A strata is a residential area consisting of apartments stacked on each other. These structures are usually owned jointly and supervised by a manager.
Strata managers are different from property managers, although people tend to use the terms interchangeably. A property manager oversees individual properties, usually on the owner’s behalf. Their role encompasses general administrative tasks.
On the other hand, a strata manager oversees multiple properties, such as apartments, condos, flats, etc. Their responsibilities include solving any issues and disputes involving residents and taking care of insurance and legal aspects of property ownership.
Another difference comes in how the two are hired – while a property manager gets employed by a single owner, several owners must agree before a strata management agency gets hired.
Here are some of the reasons why you need strata management services for your assistance.
Proper Financial Management
Strata management agencies help owner associations with financial management by compiling reports like annual income and expenditure statements. They also monitor financial expenses and control lending by the property owners. More importantly, they ensure that owners have financial discipline.
Administrative Management
Mangers can hold meetings at the owners’ request. During these assemblies, they write minutes, prepare by-laws, and keep other necessary records.
Besides, the strata managers oversee all essential services, such as following up on insurance claims on the owners’ behalf. They also handle the valuation of properties and other administrative tasks.
Solving Owner Disputes
Strata managers usually act as mediators when issues arise among joint owners. They also work to attain consensus during owners’ meetings.
Additionally, strata management agencies create rules that every resident and owner must follow. If anybody violates the regulations, the strata management imposes the penalty.
Raising Owners’ Levies
The primary source of funding for most strata scheme is owners’ levies. These monies are used for budgeting and ensuring that there are enough funds to cater to expenses.
For example, the strata manager will ensure that there is enough money for essential services such as routine maintenance and insurance.
Another reason for hiring a strata manager is that they assist with tenant management. In this regard, they communicate with residents regularly to see if they are experiencing any challenges.
Moreover, they ensure that the tenants adhere to the set regulations. Managers also solve disputes among tenants and organise meetings where residents can share suggestions on how to improve the houses.
Maintaining Common Property
Strata managers can assist in the maintenance of the shared property and other amenities used by the residents. They get quotations and oversee the renovation of buildings and facilities. In case a tenant raises an issue concerning the house’s condition, they attend to it.
Conclusion
As seen above, enlisting the services of a strata manager can be invaluable to people who own properties jointly. Besides ensuring that you spend money wisely, they also attend to tenant issues and keep the buildings in a livable condition. This saves you the time and effort that you would have otherwise used if you were managing the properties yourself.
