People often interchange strata and property managers but they have distinct roles. Property managers take care of individual properties on their owner’s behalf. They carry out property checks to make sure they remain in optimal condition, liaise between owners and tenants and collect rent.
On the other hand, strata management involves taking responsibility for blocks of properties, usually apartment blocks. The role of a strata manager involves maintenance, ensuring insurance and legal compliance, and making sure all administration is up to date and accurate. Strata management is also responsible for helping residents in the building with concerns or disputes they may have.
The responsibilities of strata managers include the following:
- Archiving records- Keeping detailed records of the names and contact details of owners, logs on work carried out on the property and history of major events that have occurred.
- Insurance- Lodging claims and following up on progress.
- Communicating with tenants and owners- Serving circulars, notices of meeting and maintenance contributions.
- Maintaining common property- Keeping pools clean, identifying areas for repairs and replacement and arranging for repainting the building.
- Dealing with correspondence concerning the building- Correspondence from people in the building like tenants as well as outsiders such as prospective buyers.
Strata management is also responsible for various financial considerations within properties that include:
- Preparing budgets for the Committee’s or Owner’s Corporation’s approval.
- Keeping track of invoices for payments.
- Making sure that all amounts owed and owing to the Corporation are paid, including fees from every property owner.
- Making sure that competitive, sufficient and proper insurance is taken out and renewed. Find body corporate services on the Sunshine Coast
Strata managers play an important role in dealing with residents’ lifestyle concerns. Key tasks consist of:
- Organising social occasions, information events and listening to feedback from residents regarding what they want to see happening on the property.
- Amending by-laws accordingly for the best interests of the Owner’s Corporation.
- Enforcing laws that are applicable to owners in the properties.
- Mediating disputes that may arise between owners.
- Enforcing and communicating rules to all the residents.
Expansion of Roles :
The roles within strata management have become more extensive over time. With high-density residential properties becoming more expanded in scope, strata managers are expected to take control of new features and pave their way into projects that were not previously common.
From fairly simple apartment buildings that contain gyms to complex apartments that feature commercial zoning, the role of strata management has expanded to account for contemporary ways of living.
Body Corporate Management Companies :
People can entrust their property services with reputable body corporate management companies that consist of dedicated professionals. Ownership structures are developed for apartment buildings. When a Strata Plan is registered with the relevant authorities the Owner’s Corporation is established.
Once the Strata Scheme has been established, there are certain requirements that are necessary for efficiently and effectively managing a building. You need to be aware of who actually manages the building and how the strata title is managed. Both Body Corporate and Owners Corporation are terms that are used currently and they refer to the same thing.
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