So you just purchased a parcel of land and did the math, you find out that in relation to the ground you just bought, a strata scheme will be an affordable option for you. Let’s jump forward to a few years later, and you have completed building a modern strata complex with top-notch facilities that your tenants would enjoy. Everybody is living happily and then; things suddenly start to go wrong.
The shared amenities are starting to run down; young community members break down the main fence during a drunken binge. Or it could be some members are unable to pay for levies, and the beef between members of two floors in the strata is starting to get out of hand. You start thinking about how you ever managed to deal with the demands of these jobs for so log on your own, and you immediately imagine your answer. Yes, a manager! It would help if you had someone to handle the day to day hassles of your strata. That is why you need strata management services. Here is a breakdown of various reasons why you need them.
· Administrative Management
Strata Managers cover essential services that require paperwork. This includes the renewal, valuation and insurance claims on behalf of the owner corporation, organizing meetings with owners and running them efficiently.
They are also responsible for the regular upkeep of all records so that they can be accessed at any time. Managers also deal with preparing bylaws, strata plans and other records, and even provide minutes of annual general meetings.
· Financial Management
Managers prepare financial accounts, this is in regard to set regulations and advise on asset managing. Other financial services included are that they handle the preparation and presentation of the annual property financial budget and statement. They also monitor financial uses concerning schemes and generate annual income reports.
Owners need to pay levies to fund the running costs of the owner’s corporation andensure they maintain it. Strata managers ensure funding for schemes and maintenance are long term and that insurance is adequate.
· Repairs and Maintenance
Strata management services maintain commonly shared property by organizing repairs and other amenities used by members. Property owners need dont need to worry about proper cleaning and regular upkeep of the common property as strata managers handle it.
· Resolution of Conflicts
Strata Companies usually prepare bylaws which inform lot owners of their rights and responsibilities. They assist in solving disputes among members and help achieve a consensus in decision making. Their primary role is managing tenants by maintaining constant communication with all tenants for any concerns and ensuring rules and regulations are followed. This will help them meditate on disputes and other issues involving tenants.
Conclusion
There various kinds of Strata managers who perform multiple sets of functions in a jointly owned property. Due to the benefits mentioned above of strata management companies, the number of people opting for strata living continues to rise. As long as an owners’ corporation governs the strata, the property still needs a good strata management service to manage shared facilities and services.
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