Council Benefits

council-benefitsStrata Councils are required by the British Columbia Strata Property Act and they act as the governing body for strata management and upkeep of your real estate investment.

Strata Council members are required to make decisions on a daily basis that are in the best interest of all units and owners that provides a superior living experience while protecting the equity of their real estate investment.  

Positions on strata council are voluntary and require their members to conduct work outside of their regular lives and routines. This can become very time consuming for members, as they are required to manage thousands of dollars, common property projects, alongside communicating with countless owners and vendors.

If the individuals elected to council do not have strong backgrounds in the management of real estate property it can often become a risk to all strata owners regardless of their intentions. This is because you are relying on their judgement and council members are not legislated to require training of any kind.

This is when working with a Strata Management company can be very beneficial. When a strata council works in partnership with a strata management company the council is free from the day to day management duties of a Strata Corporation. This enables your strata council to focus on the future planning for your property. Working with a strata management company provides your strata council with the time and access to industry experts who can leverage their experience and best practices as tools for developing a strong a viable strata management program for your real estate property.

How we work with Strata Councils

council-benefits-how-we-work-with-strata-councilsOur Structure
Campbell Strata Management Ltd. has created a team of professionals who realize that they are accountable to your Strata Corporation.
To better service your Strata Corporation we have assembled a team with the industry knowledge and technical experience to focus on key areas to ensure that you receive proactive advice and the best strata management services.

Each strata corporation is supported by:
•    A strata manager who is your main point of contact and will work with your strata council on a daily basis to ensure the success of your strata corporation.
•    Our executive team will work closely with your strata manager to ensure you receive the excellent service promised by Campbell Strata Management Ltd.
•    An experienced accounting team with many years of strata management accounting experience.
•    A strong administrative team who are responsible for providing administrative and strata manager related support.

 

Below is a diagram of formal communication channels and organizational structure we have developed to best service your strata corporation:
 

How Campbell Strata communicates with your strata council


Our Method
As a strata management company licensed in the Province of British Columbia we are required to adhere to the Real Estate Services Act and the Real Estate Council Rules.

  • We will execute actions on behalf of the strata corporation as instructed by your strata council.
  • By keeping abreast of the Strata Property Act and changing legislation we will keep your strata council abreast on the latest requirements under the Strata Property Act, Regulations and the strata corporation’s Bylaws.

At Campbell Strata Management Ltd., it is our goal to be a proactive strata management company who focuses on prevention rather than correction, this is why we strive to understand the nuances of your strata property and develop the management plans necessary to avoid the exorbitant costs of reacting to failures.

When developing these plans we recognize that each dollar available for use has been earned by the owners of your strata corporation. This is why we focus on providing your Strata Corporation with the best information to determine how your maintenance fees should be spent.

We do this by:

  1. Defining the objectives and scope of each project your Strata Corporation wishes to undertake.
  2. Obtaining quotations from reputable vendors and tradespersons.
  3. Presenting strata council with quotations and our professional recommendation.
  4. Implementing the decisions made according to strata council instructions.

Furthermore, we believe in empowering Strata Owners and Strata Council with up to date industry knowledge and we do this each year by organising a free seminar knows as “Enhance Your Strata Knowledge”. At this seminar we have speakers from different disciplines talk about important issues affecting the Strata Industry.

Changing Management Companies

council-benefits-changing-management-companiesWhen you choose to start your new strata council with, or change strata management companies to Campbell Strata Management Ltd. you are choosing a strata management team that will take the time to understand the vision and management philosophy that the owners of your strata corporation have for their property.

Our goal is to understand your needs in order to build a long lasting and trusting relationship with your strata corporation we do so by working through the following process:

 

 

 1.    Mutual Interview

  • We meet with the strata council or the owners to go through an interview process.
  • We are available to answer further questions from your strata council or owners for as long as required so that when you decide to partner with Campbell Strata Management Ltd. you are confident in your decision to do so.
  • We will provide references for strata properties that we manage so that you can obtain an owner’s or council members perspective on working with Campbell Strata Management Ltd.

If this process is successful and both parties are comfortable with the information we then proceed to:

2.    Formalize Contracts
A contract is then finalized between your Strata Corporation and Campbell Strata  Management Ltd.

As a management company it is our goal to finalize a contract that is in best interest for both parties and any changes to the contract must be in writing and signed by both parties to the contract.

3. Relationship Building

  • We will conduct a site inspection of your building(s) to understand the needs of your strata corporation.
  • Our strata manager and executive team will attend council meetings and Annual or Special General Meetings as needed so that owners and council have the opportunity to meet both the staff and management to share their thoughts and most importantly establish a good working relationship.

4.    Administration Transfer

  • We work with your previous strata management company to acquire all of your documentation and funds.
  • We set up your files and accounting structure.
  • We provide all owners with a welcome package to inform them of Campbell Strata Management Ltd. and request an update from all owners to ensure that we have the most complete and accurate information for each strata lot.

5.    Operations Analysis

  • We analyze your financials and develop strategies to improve your cash flow and Contingency Reserve Fund.
  • We conduct a cost analysis of all large expenses to identify cost savings strategies for implementation.

Advisory Services

  • Strategic Planning
    • Provide advice on how to structure and operate your Strata Corporation effectively.
    • Assist your Strata Council on all matters pertaining to the management of your Strata Corporation by providing recommendations based on industry experience.
    • Work with your Strata Council to develop a vision and tactical roadmap for your Strata Corporation to ensure you are positioned for long term success.
  • Bylaws and Regulations Administration
    • Provide guidance to  bylaws and rules for application to your Strata Corporation.
    • Enforce the bylaws, and rules on the direction of the Strata Council to ensure strata lot owners, tenants and visitors are in compliance.
    • File bylaws and amendments thereto.
  • Insurance Administration
    • Manage the Insurance Policy to ensure the best possible coverage.
    • Order and review appraisals.

Financial Management

  • Accounts Receivable
    • Develop a schedule of maintenance fees.
    • Notify owners of maintenance fees, special levies, and other charges by generating and delivering monthly statements.
    • Collect and deposit fees, special assessments and other monies through cheque and electronic bank transfers.
  • Arrears Management
    • Initiate the collection of overdue accounts including advising strata council on filing of liens and court-ordered sale proceedings.
    • Assist in small claims actions to collect monies owed.
    • Registering liens on behalf of the Strata Corporation and notifying the owners and financial institutions where the mortgage is held.
  • Accounts Payable
    • Verifying with your Strata Council invoices (excluding regular contracted monthly services) prior to issuing payments in order to provide Strata Council the opportunity to stop payment if the services provided have not been satisfactory.
    • To safe guard your Strata Corporation we require two signing officers on all cheques issued (We recommend two signing officers include a strata council member and a Campbell Strata Management Ltd. Executive)
    • Payroll services and Work Safe BC reports, corporate tax returns.
  • Management Accounting
    • Provide a full financial package: Balance Sheet, Statements of Receipts and Disbursements, Bank Reconciliation, Bank Statements, General Ledger and Invoices paid.
    • Cash flow statements are prepared, when required.
    • Monthly financial statements are prepared using (GAPP) accrual accounting methods to match costs and revenues.
    • Prepared financials compare revenues and expenditures to budgeted amounts providing insight into the fiscal health of the Strata Corporation.
    • Financial statements can be customized to suit your specific requirements.
    • Monthly statements are provided to you a week prior to your council meetings to ensure your council has ample time to review them.
    • Advise on plans to invest excess funds in the best interest bearing vehicle with the approval of your Strata Council.
    • Prepare proposed operating budgets and year end financial statements for your review and approval.
  • Cost Control
    • Invest time to analyze your accounts and contracts to identify areas of savings that can be translated back into your Strata Corporation.
    • We leverage our volume purchasing discounts, vendor relationships and negotiation skills to create cost savings on initiatives of all sizes.
  • Accounts Reconciliation
    • Post all payments to owner’s records and maintain accurate account history.
    • Creating statements of receipts and disbursements.
    • Listing of accounts receivable and accounts payable.
    • Preparing bank reconciliations.
    • Providing a statement of Contingency Reserve Fund.

Project Management

  • Emergency Response
    • We provide our Strata Council and Owners with an emergency contact that is manned 24 hours a day, 7 days a week to ensure your Strata Corporation has a response team ready for any emergency.
  • Vendor Management
    • Assist with the tendering process in order to obtain quotations for all services required to strive to obtain the best possible prices for the best possible services.
    • Award contracts as directed by the Strata Council and liaise with vendors at an arm’s length to ensure the scope of the project is fulfilled in its entirety.
    • Review on-going contracts for required maintenance to identify areas for minimizing costs.
  • Site Inspection
    • Regularly inspect our strata title properties to identify areas in need of preventative maintenance.
    • Collaborate with strata council to identify opportunities to enhance the property with the ultimate goal of increasing owner equity.
    • Develop operating plans and schedules for routine maintenance and repairs.
  • Building Maintenance
    • Assisting the Strata Council in setting maintenance standards.
    • Provide end-to-end project management services to ensure building maintenance is completed on time, within budget and with the best possible level of quality.

Relationship Management

  • Meeting Coordination
    • Arranging meeting facilities where necessary.
    • Preparation of the Annual General Meeting packages to notify owners of meeting details.
    • Providing ballots and proxy forms as required.
    • Recording attendance, proxy holders and detailed meeting minutes and return them to you in a time frame that exceeds the requirements set out in the Strata Property Act.
    • Attend the specified number of Strata Council meetings and the Annual General Meeting to ensure they are conducted in accordance with the Strata Property Act.
  • Correspondence Management
    • Act as a Strata Corporations registered office.
    • Send welcome letters and information packages to new owners.
    • Preparing and distribute well-written meeting minutes as directed by strata council.
    • Inform your strata council of current issues and initiatives.
    • Provide owners information upon request; prepare “Information Certificate (Form B) and “Certificates of Payment” (Form F).

Records Management

  • Strata Plan Documentation
    • Store your documents in accordance with statutory requirements.
    • Maintain copies of your current bylaws and rule.  Strata Council Meeting Minutes, Special General and Annual General Meeting Minutes, Notices, Newsletters, a list of all undertaking and forms as required.
    • Maintain computerized accounting records for all transactions.
  • Strata Lot Documentation
    • Maintain a contact list of current strata lot owners, and tenants (including assignments of owner’s rights) in accordance with the Personal Information Protection Act.
    • Track correspondence to and from owners.
    • Store plans and unit entitlement schedules.
    • Complete and retain all “Forms” as required.

Success Stories

Abbotsford: 306 - 2777 Gladwin Road, Abbotsford, B.C. V2T 4V1 
Phone: 604.864.0380     Fax: 604.864.0480

Surrey: 17651 57th Avenue, Surrey, B.C. V3S 1H1 
Phone: 778.574.3454     Fax: 778.574.3448