Commercial and Residential Strata Management are becoming quite popular these days. In fact, most joint property owners now consider them crucial for successful maintenance and management of a property. These management companies have professionals who are trained to deal with different needs of a jointly owned property. In the simplest sense, individuals who co-own a property need strata managers to handle general administration, especially in areas like Sydney where the concept of jointly-owned properties is quite popular. These owners can basically rely on companies and Strata managers to handle management tasks from gardening to electrician, enforce by-laws and rules in the premises while dealing with general budgeting and accounting, insurances and arrears.
On a whole, residential and commercial Strata Management companies carry out a variety of functions, such as-
- Organization of common property, maintenance of common property areas, such as parking lots, gardens, parks, pools and gymnasiums. They must maintain, control and co-ordinate repairs, whenever necessary.
- Maintaining a trust account for a property to contribute to its overall management.
- Having an electronic and written accounting records. Since a property is co-owned, these managers are required to work for all the owners in the group instead of a single individual.
- Handling common arrears and their collections.
- Engaging and providing contracts to cleaners and gardeners or electricians for maintenance.
- Ensuring implementation of laws (such as cars can move from a single direction, no outside vehicles allowed for parking etc.)
- Ensuring legal compliance for commercial and residential strata management properties to ensure that fire hazards are avoided, work health safety is supreme. They can issue levies and notices, if needed.
- Carrying out preventative, maintenance and remedial works.
- Handling annual financing, budget and accounts. Conducting meetings to deal with different with issues or conflicts arising out of jointly-owing a building.
Overall, the fact that these strata managers can effortlessly handle a variety of issues is the biggest reason why owners must hire them. They are of vital importance in current scenario as they can undertake a set of executive and legal roles for managing by-laws, controlling the use of common property, acquiring or disposing property, carrying out remedies for structural defects, handling property related emergencies, insure the property for damages, workers’ compensation, file claims for repairs and replacement of affected property maintaining records, storing an retaining the records for a period of time, establishing sufficient fund for administration of the property, maintain a proper book of account, preparing funding proposal, complying with restrictions for expenditures, organizing and preparing issue notices for general meetings, handling conflict resolution, communicating with proprietors and others, referring to all correspondences within the council and taking care of risk management or matters outside the management relationship.
Therefore, these strata managers are of crucial importance. Make sure that you hire a company that provides a vast range of management services, have a point of contact and offers customized facilities. You can hire them even before the construction of a jointly-owned property.