How A Property Manager Can Increase Your Property’s Value

Jake’s realtor found a buyer for his condo, but things have come to a screeching halt because his building’s strata doesn’t know what a Form F is.

He can’t sell his property without it.

The value of his property isn’t as high as it could be, either, because the whole building desperately needs a fresh coat of paint, and the elevator is broken.

A property manager can solve these issues by:

• Properly training your strata council
• Helping set a budget for annual maintenance
• Hiring quality contractors to get the work done

The Top 3 Problems Homeowners Face When They’re Part Of A Strata

Do you own an apartment, townhome, or condo that’s a part of a strata? Here are 3 problems that crop up when you are part of a strata corporation:

You’re stuck with a strata council that doesn’t:

• Keep an organised budget
• Repair/maintain your development
• Respond to your questions and concerns
• Properly insure your building

You’re trying to sell your property but:

Your strata isn’t giving you the documents you need, such as a:

• Form F, or
• Form B

The strata development as a whole needs maintenance, which equals lower property value

How To Tell Your Strata Council Is Doing Things Right

Here’s a checklist that helps you figure out if your council is running smoothly:

• Budgets – There’s a proper budget in place that covers your development’s:
  • Contingency fund (for emergencies)
  • Capital planning, for maintenance like:
    • Roof repairs
    • Repainting
    • Broken elevators
• Document management – All paperwork for the strata is kept in a secure place (not just saved on someone’s personal computer). If you have a property manager, you can keep all important strata paperwork with their office.
• Regular Meetings – There are consistent monthly meetings that address concerns and issues
• Concise bylaws – There are bylaws in place (and everyone, including council members, understand and follow them!) New bylaws should always be sent out to everyone in the strata. For more on bylaws, you can refer to the government’s site here.
• Routine inspections – Property inspections happen monthly.
• Response times – Members (especially your president) are on top of answering emails and phone calls within 24 business hours.
• Regulations – All requirements of the Strata Property Act are met. Common regulation offenses are:
  • Not having strata fee deadlines (should always be set for the first of the month)
  • Maintenance isn’t being taken care of

For more in-depth information on strata, read our Ultimate Guide To Strata Management!

If your council doesn’t get most of the above done, it’s time for a property manager (assuming you don’t already have one. If you do, perhaps you need to consider some changes).

When you have a council that does everything right, you get these benefits:

• A properly maintained building (nothing’s falling apart)
• Organised financials (fees get paid on time!)
• A higher value on your unit if you wish to sell
• Processes that immediately deal with any issues, such as:
  • Tense relationships between owners and council members (or tenants)
  • Broken bylaws
  • Unpaid levies