Is property management the same as strata management?
Well some say we are all the same as we work in the property industry, but at times we should be mindful that we are bound by legislation and do not want to tread on anyone’s toes as there is a difference between a strata manager and property manager which is quite significant.
While both property and strata managers work closely to manage your asset, there is a key difference, not just about levy payments or maintenance.
A property manager is engaged by a lot owner and works on behalf of the landlord of a property that is being rented out, while a strata manager works on behalf of Owners Corporation (strata owners) and deals directly with the Strata Committee appointed at your Annual General Meeting.
A Strata Manager is a person that is part of a Strata Management firms that is licenced to works collectively with lot owners who form part of an Owners Corporation and the Strata Committee, to manage all aspects of your scheme from common property building manager, finances of your building, legal compliance such as by-laws and risk management such as Fire Safety, Lift compliance etc.
Responsibilities of a strata manager can include:
- Collecting rent from tenants on behalf of the landlord
- Collecting strata levies and handling financial matters
- Conducting general and committee meetings of the owners corporation
- Secretarial roles such as managing your schemes records, files and up to date copies of consolidate by-laws etc.
- Advising on and handling the Owners Corporation and/or your Building Manager in all strata maintenance and facility management.
- Ensuring the building complies with Work Health & Safety regulations, and
- Managing your schemes insurance affairs in accordance with part of the Strata Schemes Management Act 2015 from obtaining insurance quotes lodging insurance claims etc.
- Arranging Insurance Valuations for insurance purposes
- Preparing and establishing Administrative and Capital Works Fund Budgets.
- Managing and Handling Disputes between occupants.
- Act as an advisory in accordance with the schemes by-laws.
- Managing Levy Payments and collection.
An example might make the comparison clearer between strata and property management. Let’s say someone is renting an apartment in a strata apartment block. They will be paying their rent to their property manager, and dealing with that property manager for any maintenance issues to do with the apartment. Meanwhile, their landlord will be paying for strata management services via their strata fees. The strata manager will help to manage maintenance issues on common property, while any maintenance issues within the landlord’s apartment will be the landlord’s responsibility to fix.
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What is a property manager?
A property manager is engaged by an owner who is landlord to manage their rental property for them, whether that’s a house, an apartment, townhouse or other property. Responsibilities of a property manager can include:
- Managing your rental payment from tenants on behalf of the landlord
- Advertising rental vacancies and screening potential tenants
- Conducting regular property inspections, and
- Arranging for repairs and maintenance of rental properties.
- Payment of your levies from time to time as delegated.
A Strata Manager and Property Manager you will always find need to work collectively as they are within the property industry however have boundaries which we are mostly bound by legislation such as being common property or the lot, and constructively focused.
Whilst the roles of a Strata Manager and Property Manager do defer greatly in some points they will always meet at some point.
If you’re a strata owner or in fact your property manager may have provided some recent feedback which has resulted in consideration to search for a quality strata manager in NSW, then it’s worth considering Jamesons Strata Management. With expert services, experienced strata managers and multiple branches across the state, we’re passionate about making your strata experience a great one. Contact us today to speak about the straightforward process of changing strata managers.