Management Services

 

FACILITIES MANAGEMENT:

 

Experienced in large scale development and renovation projects including the Shangri-La Vancouver, the Fairmont Pacific Rim, and the redeveloped Woodward’s, Peterson Residential is uniquely positioned to help enhance and protect the value of your property and can;

 
  • consult our in-house architect, lawyer, human resources staff, and power engineer for expertise;

  • help your strata council prepare long-term and short-term capital expense plans based upon data provided in your strata corporation’s approved depreciation report;

  • perform regular site inspections with results presented at strata council meetings;

  • provide an online calendar to monitor annually recurring maintenance items;

  • track contract renewal dates and terms to help prevent unintended contract roll over;

  • share our trades list, vetted to ensure vendors carry adequate insurance, are reliable and offer reasonable pricing;

  • monitor and track deficiencies under new home warranties;

  • supervise the work of contractors and consultants; and

  • work to keep your strata corporation compliant with relevant legislation.


 

FINANCIAL MANAGEMENT:

 

Peterson Residential has established systems and procedures to ensure that you understand the financial position of your strata corporation and maintain control of your cash flow and financial assets. The team can;

 
  • manage the collection of monthly maintenance fees;

  • prepare monthly financial statements by the 15th of each month;

  • prepare fiscal year-end financial statements;

  • coordinate the “T1044 Non-Profit Organization Information Return” and/or the “T2 Corporation Income Tax Return”;

  • administer short-term and long-term investments with a recognized financial institution in accordance with the Strata Property Act;

  • track arrears and fines applied on delinquent accounts;

  • draft and propose an annual budget;

  • prepare a detailed financial package;

  • send monthly financial statements via email;

  • ensure regular cheque runs are completed so that contractors are paid on time and strata council members are promptly reimbursed;

  • ensure cheque signing controls are in place that go beyond the requirements of the Real Estate Services Act;

  • ensure strata corporation employees are paid on time with the option of direct deposit;

  • ensure accounting procedures are in compliance with rules of the Real Estate Council of BC through an annual statutory review by a third party auditor;

  • ensure timely insurance appraisals so properties are adequately insured; and

  •  provide preferred pricing and industry leading coverage through our main insurance broker, BFL Canada.


 

INFORMATION MANAGEMENT:

 

Peterson Residential builds positive long-term relationships with owners, strata councils, and residents through transparency in all of our interactions and easy access to information. The team can;

 
  • send strata council and annual general meeting minutes for review within five (5) business days of meeting dates;

  • track contract expiry dates, ensure minutes and financial statements are delivered on time, monitor strata council meeting directives, and track invoice payments;

  • protect your privacy by acting in compliance with the Personal Information Protection Act;

  • update owner information automatically when notified of changes;

  • post meeting minutes and reports on the free, community strata web portal;

  • ensure that incoming correspondence, quotes, and other concerns are added to the next strata council meeting agenda; and

  • keep a detailed account and financial history of each strata lot.


 

COMMUNITY MANAGEMENT:

 

Strata management is largely about increasing social capital. Peterson Residential works to build active, healthy, and green communities and fosters trust among owners to achieve their common lifestyle goals. The team can;

 
  • enforce your strata corporation’s rules and regulations at the direction of  the strata council;

  • facilitate efficient and effective meetings using the training that our strata managers receive on running effective meetings;

  • supply checklists and other tools to facilitate the preparation of strata council and annual general meetings;

  • send strata council meeting agendas one (1) week in advance of meeting dates;

  • track progress of directives ensuring timely completion and follow up;

  • provide 24/7 emergency response; and

  • consult our in-house human resources department with expertise in employment contracts, hiring, disciplinary procedures, and performance appraisals.


 

THE FIRST 60 DAYS:

 

We understand the importance of uninterrupted service and the difference a smooth transition to a new strata management company can make. We can transition accounts with short lead times, however, the ideal transition begins 60 days prior to the commencement of a service agreement. Regular communication with the strata council will be maintained throughout the on-boarding period. When you retain the services of our experienced and passionate team of strata professionals, we will take the following steps;

 
  • discuss the immediate and long term goals of your strata council and create an action plan for the first 90 days of management, prior to commencing management.

  • establish a timetable for the transfer of records and strata funds.

  • call a meeting with strata corporation employees to review and/or develop job descriptions, schedules, and standard operating procedures (if applicable).

  • review all service contracts, insurance policies, recent minutes, and current legal issues.

  • ensure our experienced accounting staff review financial records and accurately input owner and resident information.

  • send introductory letters to all homeowners introducing Peterson Residential and collect banking information and authorization for pre-authorized payments to ensure collection of maintenance fees is not disrupted.

  • set up an annual calendar for your property on the free, strata login, where you can record council meetings, annual general meetings and recurring maintenance items; and

  • conduct the first regular property inspection using our customized standard inspection form.