Business Tips

How does Strata Management Work?

Strata management is the daily management and operation of a building having several owners, various units or lots, as well as common rooms and utilities. Australian law is known as “strata title” which served as inspiration for the concept of strata management. This has an impact on the management and administration of common lots and property ownership inside a building complex. Strata Management was created in Australia, but it has since extended to many other countries where there is a high demand for its services, including Dubai, Abu Dhabi, Canada, and the Philippines.

This article will attempt to demystify what owners, tenants, and any other such parties can expect from their strata managers, even though strata management is still rather “faceless”and the general public may not be aware of what exactly tasks a strata manager is responsible for. First, a strata manager is chosen within the strata scheme of a certain housing complex, and they provide body corporate management services. This expert is in charge of managing the strata scheme’s building complex’s owners’ corporation management. Because strata managers are specialists in their field and are aware of state-based legal restrictions, their job can feel like a juggling act at times. Additionally, they collaborate with the strata committee and owners’ corporation to reach an agreement on any action that has an impact on the entire building. Body corporate managers, owner’s corporation managers, and strata managing agents are other titles for strata managers.

A strata manager’s specialized responsibilities also include chairing meetings, collecting and banking levies, organizing property upkeep, giving asset management advice, obtaining insurance as required by law for a strata scheme, and maintaining records of all building finances. The strata manager also needs to be extremely professional, have experience managing schemes of various sizes and levels of complexity, as well as strong people management abilities that enable them to handle even the most challenging problems without losing their cool and relieve pressure on the owners’ corporation.

The adage “you get what you pay for” generally holds for strata management as well, just like it does for any other business. It’s likely to be the case if a business offers a full-featured service at a price that seems too good to be true. Companies might try to cut costs in these situations to compensate for the lower price, but decreasing costs in building management is never a wise idea, especially over the long term. Cutting shortcuts as a foundation for an operation almost guarantees that it will be reactive. You want your strata manager to be proactive rather than reactive, giving problem prevention priority rather than applying band-aid fixes to urgent issues. It only costs a few dollars more per owner every week for your strata manager to provide exceptional service. This is typically the difference in receiving greater quality if no wrangling from owners is necessary for duties that are a part of the Strata Manager’s duty. A good strata manager should maintain all financial and accounting records, have experience dealing with complex strata issues (such as disputes, emergencies, and disasters), ensure that the scheme complies with all Strata Laws, Fire Safety, and WHS regulations, maintain the strata roll and levy register, oversee property repairs and maintenance, prepare for meetings, and deal with resolving disputes.

the authorOskarCarty

Leave a Reply