Strata management or body corporate management is a highly specialised area of property management in Australia. It involves the management and day-to-day operations of a property that has multiple units and jointly owned by several investors. Strata management comes with its own advantages and disadvantages. In fact, commercial or residential properties that are jointly owned by many individuals should be managed objectively keeping in mind the interest of all parties involved in it. A strata management service comes in handy under such circumstances. Here are the pros and cons of od strata management.
Strata management is important to manage strata properties effectively. It is a highly complicated process that needs to be performed by trained and experienced professionals like StrataCare Australia. This should ensure all rights of the property owners are awarded equally among all the investors involved in the project. These professionals will ensure proper maintenance of the common parts of the property involved. They will make sure repairs are coordinated as and when they are needed. These professionals usually have solid relationships with maintenance crews in the region. The services of the best electricians, plumbers, gardeners, and other technicians are utilised for the maintenance of the property. They will not only ensure that maintenance is efficiently taken care of but collect bills on time and resolve any issues between various property owners of the project. That’s why you need to employ a reputable and experienced strata management service when managing multiple property units owned by several investors. It will save you a lot of time and money in the long run.
Every state in Australia has its own regulations when it comes to body corporate services. The right strata management company should have a good knowledge of the regulations involved in managing your property. They should be up to date with the property management laws and regulations in the state they operate in. You should always make sure to work with a company that is on the lookout for the latest regulations in the industry. This will save a lot of trouble for the property owners in the long run.
Strata managers can effectively manage all accounts related to the property and its management. They will see that all the building safety guidelines, fire safety rules, and health rules are followed by the tenants at all times. These professionals are responsible for handling the annual property financial budget and statements and organising meetings between the owners of the property to settle any differences.
The only con of hiring a body corporate service to manage a joint property is the fees involved in it. You have to pay the service provider for offering their services. Many property owners see this as a deterrent to hiring a strata management company. But it shouldn’t be seen in such a way. The fees you pay is actually an investment in the management and maintenance of your property. That’s why you need to hire a reliable and experienced strata management company in the area.