If a property is jointly owned, it needs to be managed in a way that suits every owner’s interests. This is why many real estate investors are hiring strata management agencies to oversee properties on their behalf.
An agency that offers strata management services will oversee the maintenance of properties, solve tenant issues, set by-laws, keep vital records, and seek essential services like insurance. As a result, the owners get peace of mind knowing that their properties are getting proper care.
Here are the top benefits of hiring a strata manager described by stratatitle.com.au professionals.
Handling Paperwork and Legal Issues
An experienced strata manager helps you in preparing and handling property-related paperwork such as invoices, annual income reports, expenditure reports, etc. This eases the burden of repairing and auditing such documents, especially if you own many properties.
Additionally, strata management agencies also deal with legal issues concerning the properties. They ensure that the buildings comply with the set regulations and set by-laws that residents must follow.
Strata managers are responsible for tracking, evaluating, and implementing laws related to property ownership management. It is worth noting that these regulations change frequently.
Properties tend to deteriorate after extended use. When you hire a strata manager, they will conduct regular inspections to see if anything is in poor condition. If so, they will sanction a renovation to restore the building’s original state. They similarly do preventative maintenance works if the budget allows.
Since they deal with residents directly, strata managers solve any issues that arise among tenants. They as well listen to the occupants’ concerns regarding the buildings’ conditions.
Besides solving tenant disputes, strata agencies also ensure that there is consensus when co-owners hold annual meetings. This is crucial when it comes to making significant decisions affecting the properties.
Collecting Levies and Paying Bills
Strata managers are responsible for collecting levies from owners. These funds are used to conduct maintenance and improvements on the properties. They correspondingly collect rent from the residents.
After collecting the money, the agencies make sure that all bills get paid on time. These include electricity and water bills, dues owed to garbage collectors, and other service providers.
Maintenance of property parts
It is not only the property but besides its parts that gets maintained by them. It includes parking lots, gardens and even parks. They make sure that the parts are appropriately managed. They repair them when required by maintaining proper coordination.
The repairing work is a bit of a task if you have to do it yourself. You will have to spare your time and look for the repairmen. Afterward, you will need to stand by their side when they are doing the work. So, isn’t it the right choice to leave this work to someone who can handle it in a better way?
The Strata management services also manages your funds and afterwards utilize them efficiently. It is not possible to have a properly managed property without necessary funds. Therefore, you will need necessary funds and also their proper management. The services will correspondingly ensure the proper distribution of the funds.
Regular upkeep and cleaning
The managers will deal with the regular cleaning and upkeep of your place. It will be their duty to get rid of the waste and dirt of the area. You need not worry about the maintenance of the property managed by the strata service.
If there are any concerns related to the tenants, the management service providers will also resolve these issues. They will make constant communication with them. In addition to this, they will also ensure that the tenants follow all the rules and necessary regulations.
The managers will also manage your accounts. The accounts will be all related to your property and its parts. Thus, through account management, all your finance will be handled accordingly without disturbing you.
Annual financial budget
The maintenance of the financial budget on an annual basis is such a headache that no one wants to bear. But you do not have to worry about it. The company will do all the work. They will provide you with the preparation of the budget and its presentation. Furthermore, they will also monitor your invoices and will also file and manage your insurance policies. Thus, giving you the peace of mind.
Resolving the conflicts
They will also arrange meetings with the other property owners to solve and conflicts. So if your property is having some legal issues with other property owners, you will be able to resolve them. Furthermore, if you have any dispute with the tenants, that would also be resolved.
Managing social events
If you are going to organize some social event or need to conduct the meetings, they will also do that. You will only have to tell them about your requirements and they will manage every other thing. Besides, they also organize their own meetings and events where the tenants can give their feedback. This will help them in making improvements in their services.
Enforcing Safety Measures
Lastly, strata management agencies enforce measures that protect properties against fires, flooding, natural disasters, and other hazards. They also ensure that the residents adhere to the safety guidelines outlined in the by-laws. Thus, the proper working and work distribution of the administrative tasks is handled.
If you decide to manage your properties yourself, you can save money and have more control over the project. However, this approach has more disadvantages than enlisting the services of a strata management company. For instance, you will have to allocate time for meeting residents, collecting rent, and overseeing maintenance works.
On the contrary, hiring a strata manager gives you peace of mind since they handle all the tedious and time-consuming tasks on your behalf. These professionals will pay bills, collect levies, oversee maintenance, and ensure legal compliance. It costs money, but the amount of stress you avoid cannot be quantified. More importantly, you get time to attend to other pressing issues.