Business Advice

Importance of Strata Management

Real estate is an evolving industry and you need to have a company that is able to adapt to the changing needs of the industry. As a strata owner, you may not have the time or the experience to deal with day to day management of the strata scheme. Therefore, hiring a strata specialist on your behalf will go a long way towards keeping the tenants happy.

When it comes to strata

The full ownership of property is not in the hands of the owner. With a strata title, the owner will be able to control their apartment along with selling it. A property manager and a strata manager have similar roles but there are marked differences. A property manager is in charge of managing separate apartments while a strata manager such as Strata United will be in charge of maintaining the entire residential building. There are so many tasks and responsibilities that are associated with this such as administration, managing tenants, maintaining the building and common areas, taking care of finances and insurance. This is a multifaceted role that requires the attention of a highly skilled professional. There will also be owners for the scheme and the strata specialist needs to make sure that they communicate with the owners to keep them in the loop about everything that is happening along with maintaining transparent finances.

The strata manager will be organising meetings

Keeping meeting records along with storing all related documentation in the building. The owners have to be kept updated about any and all important information about the strata scheme which includes invoices, financial statement, legal documents etc. This documentation has to be made accessible to the owners in digital format as well because this allows them to get into a more proactive role. You need a person who is able to solve multiple problems as a strata manager because they will be facing challenges every day. There will be tenants who want assistance or more information and there will be contractors to deal with when it comes to repairs and maintenance. So it is very important to be clear about the rules and by-laws that relate to the building management so that any disagreement can be solved clearly.

Safety regulations should be upheld according to the standards of the state you are in. Therefore, choosing a professional for the role of strata manager will ensure that they are very aware of the rules that relate to the property and how to make sure that the property meets these rules. This is something that can be missed with self-management. When the property doesn’t adhere to the specified safety standards, you can be fined. And the manager will be aware of any upgrades or changes to the rule and be able to adopt these changes to day to day management of the property. It is very expensive to maintain a property as there are so many aspects to oversee. The strata manager will also maintain the common areas of the property ensuring a supportive environment in which the tenants can live comfortably.  

Carma Gatson
the authorCarma Gatson