Managing Your Strata
We know that Strata is complex, but it doesn’t have to be. Our primary objective is to help guide council members through the complexities of running today’s mixed-use, residential, and commercial strata corporations, all while ensuring strata's are in compliance with the strata property act.
Strata administration, fee collection, bylaw management & enforcement, site maintenance & inspection, and financial management are among the many services we offer. Whatever your needs may be, we’ll work one-on-one with you to satisfy your unique requirements.
The Martello Difference
We provide a full suite of dependable and cost effective services. Our Strata Managers are highly experienced and are focused on providing customized solutions to help maintain the quality of your living environment and ensure your biggest investment is protected.
- Maintaining strata records: owner & tenant lists, contact information, parking and storage assignments, etc.
- Prepare sales documentation
- Collections of outstanding balances on accounts, including but not limited to legal filings of strata property act, form g liens, etc.
- Preparing liability agreements for suite alterations
- Preparing rental agreements for parking stalls and storage lockers
- Handling resident complaints, i.e. preparing bylaw infraction notifications and complaint receipt notifications
- Negotiating service contracts
- Arranging for insurance coverage
- Explaining the requirements or limitations under various legislation's that governs how the strata corporations run, such as the Strata Property Act and the Personal information and Privacy Act
- Organizing and attending annual general meetings and special general meetings
- Reviewing with and directing council on requested suite alterations
- Reviewing and advising council on options for handling complaints, problem residents, etc.
- Collecting strata fees, special levy’s, fines, interest and late charges, and NSF Fees
- Managing all accounts payable
- Preparing operating statements for both public and council use
- Preparing Year-end financial statements for the strata council
- Budget preparation in cooperation with the strata council
Residential Strata's are often referred to as condos and include the following elements:
Individually owned apartments
Individually owned townhouses
Individually owned bare land zones for residential use
Any combination of the above
Residential Strata’s can also include amenities such as swimming pools, gyms, and other spaces that are owned and shared by the owners of the individual units. They are also referred to as common property or limited common property.
Considerations: Because these buildings deal with individuals (rather than businesses), strict adherence to the Strata Property Act and Personal Information & Privacy Act is essential. Additionally, depending on the building and the bylaws, a residential strata building that allows rentals must ensure that they are in compliance with the Residential Tenancy Act.
When all these pieces fall into place, you’ll have happy tenants and strata councils.
Any combination of commercial and residential are classified as a mixed-use strata
As our city continues to grow
There is increased demand to develop upwards instead of outwards. As such, mixed-use Stratas are becoming more common and can be as simple as a building with retail spaces on the ground floor, or as complex as ground floor retail with several floors of office space, rental apartments, condos, and amenities.
Knowing how to run a building of this type
Requires a well-rounded knowledge base of real estate legislation, which includes a thorough understanding of the Strata Property Act, The Residential Property Act, and the Personal Information and Privacy Act which regulates the duties and obligations expected of an elected strata council.
Commercial strata properties can be divided into 4 categories:
Any combination of the above
Considerations: This type of Strata has a different set of requirements, especially when it comes to tax reporting. While Strata corporations are generally tax exempt, commercial owners are required to report included tax amounts payable to the Strata Corporation. Additionally, maintenance, permits, licensing, and insurance requirements are generally more extensive with these types of strata.
How we can help: Our core business is commercial, so we have a thorough understanding of the various aspects of commercial real estate and how they coincide with the Strata Property Act. Having an experienced Manager will not only save the Strata Corporation time and money, but will ultimately relieve the strata council of the stress and burden of staying on top of these requirements.