Strata management is also known as body corporate management. This is a type of property management that mainly deals with the administration and maintenance of strata titled properties. Some examples of these properties are commercial buildings, apartments and townhouses. The strata manager is the intermediary between the owners’ corporation, owners and the property.
A strata manager
Is responsible for managing strata titled properties and taking care of day to day management tasks. They will provide advice to owners and provide them with the necessary updates along with carrying out work to maintain the property. Strata Sydney will also ensure that the property complies with the relevant legislation. There are many responsibilities that strata managers are required to complete such as collecting and managing fees, organizing owners’ meetings, enforcing owner’s corporation by-laws for the property, preparing meeting agendas and minutes. They will also manage the finances of the property and ensure that the owners are kept up to date on maintenance charges and changes to legislation. While these tend to be the basic responsibilities of a strata manager, the actual responsibilities can vary depending on the specific requirements of the owners’ corporation and the nature of the property.
It can be difficult for the owner’s corporation to manage the property as they may be lacking in certain specialised expertise regarding this field. And this is something that can take a lot of time which will not leave you much time for other investment ventures. Hiring a strata manager can free you up to diversify your portfolio and expand your investments. But you can also be assured that the property will be managed in a professional manner and that it will be compliant with the relevant legislation and regulations. The strata manager will ensure that there is clear and effective communication between the owners and the owners’ corporation. And whenever there is a dispute, they will work to resolve it. Strata managers have a lot of experience in the industry and therefore, they will be able to ensure cost-effective management of the property.
There are certain factors to consider when choosing a strata manager.
You need to choose a company or a manager that has the right qualifications and experience. Make sure that they have managing experience with a similar sized property with similar circumstances. They should also have effective communication skills and a deep understanding of the specific property type. Look for a reputed company or strata manager that has been in the industry for a long time. You can also ask them to provide you with references along with their fees and charges. When working with a strata manager, you need to communicate openly and let them know of your expectations. They should attend the owners’ meetings and provide feedback. They should also keep you up to day on maintenance and repair issues. They should be well experienced in conflict resolution. Some of the issues that can arise at the property will be maintenance issues, disputes between the owners, non-payment of fees or failure to comply with by-laws.