If you rent or own an apartment, office or commercial space, you deserve to know that the building complex is properly being maintained and managed. This is why it’s so important to know what strata management is.
Strata management is a specialist area of property management, which encompasses the maintenance and administrative protocols of a commonly-owned building complex.
So exactly what do strata managers do?
A strata manager plays a fundamental role in ensuring effective maintenance and management of the building complex by working with the building’s Owners committee.
We’ve outlined everything you should know about the duties of strata managers so you can gain a full understanding of what you should be expecting from your strata management company.
What Does a Strata Management Company Do?
A strata management company oversees the day to day management of a strata scheme through the services of a dedicated Strata Manager and surrounding expert teams.
This ensures that buildings within a strata titled scheme are administered by a professional who coordinates the duties of the lot owners in maintaining common property.
It is important to note that strata management is a different role to real estate agents, who are instead concerned with private property rather than common property.
What Is a Strata Manager?
A strata manager is regulated by the Strata Management Act. They are licensed and carry regulatory responsibility for the maintenance of a Strata scheme well-informed about property laws and regulatory changes to property management. As strata managers do not own the property they manage, they are able to offer an impartial perspective on property management acting in the owners’ best interests.
Strata managers are focused on providing efficient and cost-effective solutions to common problems associated with managing a commonly-owned building complex. They will also work with the building’s Owners committee to oversee and manage the strata scheme’s operation.
Find out more about strata responsibility.
What does Strata Management do in terms of duties?
Strata managers are tasked with a wide range of duties that help to ensure a strata scheme runs smoothly on a day to day basis. Some of the principal duties of a strata manager include:
Liaise with the strata committee to help with timely decision making
A strata manager is responsible for helping the strata committee and/or the owners corporation with running the strata scheme. The strata committee can decide the role of the strata manager by designating them specific duties associated with the timely making of decisions. This can include helping the strata committee coordinate and conduct meetings, advising on asset management, providing advice on bylaws, and assisting in dispute resolution
Maintain required records relating to the strata scheme
An important role of a strata manager is maintaining financial records, specialist reports, correspondence and the strata roll, in addition to collecting and banking levies. According to NSW law, records of a strata’s financial management and insurance must be kept for up to seven years so that they can be shown to an owner or inspector if required.
Assist with community matters including by-law breach management and mediation
If a dispute amongst property owners arises, a strata manager can assist in organising an internal dispute resolution process. If a strata resident breaches a by-law and the issue cannot be resolved through mediation, a strata manager can provide advice on applying for an NCAT determination.
Organise the repairs and maintenance of common property
It can be difficult maintaining common property in an efficient and cost-effective way. A strata manager removes the stresses of organising repairs by quickly responding to issues as they arise. Strata managers have connections to expert tradespeople that specialise in all areas of property repair, renovation and maintenance. This saves property owners from the lengthy processes of researching, organising and negotiating repairs and maintenance.
Provide advice in handling complex strata issues
Resolving complex strata issues often demands that those involved possess real estate experience and extensive knowledge of property laws. Of course, most individuals on a strata committee are not aware of the legal and practical intricacies of managing a strata property. To ensure that property management runs as efficiently as possible, a strata manager will use their experience in the industry to provide advice on how to most efficiently solve complex issues.
Preparing budgets and pay invoices
Basic book-keeping comprises an important but sometimes tedious part of running a strata community. A strata manager can address the demands that come with preparing budgets and paying invoices. This helps save time and ensures legal compliance in the handling of budgets and invoices.
Discover Stress-Free Strata Living – Your Trusted Management Team Awaits.
What Makes a Great Strata Management Company?
A great strata management company is one that readily meets the various demands associated with effective property management. This includes:
- Experience – a great strata management company should offer their clients pragmatic experience, gathered from involvement in a range of different property types and issues. Experience ensures that the strata management company fully understands state legislation and has developed the proper skills required to deliver results.
- Commitment – a proactive strata management company guarantees excellent service by committing to acting (upon- delete) in your best interests.
- Extensive resources – access to extensive strata resources provides tenants and property owners with industry insights from legislation changes to unbiased advice on bylaws. A great strata management company should offer convenient access to information.
- Transparent communication – responsiveness and the capacity to deliver innovative responses to issues comprises an important element of great strata management. A great strata management company should prioritise the transparent reporting of financial transactions. Clear and concise language is key to successful strata management.
Why Jamesons is a great strata manager
Since 1963, Jamesons has been providing expert services relating to all aspects of strata management. Jamesons is a family run business with branches across NSW, which offers support across a wide range of areas including insurance, compliance, legal advice, building construction and administration. Jamesons is dedicated to ensuring that your property is managed by a highly-experienced team that will save you both time and money.
With experience in residential, commercial, mixed use, industrial and retirement strata, we pride ourselves on our capacity to help clients improve their communities by adding value to their buildings, handling their finances and providing innovative advice.
Our clients’ thoughts on switching to Jamesons
With almost 60 years of experience in strata management behind us, Jamesons has transformed ourselves into a reliable strata solution for residents across NSW. Our clients receive numerous benefits from our team of strata managers, including access to the industry’s best legal practitioners and an in-house building consultant.
Discover why so many Australian tenants and property owners are deciding to change their strata managers to Jamesons.
Watch Michael Vumbaca, Jamesons’ General Manager discuss the role of a strata manager
Interested in changing strata managers and improving your property? Get in touch with our team to learn more about our Strata Management services today.