Industry overview

0:00 – Welcome to the BC Strata Tech Conference

0:01 Hello everyone, good morning, and welcome to the B.C. Strata Tech conference. I'm your host, Ryan Grant, and I first want to thank you all for attending this exciting inaugural event. I'd also like to thank the presenters for their efforts in providing our viewers with their knowledge, experience and insights. Between today and tomorrow we have some of the most innovative minds in the strata space presenting on a variety of topics.

0:28 The knowledge they are providing us is helping shape the future of strata management and strata living as a whole. Whether you're self-managed or managed, these solutions are for you.

0:41 – Self-Managed Stratas and Manager Shortage

0:41 Now let's get into the industry overview. So where are we today? Of the 34,000 and growing strata corporations, it's estimated 68 to 80 percent are self-managed, and the majority of those are 25 units or fewer. The government in Canada is pushing for rapid expansion of strata housing to meet the demands of the market, but our management industry is at full capacity, and self-managed stratas have limited time.

1:15 Out of the 1,400 licensed strata managers, it's estimated that there are only 500 to 800 that are actively managing, with many retiring within the next five years. It's not uncommon for an average strata manager to be managing 10 to 20 or more clients, with managers often mentioning they receive 100 or more emails a day. With only so much time in the day and many tasks for many clients, they need tools to streamline their workflow as much as possible.

1:48 Same goes for self-managed stratas: volunteers generally have day jobs, if not two, and council positions can become a second or third job for them. But wait, there is hope. Or rather, there are solutions.

2:04 – PowerStrata, Fabric and StrataPress Tools

2:04 We now have BC-tailored solutions like PowerStrata, a strata management platform specifically designed for managing BC strata corporations of any size and complexity in a more effective and efficient way. Or FabricApp, a communications platform that enables self-managed communities, strata managers and landlords to streamline communications with their residents into one easy-to-use mobile app. Residents and owners also have access to a built-in knowledge base that stores useful information about their property, such as amenity room operating hours, pet policies and more.

2:44 Realtors asking for those strata documents again? With StrataPress, they're primarily known for their document storage and retrieval system, which is commonly used by Realtors, strata managers and self-managed stratas to retrieve documents during the sale of properties. StrataPress makes it easier and faster for Realtors to obtain documents with ease. Now, how many of you have your strata contingency reserve fund sitting in a low-interest bank account earning pennies on the dollar?

3:16 Well, no more. With Yield Exchange, a self-serve investment platform, it allows strata councils to search for the best rates when investing their CRF.

3:29 – Property Flute, CRT and Document Review Tools

3:29 Now what about strata governance and property research systems? How can they help? Well, with Property Flute, it's a strata meeting management and voting platform that supports in-person, electronic and hybrid meetings. It's perfect for your general meetings, or even council. Have you ever been to an annual or special general meeting where you have multiple owners per strata lot, have strata lots with fractional voting entitlement, have many proxy voters, or have a high-stakes special levy or bylaw amendment to approve?

4:01 Property Flute can handle any scenario, and do it with speed and accuracy like never before. And what about when you have a dispute with another owner or resident, and you want to see how similar cases have been handled across the province? Look no further than the Civil Resolution Tribunal Solution Explorer. Do your research before filing a case, or utilize their response templates. And we can't forget about property research systems and service providers.

4:31 As a prospective buyer, Realtor or owner, you don't have to spend hours going through minutes, depreciation reports and financial reports. Use the AI reporting tool Eli Report: give Eli Report all your documents and it'll summarize them into an easy-to-read format. Need the human touch? Condo Clear is the first and only licensed brokerage in British Columbia to specialize in assisting buyers, sellers and Realtors with reviewing and summarizing strata documents.

5:01 And what about when you're wanting to purchase a home, or do strata comparables? Zealty.ca is a perfect tool for prospective buyers, Realtors and strata owners, with their BC-tailored data that includes some great information about stratas.

5:11 – Depreciation Reports, Associations and Legal Help

5:17 Now, when it comes to proactive maintenance planning, or when you're getting ready to sell your home, depreciation reports are your friend. They may not always tell you the good news, but they outline budgetary pathways for your strata fees and give you a long-term outlook on what projects need to be planned for. Strata Reserve Planning has the long-term experience and data sets to provide you with an accurate forecasted depreciation report.

5:41 Prospective buyers, lenders and your fellow owners will all benefit from up-to-date depreciation reports. So we've gone through the solutions and services that strata owners and industry professionals can utilize, but what about educational and legal resources? That's where the associations come in. They're providing our strata residents and owners with valuable seminars, webinars and informational bulletins. You can also obtain a membership with them for a nominal fee and get additional personalized support.

6:12 And for when you need a legal opinion, well, you'll want to speak with a lawyer who deals with strata matters on a regular basis, such as Cleveland Doan. And we're also seeing people use online support forums and groups such as StrataCommons, or Facebook and other social media community channels. All these solutions can help alleviate or remove bottlenecks for both self-managed and managed stratas, giving residents, owners, council members, strata managers, Realtors and land-use professionals a wealth of added value in operations, governance and lifestyle.

6:48 Now that we've done an industry overview, let's bring in the presenters. First we have Craig Moore, co-founder of Property Flute, covering the topic “The future of strata meeting management and voting.”