In this episode, Brent and James meet with Chris Churchill, President of FirstService Residential BC to discuss significant challenges the strata industry is heading towards over the next few years and the implications this has for strata corporations and residents.   _________________________________   Over 1.5 million people live in strata housing in the Province of British Columbia. Let's face it, you'd rather watch reruns of the nightly news than read the Strata Property Act (And we can't blame you) Still, most people are at a loss when it comes to understanding such an important framework for how many of us live our lives in proximity with one another. Stratagize with Brent Anderson & James Milne features conversations with industry leaders and experts who share their knowledge to demystify an industry that impacts the lives of more than 1 out of 3 British Columbians. Whether you are a council member, owner, investor, or renter, if you're looking for content that will bring value to your strata and help you get to the next level… THIS is it! Listen to our latest episode, subscribe and rate us on iTunes. 👊 _________________________________ STRATA TIP: Take advantage of the multiple avenues for strata education. Whether that is signing up for a membership with CHOA, CCI or registering for the webinars or events that we conduct. Smaller stratas are very likely to see a reduction in their level of service over the next decade requiring the council members to be more hands on. Getting skilled up with available education will be a key to your stratas success. _________________________________   MAIN TAKEAWAYS: Up to 50% of strata managers will be retiring in next 5-10 years. The industry will move from being underserved to completely overwhelmed. As the supply of strata managers dry up, management services will be rendered from the top down, where the largest buildings receive coverage. This supply will start to run out at around 80 unit buildings. This will result either in massively increased management fees or these buildings will end up being self-managed. To keep people in the industry, companies need to invest in technology so that strata managers are not overwhelmed with thousands of emails per month. The most successful properties/councils cooperate with their strata manager, it is not a one-sided relationship. QUOTES “We don’t need government intervention, we need government cooperation to speak with industry leaders to understand the complexity of the housing issue and the role strata plays in this situation.”         MYTH VS FACT  All management companies are the same.   (Myth)   If that were true then all companies would be managing the same type of asset and that is simply not true. Some specialize in small boutique properties, others specialize in large developments.   _________________________________ Connect with Stratagize Website Linkedin Email Connect with Brent Anderson Linkedin Connect with James Milne Linkedin _________________________________ RESOURCES 8 steps to going out to bid Decision making tool