Strata management involves the day-to-day operation and administration of property with multiple owners, consisting of units, lots and common areas. The concept originated in Australia but is now widely adopted worldwide.
Tailored strata management services are the key to stress-free property investment. Managing a strata corporation requires expertise, professionalism and experience handling various issues.
Reactive vs. Proactive
A proactive approach to strata management is a cost-effective way to reduce building maintenance costs and ensure a safe environment for residents. It also saves time and money in the long run. The goal is to prevent minor issues from developing into significant problems that may be costly to resolve. By taking a proactive approach, you can avoid expensive repairs and keep your owners happy.
Strata management is a highly specialised area of property management. It involves the day-to-day operation and administration of a jointly owned property comprising multiple units or lots, common areas, and facilities. It originated in Australia but has since been adopted by emerging markets like Dubai and Abu Dhabi.
Some responsibilities include conducting meetings, collecting and banking levies, arranging property maintenance, advising on asset management, and arranging insurance as required by law. This role requires high professionalism and extensive experience in handling schemes of all sizes and complexity. A strata manager must have excellent communication skills to manage the needs of both owners and tenants.
A proactive strata manager will focus on preventing problem issues instead of band-aid solutions. It will involve catching things before they worsen and keeping current on the latest maintenance techniques and industry standards. It will also include a focus on good budgeting and financial management.
In addition, a proactive strata manager will be an active listener and able to resolve issues quickly and efficiently. It will result in a better quality of service and less stress for all stakeholders.
A reactive strata management Adelaide SA company will tend to cut corners to keep their prices low. It can lead to several problems within the corporation, including miscommunication and delays in completing jobs. It is also essential to find out how many staff they have and if they have experience working in the building industry. If a company has only one person managing the entire corporate body, it may be at risk of burnout or losing its attention to detail. It can affect the overall service of the strata corporation. At Salvan, Natalie keeps an eye on the minor details, and her hands-on approach means nothing will fall through the cracks.
Cost
Strata management involves the day-to-day running of a multi-owner property. It encompasses various tasks, including running meetings, collecting and banking levies, arranging property maintenance, and advising on insurance requirements. These services are provided by professional strata management companies, which charge a fee for their services. Choosing the right company can help you get the most value for your money.
A reputable strata company will be transparent about its fees. They will also provide a breakdown of the costs of managing your property. These fees will include the annual management fee and disbursements, which cover items such as phone usage and archiving of strata records. Strata managers must be well-versed in the rules and regulations of the owner’s corporation, so they must have high professionalism.
The cost of strata management depends on the complexity and size of the building. More significant buildings have more expenses and a more extensive list of duties that must be carried out. These expenses can add up to a substantial amount, and it is essential to keep in mind when choosing a service provider.
While cheaper fees might be tempting, it is essential to look at the whole picture and see what is included in the package offered by each agency. Some agencies may charge lower fees for less comprehensive services, which may not be suitable for your corporate body.