Strata Managers is a unique breed of professional property managers with the necessary skills and knowledge to run a diverse portfolio of properties. Although strata management, sometimes called “land-based management,” is an expert field of real estate management, often referred to as the “end-user” industry, it is not dependent upon the maintenance or development of the land. Instead, this industry is centered upon maintaining the property and coordinating services between tenants and owners or managers and other professionals who may need access to the property. Strata Managers organize events, collect rents, prepare maintenance reports, and manage late fees.
Although strata management companies are established to provide affordable housing in high-end areas, there are some communities where high-rises and developments with more than twenty units have replaced single-family dwellings. In these cases, there are significant challenges related to maintaining and attracting quality tenants. For example, the development may have numerous demands for meeting space, such as meeting rooms, hallways, elevators, parking structures, cafeterias, and hallways. Because the demand exceeds the supply of available spaces, some strata corporation managers have proposed the construction of hundreds of units on a part of the land with the understanding that this would reduce the maintenance costs associated with the development.
As well, some communities have real estate developers who develop lots solely for the purpose of building condominiums. Strata corporations have typically handled many of the planning and negotiation associated with such large-scale developments. These developers, however, realize that the strata board cannot always retain the negotiating power of the individual lot owners. Consequently, some strata corporations have developed guidelines that address common issues concerning common areas of development, such as common bathroom designs. This often reduces the need for the involvement of the individual lot owners.
The most effective way to address issues related to common property areas is for the manager of a strata scheme to get involved. They can also seek the assistance of an independent broker, who can assist them in identifying the best opportunities. Most independent brokers will have an expert knowledge of the current market trends, and this helps them to guide potential buyers to the property that meets their needs. Independent brokers can also ensure that a particular strata scheme has all of its required regulations in place, which can make life easier for property owners and managers.
It is also possible for a homeowner to enter into a voluntary arrangement with the strata manager to enter into a contractual agreement. With this type of arrangement, the property managers agree to accept the monthly fees, which are agreed upon before the contract begins. In exchange, the managers agree not to bring claims against the owner, and to pay a specified amount in arrears and maintenance fees. However, there are times when homeowners choose to leave a management company voluntarily, as they may feel that the fees charged are too high or that they are being abused by the management company.
There are many reasons why a person would choose to enter a strata management agreement. Perhaps they want to reduce their workload, which makes it possible for them to get on with other important aspects of their life. Or, they may feel that the stress and pressure associated with financial matters are too much for them to handle. Alternatively, individuals may find themselves unsure about the skills and experience that they have. For these people, taking on an additional job with a real estate agent can be an ideal solution. Most agents work with property management companies, so once they have been contracted to do the administrative tasks for a client, they can concentrate on finding a good deal for that client.
Before becoming involved in any contract with a real estate agent or strata manager, homeowners and/or tenants should research what exactly their responsibilities are. Some duties include making appointments, general scheduling meetings, managing correspondence, handling the general duties of the office, scheduling meetings, writing checks, filing taxes and handling routine tasks such as maintenance, painting and cleaning. A good agent will make every effort to ensure that the general meeting and periodic general meetings are organized and well-prepared. They also should be skilled in ensuring that all of the required documents are in the right place and are in the best order.
One important aspect of this kind of employment is that all members of the management companies must disclose their relationship with the company to all members of the strata management companies at the outset. In addition, all members of the management firms must agree to the terms of the service agreement. This is done at the time of the signing of the contract or the purchase agreement. It is recommended that each party to review the Service Agreement at least annually, just to be sure that it continues to meet the current needs of the client. If there are any changes to the Service Agreement, both parties must immediately inform the other.