Properties that are owned by more than one individual even if residential, commercial or both, requires effective management by keeping the interests of lot owners in mind. Strata units have become popular in many parts of the world, including most cities in Australia. Many would assume that this are functions that could be handled personally or through a property agent.
A property manager handles the running and maintenance of a single private property. A strata agent deals with commonly-owned property. If you are rethinking investing or even moving to strata buildings, strata management would be very beneficial to you below are some of the benefits you will enjoy.
Some of the benefits you will enjoy from the service.
Strata management services are important, especially in handling all the risks brought about by the preservation of common facilities involving lot owners. Other benefits have been discussed below.
They deal with compliance regulations.
The benefit of having a strata manager is that they are aware of the rules and regulations in managing a commonly owned property in any city or state. They also ensure common areas are compliant with current industry policies.
They offer efficient production of services.
They ensure services are handled effectively. They maintain the commonly-shared property like pools, gardens and parking lots. It is their obligation to source contractors and other tradesmen, facilitate their payments, and improve the quality of the property.
They collect bills
Strata managers collect bills and levies for the overall upkeep of the property regularly. They ensure bills and rent and other arrears are collected on time. Agents are also responsible for leasing or selling the property to prospective new clients at the best price.
Help in solving disputes
A good agent keeps open lines of communication with shareholders or owners of a commonly owned building to help make decisions on common property for the members. They also manage correspondence between tenants, prospective buyers and owners. They coordinate meetings to discuss matters and resolve issues or arguments that could arise between various owners, keeping their best interests in mind.
Offer financial management
The tasks of a strata manager can be very hard, especially in handling the paperwork effectively. They manage accounts and funds collected regularly. Agents keep records that can be accessed by owners as well as handling the preparation of an annual statement and budget. They organize yearly meetings and ensure the annual report is presented, and the common interests of members are represented.
Follow building safety guidelines.
It is their job to ensure required health regulations are met and that there is fire safety and lifts certifications. They deal with repairs for preventive maintenance and improve the quality of the owners’ property. They also deal with other legal compliance like insurance.
When looking for a good strata manager, owners ensure that their concerns are met through effective communication. This provides an effective response to resolve any issues with various members. The strata agent will perform all administrative duties that are needed, like managing funds and paying levies. Maintenance will be improved through repairs, and above all, the agents will ensure the lot property meets the requirements of the legislation.