Your Checklist to Ensure You’re Getting the Best Service from Your Strata Management Company
Like any relationship, your relationship with your strata management company should be trustworthy, reliable, communicative, and supportive. It does take time, and it’s a great practice to take stock every so often to ensure it’s as healthy as possible.
In this article, we take a quick look at what makes your strata management company relationship-worthy. If you can comfortably check off each of the following with an enthusiastic “yes,” you are definitely on the right track!
1. Working with them is a breeze.You partnered a strata management company to make things easier on yourself and the board. Often, they are hired to take care of the critical financial and administrative aspects of your condo corporation and vendor and community relations. But that is just the tip of the iceberg.
You know that you’ve made an excellent decision for the long-term once the strata company goes the extra step in finding new ways to make things easier and more efficient. An easy example? Technology. Today’s strata management companies should offer an around-the-clock web-based portal that gives you access to streamlined management and tracking tools when you need it. Being a council member is an around-the-clock job too.
2. They can act as a small firm - and a big one too!Small companies can deliver genuine customer service while building a personal relationship on top of a professional one. However, this usually comes at a higher price because they lack purchasing clout. With a more prominent company, though, they can keep costs low, but this comes with an exchange of lower quality customer service. Is it possible to get the best of both worlds? Of course!
Today’s best strata management companies are global entities comprised of local market leaders. By having them know your community, they will be extremely qualified to know the best vendors for each area of your city, while being supported by the resources of a much larger organization. Think of it as a combination of friendliness and accessibility of the little guy, paired with the power of a big one.
3. They can predict the future (almost).The motto of any strata council member is always to expect the unexpected. At any time, things can go from calm to crazy in moments, so an excellent strata management company still looks ahead. They know they will encounter challenges, so the company anticipates them and addresses them before they get out of control. Being a proactive company is the only way to go. Techniques you’ll see that a strata management company is dynamic is by understanding their plans for preventive upgrades, maintenance and modifications that are more cost-effective to address sooner rather than later.
4. They know that higher yields are as essential as lower costs.Some strata councils are content with a firm that saves them money. That only fulfills half the equation. The growth and security of your community’s trust funds are the backbones of your long-term security. And it takes a special kind of strata management company – one with strong relationships with national banks and credit unions – to ensure you are enjoying the highest possible yield on those funds. The same goes for your operating accounts. The right firm will realize that growing these accounts is just as critical as minimizing the expenses that diminish them. The difference? Not all strata management companies have the power to negotiate more beneficial yields from your bank.
After going through these four checkpoints, how did you do? If you got anything less than four out of four “yeses,” start a dialogue with FirstService Residential here. We’ll show you how we can fulfill not only your expectations but also exceed them.