Booting up a laptop fresh out of the box, driving your new car that glides like a dream…
…until it decides to break down. Epicly. On the side of the highway.
So how does your new development get a flat tire?
2 Strata Problems Developers Create For Themselves
1. No strata council
You’re stuck dealing with all the strata responsibilities yourself. Your phone is constantly ringing, your email is full, apparently the brand new roof is already leaking, and what the heck is a Form F?
Not only does a property manager help you appoint a proper council, but they also:
- Keep you in the know of weird strata terms
- Take the day-to-day strata operations off your shoulders so you can focus on finishing any leftover construction and market the heck out of your great development.
2. Slacking council
The newly appointed strata council has no idea what they’re doing. They’re fighting each other like dogs over a scrap of meat, and they spent more than half the annual budget on painting the board room a hideous green.
A property manager not only trains your council for success (each member will have their own specific duties as outlined in our Ultimate Guide To Strata Management) but they also:
> Ensure a proper budget is put in place for annual maintenance, like:
- Roof repairs
- Parking lot repairs
> Resolve any conflicts that arise between owners, tenants, and council members. Each property manager is professionally trained in conflict resolution.
What A Property Manager Does For Developments
A smooth-running strata corporation gives your development an environment people want to live in.
Your property manager:
> Resolves any conflicts that can arise between:
- Tenants and owners
- Owners and council
- Council and tenants
> Ensures your strata council is capable of dealing with all strata responsibilities, including:
- Fine collection
> Returns/answers all your phone calls and emails within 24-business-hours (if they don’t, your fees that month are reduced 50% – a HomeLife guarantee!).
Why Choose HomeLife For Your Large Development
New, large developments can be difficult to manage.
Financials are more complicated, there are multiple construction phases, and if it’s located in Chilliwack, there are legal requirements that must be met (like needing a sewage lift station).
Here’s how we help you with your large development:
Financials – get experienced bookkeepers and managers who are familiar with developments under construction, and who provide you with:
> The Disclosure Statement for the Superintendent Real Estate (budget for amenities such as irrigation, clubhouses, etc.)
> A disclosure statement budget (the concept of your finished development)
Competent managers – get a manager familiar with:
> Local requirements (e.g. sewage treatment plants are required when developments aren’t hooked up to municipal water)
> Lease land developments (First Nations land can have different rules than free hold land)
Advice – receive aid in selecting lawyers and accountants for your development.
The Process To Hiring A Property Manager For Your Development
Step 1: Proposal
Request a proposal through our online form! After your proposal is sent to you, we phone you and set up the first meeting.
This meeting’s main purpose is to get the overall picture of your development, which will confirm your proposed fees and help us form the best processes for your strata corporation.
Here are some of our questions:
- What are your expectations for us?
- Who are you marketing to (who do you want to live in your development)?
- How’s your development laid out (this affects snow removal, salting, etc.)?
- Do you have a sewage lift station?
- How is your development designed? For example, what type of roof does your development have?
- Asphalt roofs = concerns over wind damage
- Metal roofs = higher chances of sliding snow, which can damage vehicles
- Flat roofs = center drains for runoff need consistent cleaning
Step 3: Make your decision!
After the first meeting, we lay down our plans for you. Once hired, we do the following:
- Start financials (e.g. budgets, contingency plans, etc.) if you haven’t already
- Arrange the first AGM if your development is brand new
- Pay common property expenses (e.g. parking lot repairs)
We also advise you on electing a strata council if you don’t have one yet.