First-time buyers face more challenges than seasoned property owners. It’s about more than just the sticker shock of spending a tremendous amount of money; it’s also about navigating pre-purchase documents and understanding condominium living.

While affordability, a low-maintenance lifestyle, amenities and convenient locations make condominiums (or stratas) an excellent choice for first-time buyers, the rules, expenses and disputes can dampen the allure of multi-family living.

However, it doesn’t have to be stormy seas for first-time buyers. With proper guidance and patience, the industry can help these first-timers become long-term real estate investors.

How multifamily complexes work

For first-time buyers, stratas or condominiums are confusing words. Simply put, these interchangeable terms are just market-specific ways to describe a multi-family complex, most commonly in the form of an apartment or townhome.

Depending on where the home is located, the word for this multi-family home differs, as does how they’re regulated and governed. For example, in British Columbia, they’re referred to as strata corporations and are governed by the Strata Property Act, while in Ontario, they’re condominium corporations governed by the Condominium Act. Both Acts have specific intricacies but generally outline owners’ rights, the corporation’s responsibilities, dispute resolution and voting.

Diving deeper into the condominium world, the elected board or council, depending on the market, are the decision makers. This group of owners steers the direction of the complex on most issues. Annually, or when a significant need arises, the ownership gathers to vote on bigger issues. The board is also responsible for ensuring the rules are enforced fairly and helping resolve disputes.

This is a substantial amount of work for a group of volunteers, so a management company is often engaged to help ease the strain and provide professional assistance. Sarah Braim, a small business owner, explains that she joined her council to be involved in deciding how her money was being spent. “The monthly fees were not insignificant, and I wanted more say on how the money was spent.”

Reviewing financial documents, rules & bylaws and minutes: Crucial to the decision-making process

Speaking of financial obligations, no two condominiums are created the same. Monthly fees cover the basics across the board: operations and savings. That’s where the similarities end. What’s in the operating budgets can vary wildly depending on the style of the condominium. Newer and more complex communities can have additional costs for amenity features and staffing over and above the basic costs of insurance, maintenance and electricity. Ensuring there’s enough in the operating account to cover the building’s day-to-day expenses is essential.

The savings account is the rainy day fund that covers oversized ticket items like elevator replacements and re-roofing. Failure to appropriately fund either of these accounts results in special assessments or levies, which can cause some extra and sometimes unexpected strain on owners.

Any buyer has a lot to take in, but a new buyer won’t have the experience to navigate this information. Reviewing these critical documents, the rules and bylaws, and the minutes and financials are crucial in the decision-making process.

Tight timing between offer & subject removal means not knowing what to look for can be problematic

Once that perfect apartment has been found, the hard work begins. The window between submitting an offer and removing subjects is often tight, so not knowing what to look for can lead to problems.

Braim shares her experience: “In my first condominium, I wanted the ability to rent the property. I checked the bylaws and it was allowed, but what I didn’t know or understand at the time was that, even though rentals were allowed, there was a waiting list, and I’d be at the bottom.” Other buyers note they missed vital details, like special assessments, when reviewing condominium minutes, leaving them in legal trouble for unpaid assessments.

Jacqueline Adler, a real estate agent with Oakwyn Realty, shares, “Working with first-time buyers is much fun — sometimes more exciting for me than for them! It’s an incredible opportunity to share these moments in their lives.”

Adler notes that working with new buyers differs significantly from working with seasoned clients. She and her team take the time to walk purchasers through each step, explaining everything along the way. As for those hard-to-read documents? Her team carefully reviews them and prepares key highlights for clients. While buyers are still responsible for reading everything, these summaries highlight critical areas to focus on.

Purchasing a condominium for the first time should be an exciting milestone — and for most, it is — but it’s also a period of incredible stress. By offering patience and solid guidance, the industry can support these newbies through the overwhelming process and keep them from running to the hills (or ocean) far from real estate.

Realtors and property managers. A duo that blends as well as oil and vinegar. Both parties bring specialized skills and knowledge to the table, and when these are effectively combined — just like vinegar and oil — the result is something special.

But can realtors and property managers really get along? By understanding common challenges and implementing simple strategies to overcome them, realtors and management companies can build happier, more productive relationships that benefit everyone involved: realtors, property managers and their clients.

Limitations of property managers

“We want to help realtors, but sometimes we’re limited by what we can actually do,” says Katharine Olson, associate broker at FirstService Residential in Vancouver. “I’ve had instances where a realtor has promised prospective buyers renovation approvals. As much as we’d like to help, strict regulations in British Columbia limit what can be done before a buyer becomes an owner.”

But who is responsible for that? Many times, it’s assumed that the property manager has more power than they do. This assumption leads to misunderstandings, inefficiencies and client dissatisfaction. Confusion often stems from a lack of clarity about the roles and responsibilities of management companies in a specific market. For example, in B.C., the management company is only obligated to the owner or their representative — strata managers can’t provide information or approvals to prospective buyers.

Understanding role nuances goes beyond legislation: Tips for realtors

David Locke, vice president of business development and managing broker at Duka Management, emphasizes that understanding the nuances of these roles goes beyond mere legislation.

“While realtors should familiarize themselves with the relevant laws in their market — like the Strata Property Act in B.C. and the Condominium Act in Ontario — issues often arise from not understanding the building and its intricacies,” he comments. “A quick overview of the building and its documents, if available before listing, goes a long way in avoiding conflict and ensuring happier clients.”

Locke advises realtors to know the bylaws and rules of the building they’re dealing with. “Respecting the bylaws and rules builds goodwill and a potential client pool,” he says. He also notes that Metro Vancouver developments are becoming increasingly complex.

“Buildings are much more complicated now than even 10 years ago,” Locke adds. “I’m always happy to help realtors navigate them, provided they’ve read the documents first.”

Mike Heddle, broker at Heddle Real Estate, adds that avoiding assumptions about a building based on others and having a systematic process for listings is crucial for success, along with solid communication. Heddle notes that he opens the lines of communication at the start of the sales process and aims to keep the property manager in the loop the entire time, from listing to closing.

Proptech: Meant to streamline but can cause delays in getting answers

Just like any good relationship, communication is the cornerstone for success. Thanks to the multitude of proptech in the real estate market, communication lines between realtors, owners, clients and property managers have been streamlined. But maybe too much.

Many companies have adopted online portals for ordering the documents needed during a sales transaction, offering convenient timelines and various document options. While this is meant to streamline the process, there comes a time when a realtor might need clarification on a point, and this is where problems arise. Realtors frequently face frustration when their calls and emails go unanswered for days or aren’t responded to.

“It’s no surprise that’s a complaint,” Olson notes. “In a year, I can get over 10,000 emails and phone calls from one building alone, and agents here tend to have six to eight properties each. That’s a lot of correspondence. My preference is always email, with clear and concise questions.”

How to help property managers help you

A quick scroll through LinkedIn results in dozens of posts about emails and the sheer amount of them: getting the best results from a property manager means knowing how to reach them. Olson adds she appreciates when realtors take the time to structure the email in a way she can quickly answer it — clear subject line with the property, point form questions and a timeline she can work with (at least a couple of days).

Knowing who the questions should go to is vital in many situations. She further adds that it might be quicker to call the building staff directly for simple questions about daily operations instead of the strata manager.

While it looks different for each party, realtors and property managers are working towards the same goal: client satisfaction. Understanding common challenges and implementing minor changes would easily make the relationship less contentious. Could realtors and property managers actually get along? Yes!