The real estate market has seen large and recognisable booms over the years. Investment in real estate remains the most prominent form of asset enhancement in the world today, and it shows. With new real estate developments and ventures appearing everywhere today, it seems as though more and more new living communities are springing up nearly faster and faster.
With these new living communities comes the need for order and organisation, lest things go wrong, or important matters remain overlooked; hence the need for strata management. Since their inception, strata management schemes have served a vital role in the establishment of living communities like www.vbcs.com.au everywhere in the country.
Why is Strata Management So Important?
Strata management is first and foremost a central point of operation. When real estate owners come together after the establishment of a living community, they form an owners’ corporation. This becomes the main governing body of the living community and is where the basis and structure of the area originates. The owners’ corporation, however, requires a focal point for a more efficient function. That is where strata management comes in. The day to day running of the community falls primarily under its purview. All major functions of the strata are executed through the strata management body.
Day to day operations includes the maintenance and upkeep of the community, particularly the common areas. Strata management oversees the process of hiring, communicating with, and supervising vendors and technicians that are hired to work on these maintenance tasks, among other things. The body becomes the main point of call for external operators as guides and access providers when needed.
Strata management is also a key aide in the proper enforcement of by-laws that have been agreed upon by the owners’ corporation. Having one specific entity be in charge of upholding these laws certifies that they are properly and fairly observed throughout the community, and that no one is able to take undue advantage.
Less conspicuously, strata managers are the strata’s main record keepers. They are in charge of any documents that are to do with the running of the owners’ corporation. These documents can be anything from legal to financial, those that pertain to insurance, and even maintenance and repair records. The strata manager is also responsible for the timely presentation of these documents when requested for inspection or audit purposes.
Strata management centralises the collection, banking, and proper dissemination of communal body corporate funds. Having one definitive controller of the strata’s funds helps to streamline the process of collection, as expectations are easily set out and carried out. Once the funds have all been gathered in full, the strata manager becomes accountable for the proper banking and use of these monies as required by the owners’ corporation. They are typically used to settle recurring bills like payment of insurance premiums and staff payroll, in addition to settling other financial obligations as they occur.
Keep reading to know more about why Strata surveillance is essential for a real estate business.
- Ensures that the Business Complies with the Legislation:
Strata has the state regulations related to real estate listed, that enables people to comply with them. Several tasks are linked to the schemes and the agents who manage strata are required to complete them. For instance, when financial accounts are being prepared, you need to make sure that they stay in compliance with the state regulations. Strata should have a few mandatory documents and the agents ensure that the documents are all in order.
The regulations of State Law include work health, fire safety and the safety of a building that needs to be adhered to. Additionally, the agents that manage strata also ensure that, if a tradesman is hired to handle any issues, they all comply with the listed regulations.
- Liaises with the Committee of Owners:
Liaising with the corporation is a crucial duty that is performed by the strata managing agent. They need to make sure that every important matter is overseen effectively. The committee of owners have such agents at their disposal, with whom they can share every critical information, that includes, any notice received from the community, financial matters, and all crucial invoices.
- Looking after all Administrative Chores:
The strata management agent usually looks after several administrative tasks. A few of them are listed below:
- They look after the insurance management, which includes claiming the required insurance, and then following about what is the status.
- They look after the adequate maintenance of the property and the facilities it has. The maintenance tasks include repaints, renovations, repairs, and also general cleaning.
- They archive all related information of the owner and several other activities related to the property.
- They also hold meetings to communicate with the residents to discuss several matters, that include concerns raised related to the properties.
What does a Strata Manager do?
People usually interchange the role of property managers and strata managers. However, you should know the fact that the two roles are completely different. Property managers look after the management of individual properties. They take up the responsibilities that are usually carried out by the property owners.
On the contrary, strata managers look after several properties. The properties they look after include, condominium, complexes, and also individual flats. They also handle the legal aspects and insurance of different properties. They also help residents with any kind of disputes or concerns within the property.
Strata managers are only responsible for looking after the regulations that are already laid, and they do not have any authority of their own. They cannot offer any kind of legal advice to their clients, all they can do is to provide owners with comprehensive information depending on their knowledge and skills. If the property owner is proactive, they will delegate more and more tasks to the managers, and vice versa. It further leads to the effective outcome at the end. Also, they undergo continuous training to stay updated with the latest trends.
Finally, strata management acts as a go-between for the strata and local and federal agencies on all matters to do with governmental laws. The owners’ corporation is kept up to date and compliant at all times to avoid legal troubles.
The role of strata management services cannot be overestimated and must be undertaken only by a strata company that is truly a cut above the rest.