Many think that these two terms mean the same thing, but they actually don’t. Although constantly used interchangeably by some people, these two actually mean different things.
If you’re a strata owner-occupier or an investor, it’s important you know the difference between the two.
In strata management, the owners have two options for managing their properties. The first is to manage the strata scheme on their own and the second is to hire a body corporate manager to manage the property on behalf of the Owners Corporation. Most prefer the latter as this will ensure that an expert is overseeing the maintenance of the scheme; is taking care of its legal requirements; and is efficiently handling all the community issues.
Broadly speaking, the strata manager is engaged to manage the ‘common areas’ of the building including things like gardens, hallways, lifts, pools, major building elements like the roof, windows, guttering, plumbing and electrical. The basic responsibilities of a strata agent are: preparing the budget, keeping records both non-financial and financial accounts and statements, preparing and managing insurance claims, ensuring compliance of WHS, fire safety and any other regulations, issuing and collecting levies, advising on the relevant pieces of strata legislation where required, preparing agendas, attending, chairing and holding meetings, and attending to the day to day running of the scheme including maintenance and disputes among other things. The position entails a huge obligation and responsibility with the titles strata management and the person hired plays a crucial role in ensuring the scheme is effectively managed.
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If body corporate managers have the entire scheme as their responsibility, property managers only have one unit to take care of. They’re working to look out for the welfare of the investor and his tenants and serve as the liaison between the two and the strata manager.
Among the obligations of a property manager are: collecting rent from the tenant; inspecting the unit regularly to make sure that it’s kept in good condition; taking care of any repair and maintenance needs of the unit; ensuring that the tenants don’t have any strata-related issues,; and if there are any, raising these to the strata agent. As the tenants won’t have any direct contact to the strata agent, it will be the property manager who will work out any issues they may have with the unit or the entire scheme. His role is vital in ensuring that the investor’s tenants are settled in a well-maintained unit and are living harmoniously inside the community.
The property and strata agent have different parts to play in the scheme, but their roles coincide with one similar goal. And this is to help owners manage their investments so those residing in it live pleasantly in the community.
At Jamesons Strata Management, our strata managers strive to always maintain a good level of communication and understanding with property agents to ensure our clients and their tenants have nothing to worry about.
Call us now at 02 8969 3300 for any questions about your scheme or unit.