Strata management involves overseeing properties where multiple owners share ownership of an ownership entity and common areas and facilities.
Owners of strata property can hire a company to manage their property on their behalf to keep everything running smoothly and protect its value in their community.
1. Experience
Owners purchasing or developing property within a shared building should seek out a strata management company Adelaide with experience managing development projects. Such an organisation will be able to organise routine maintenance, conduct meetings and handle any paperwork involved without you needing to worry.
A skilled Strata Manager can also assist in creating or revising by-laws, registering them, and ensuring they’re enforced. Furthermore, they may help prepare meeting minutes and administration, send notices, and communicate with stakeholders.
Management of a community or building complex often involves multiple transactions, from paying invoices and lodging tax returns to trust accounts setup, invoice payments, tax filing and audit reports preparation. Experienced financial experts are invaluable when managing strata corporations; professional management companies partner with specialist banks to set them up, pay invoices and lodge tax returns while producing audit reports on your behalf.
Referring clients to contractors, depreciation report planners and insurance appraisers. However, any referral that results in financial remuneration must be disclosed as soon as possible to clients.
Property consultants also offer invaluable advice on increasing a property’s value and resale potential through regular inspections and maintenance, improving its worth and meeting current standards.
2. Customer Service
Customer service is an integral component of strata management company Adelaide. Therefore, a good company will offer its owners various channels to reach them – phone, email, and online messaging are just some examples.
Ideal, strata managers should be easily reachable over the phone and respond promptly. In addition, good companies will employ friendly, approachable and knowledgeable assistants to answer calls or emails quickly.
A quality strata management company will adhere to standard practices when managing any community or building they oversee, such as preventive maintenance programs, regular audits of contracts and vendors and an open financial system.
Company representatives should disclose any referral fees they earn for recommending services such as contractors, depreciation report planners, insurance appraisers, financial institutions and real estate brokerages.
Finding out how a strata management company handles disputes and complaints from residents is of vital importance. In addition, a reputable firm should offer feedback on its performance while offering an ethics hotline so associates can report unethical activity immediately.
3. Technology
Strata management companies utilise cutting-edge software to manage and oversee complex properties. It includes providing residents and owners access to a web portal to submit maintenance requests, pay fees and review documents from any location.
Typically, these platforms also feature a mobile app that gives members access to all the same features on the go. It is intuitive and easy to use, saving time on tasks while showing your team more significant control of their work.
Sometimes they also offer cloud-based solutions that make managing complex properties simpler and safer, saving administration time while ensuring essential data never slips through the cracks. This technology provides you never lose track of crucial details.
The technology strata management companies use them to stay abreast of changing legislation so their clients remain compliant and informed. It ensures they stay client-centric and ready to respond swiftly to any new situations or issues.
An ideal strata management company will have extensive knowledge and understanding of Australia’s property ownership and management laws. In addition, their staff should possess extensive knowledge of how these laws function and stay abreast of any changes.
4. Flexibility
Body corporates may hire a strata management company Adelaide to perform various administrative and legal requirements and finance and accounting tasks or self-manage their development – an option particularly beneficial for smaller properties where corporate body members have more say over the daily running of the property.
An exceptional strata management company should consider your needs and goals while offering expert advice on the most efficient ways to run your community. In addition, they must commit to continuing education for their staff to perform at their maximum capacity.