. That’s why you want to appoint property management in Abbotsford to coordinate all the requirements, including Home Owner Associations among other responsibilities. The overall aim is to create a well-functioning community within the building where everyone’s needs are balanced harmoniously.
It’s important to note that strata property managers need to be licensed by the British Columbia Financial Services Authority (BCFSA). This means that they need to operate under a brokerage where the managing broker supervises the team of strata managers. Of course, there could be other team members, including accountants and clerks.
Interestingly, some strata lot owners decide to manage their building themselves. In those cases, they are still defined as individuals and do not need to be licensed. Of course, the building owners will have to decide the best approach for them.
Regardless, the complexity of property law along with all the constant need for repairs and maintenance makes this a tough job for individuals. That’s why many prefer to work with professionals and appoint top property management in Abbotsford.
What Do Strata Property Managers Actually Do?
If you’ve never managed a building before, you might wonder what all the fuss is about. Don’t underestimate the expert knowledge that property management in Abbotsford provides.
As an example, one of the first things any strata needs to do is to follow the bylaws and rules set by the corporation. They might also want to include or amend some and this usually requires expertise and experience.
You can also expect the following services from property management in Abbotsford:
- Financial planning and record-keeping
- Council member communications
- Maintenance and repairs
- Insurance and appraisals
Financial planning and record-keeping
Owners in a strata building contribute to the upkeep of the building. A starting point is to collect those monies while ensuring that they are tracked just like for any business. The owners also want to know how their money is being used and will expect proper financial statements.
Owners also expect that any third-party service providers are chosen through a transparent process that promotes both quality and value for money. Moreover, it’s good practice for strata property managers to oversee several bank accounts. These include a reserve fund, and operational monies.
Council member communications
Some strata building owners will want to be more closely involved with the day-to-day management and represent the voice of the residents. Either way, all residents deserve clear and timely communications for what is happening with any major works or other decisions strata managers need to make.
Communications come in many forms from written to AGM and special meetings as well as council meetings. It’s critical for property management in Abbotsford to inspire confidence and trust throughout these communications.
Maintenance and repairs
A large proportion of any strata property manager's time is to manage maintenance and repair scheduling and implementation. The more experienced property management in Abbotsford has developed a strong network of providers over time. These providers offer the best deals and efficient turnaround times because they already know the layout of the building.
Insurance and appraisals
Another important aspect of property management in Abbotsford is to ensure property and liability insurance is in place. Homeowners are still advised to take out separate insurance because strata insurance typically only covers the common areas and assets.
Improving Customer Experience with Technology
Successful strata management is like running a business. In this case, the homeowners are the customers who also demand top quality service and open communication. With digital technology, the best property management in Abbotsford is transforming homeowners’ experience.
1- An integrated community platform
Digital technology gives both homeowners and property managers convenience. All the information is readily available and easily accessed by everyone at any time of day or night. Moreover, you can now have one common platform for all types of strata owners including commercial buildings.
These days, everything can now be connected to an app so that the whole community can access what they need through their mobiles. So, any homeowner can check their account, raise a repair request or ask for permissions, such as for pets.
2- End-to-end strata management solutions software
On the other side of the portal, property managers can connect their third-party providers into the system. This includes booking systems and task allocations without having to create special codes or individual requests.
Connecting the whole process and all interested parties, everyone can expect more transparent communications. With solutions software, you can also have digital concierge services. This means that anyone coming to visit can sign up through the app in advance. Larger complexes will appreciate the extra security this provides.
3- Smart HVAC management
Smart buildings don’t just help the environment. They also help you cut costs which is why the best property management in Abbotsford has the latest smart technology. HVAC, or Heating Ventilation, and Air Conditioning, are always the largest cost drain in buildings.
With smart technology, property managers can use the data to optimize building temperature and humidity for comfort and cost-effectiveness. You’re both saving energy and money.
4- Third-party scheduling
As mentioned, digital portals can connect all interested parties, including vendors and service providers. This helps property management in Abbotsford keep on top of costs and manage documents more efficiently.
The schedule is both automated and updated live that can also generate work orders automatically. For maintenance scheduling, end-to-end work order management is further simplified. No more separate emails and documents for asset registers, key fob management, or safety documents
5- Accounting and analytics
All great property management in Abbotsford should have a centralised database where they know everyone instantly by name. Any request or phone call pulls up all the information related to that property unit such that owners get customised service.
With centralised accounting, property management in Abbotsford can save time because the data is already organised for them. This means that they can spend more time with the owners and constantly vetting third-party providers.
How to Find the Best Strata Property Management in Abbotsford
Whether you’re looking for a new property manager or trying to change your current one, the key points to consider are:
- Innovative solutions
- Experience and track record
- Changing strata property manager
Now that you can see what technology offers, make sure you ask any property management in Abbotsford what they use for their services. Moreover, how often can you expect communications and what level of input do they get from homeowners. The best experiences are where the owners and property managers work together in partnership.
Experience and track record
Clearly, you’ll want to appoint property management in Abbotsford that has experience with the type and style of your building. The more complex ones also have commercially owned units which adds another legal angle that requires expertise. Naturally, they also need to accommodate that many more people with a wide range of needs and requirements.
Changing strata property manager
It’s worth noting that changing property management in Abbotsford isn’t as difficult as it might sound. It’s very common for strata owners to be fed up with their property managers.
In those cases, the owners will need to terminate their contract with the current property managers. In British Columbia, this needs at least a 75% vote resolution done through the AGM or a special general meeting. Usually, you then have 2 months’ notice to let the current property management go before the new one comes on board.
Key Takeaways for How Technology is Changing Strata Property Management in Abbotsford
Technology is constantly changing how we live and work. Property management in Abbotsford is using this to its advantage by providing a more transparent, efficient, and cost-effective end-to-end service.
Of course, you still have to find the right property managers for you and your building. Simply check for years of experience and track record and how they leverage technology to enhance homeowners’ interaction. From there, everything should be smooth and effective.