Disclosure Of Remuneration
The subject of Disclosure of Remuneration to Strata Management Companies is discussed in detail in this article from Tony Gioventu and we encourage Council members to familiarize themselves with the requirements of Strata Management companies in this regard. While this article is from back in May 2016 and we did not initially post to our blog, we have decided to do so as there continues to be a fair bit of “buzz” in the industry on this subject. Although our clients are familiar with the fact that Stratawest Management is not involved in such practices, questions about commissions and other sources of potential ‘extra’ remuneration to a management company continue to be asked by prospective clients.
Bottom line – Stratawest is happy to answer any questions about our Agency Agreement and our business practices. We’re also pleased to state publicly and unequivocally that we do not accept compensation, commissions, fees, etc. from any third-party other than the few items which do result in payment of monies earned through the course of performing our duties (i.e. fees charged to prepare forms for Realtors/Notaries, which are governed by both the Strata Property Act and the Real Estate Services Act). The list of those very few and totally legitimate items are fully, clearly disclosed to each client prior to signing our Agency Agreement, and we are happy to discuss them at any time with new and existing clients alike.