The Importance of Strata Management
In the simplest sense, individuals who co-own a property, whether residential or commercial need to rely on the services of someone who can act on everyone’s behalf in an objective way and handle general administration. In short, they need to rely on agents or managers of strata in Sydney and other parts of the world. They need strata managers to actively perform their own functions, to establish commercial relationships with other organizations or individuals, such as gardening company, electrician etc. and ensure that goods and services are available to all. At the same time, they need someone who can collect bills and levies or handle arguments and issues between different owners.
Management of Strata in Parramatta, Sydney and other regions is not so easy. Only someone as experienced as the strata management can help ensure that all your needs as a co-owner of the property are dealt with. But sadly, most people living or working in a strata don’t even know what the managers truly do. And that’s the reason they don’t fully appreciate the importance of strata managers.
But the truth remains that strata management is pivotal for organizations and residential properties. Most of them do ‘behind-the-scenes’ work and ensure that owners don’t have to deal with the issues related to general administration and overall property management. Under the current legislation, they carry out a variety of functions, some of them are mentioned below-
- Organizing maintenance of common property, such as parking lots or gardens and parks. Co-ordinating repairs when needed.
2. Maintaining a trust account and common seal for the property. Managers of strata in Sydney ensure that everybody contributes to the overall management of property through this trust account.
3. They also engage cleaners and gardeners so that property owners and construction companies won’t have to worry about the maintenance.
4. Maintaining electronic or written accounting records is one of the major responsibilities of Strata Management Company. At the same time, they are also responsible to provide access to all records and accounts (dating back to 5 years or more). They also have to ensure that the accounts are not mishandled by anyone.
5. To ensure that every property, whether commercial or residential, follows the set regulations for fire safety or work health and building safety.
To issue levies and notices, whenever needed.
6. Strata management is entrusted with the responsibility of maintenance, evaluation and implementation of laws and changes related to the property. They are importance because they check with trade people and specialists for handling everything.
7. They also ensure that everything related to preventative, maintenance and remedial works is carried off without a hassle.
8. Preparing annual financial budgets and statements, conducting conferences and meetings to deal with all kinds of complications and conflicts related to housing members.