Strata management, commonly known as “body corporate management,” is a subset of property management that deals with the day-to-day operation and management of a collectively owned property with many apartments, communal areas, and associated works.
Most of the time, strata management services are offered by a brokerage firm, partnership, or sole proprietorship. To carry out the specific strata management activities, the brokerage hires licensed employees. Strata management Geelong expertise to handle your property, providing you with a sense of peace that your investment is safe.
Key Aspects
- General Property Maintenance
Strata management is a constantly changing position that entails ensuring that strata residents have a pleasant stay. Many owners find it difficult to distinguish between common and individual property, making upkeep responsibilities difficult to assign. The strata manager can clarify this by referring to the strata plan for the building.
- Financial Management
The strata property management, like any other firm, keeps financial records such as tax returns, fund transfers, wages, and salaries, and so on. Individual components and common property are the subjects of these financial obligations.
- Inspection and Record-Keeping
Although it is the owners’ corporation’s responsibility to keep up-to-date strata records, this is usually transferred to a strata manager. Records relating to secret voting, strata renewal committees and other decisions must be kept by a record keeper. Minutes of meetings, communications, proxies, and financial records must all be kept for at least 5 years by the owner’s corporation.
- Ensure That Safety Regulations Are Followed
All strata complexes, regardless of size, location, or usage, are subject to strata laws. Owners must follow all applicable laws and regulations regarding elevators, fire safety, parking, and common places. Strata managers make ensuring that all sectors of the community follow all applicable laws and regulations. The strata management should work with the committee to ensure that all facilities are in good working order.
Advantages of Strata Management
- Competent Staff
Managing and handling property matters necessitates a great deal of experience. To increase the worth of a property, you must have knowledge. A professional firm will increase revenue while lowering costs. A reputable company is known for providing high-quality service and employing professional personnel who place a high priority on customer care. In addition, the staff should be familiar with the relevant state and federal laws. Failure to comprehend these guidelines could have a negative impact on your property.
- Marketable Pricing
These organizations also assist property owners in leasing their property to the highest-paying tenant. The corporation ensures that the tenant pays a reasonable rent. The organization assists tenants in finding a residence that meets their needs and preferences.
- Quality Product
The term “quality product” refers to real estate property. As a result, the property must be well-managed in order to increase its worth. To look after the property, the Strata Title Management Company has a well-trained team of maintenance and workers. Arrears collection, rent collection, bill payment, and leasing or selling units to potential clients are all handled by the company.
