Is property management the same as strata management? Not quite – but you certainly wouldn’t be the first person to wonder that! Let’s delve into exactly what a property manager and strata manager are each responsible for.
While both property and strata managers work within the property industry, there is a key difference. A property manager works on behalf of the landlord of a property that is being rented out, while a strata manager works on behalf of all strata owners and residents within a strata scheme. So what does that mean in practice?
What is a property manager?
A property manager is engaged by a 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:
- Collecting rent 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.
What is a strata manager?
A strata scheme is a type of land title arrangement where owners own individual lots within the scheme but share ownership and responsibility for common property, such as driveways and corridors. A strata manager assists the group of owners within the scheme, known as the owners corporation, to manage their shared strata matters.
Responsibilities of a strata manager can include:
- Collecting strata levies and handling financial matters
- Conducting general meetings of the owners corporation
- Handling paperwork involved in the running of a strata scheme according to the Strata Schemes Management Act
- Advising on and handling all strata maintenance and facility management
- Ensuring the building complies with Work Health & Safety regulations, and
- Maintaining strata insurance quotes and cover for common property.
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.
If you’re a strata owner currently on the 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.