Do you want to know why people need strata managing agents? In places where real estate is thriving, strata managing agents are part of the reason why those markets perform well. If you have jointly owned property, a strata managing agent can make this less stressful for all the parties that are involved. Jointly owned properties include commercial buildings, apartment complexes or condominiums. In such cases, all the owners need someone that can act on their behalf and deal with their administrative issues. Read on to find out more

1. Liaises with the Owner’s Corporation:

This is one of the most vital duties of a strata managing agent. It is their job to make sure that all important matters are handled in an appropriate manner. They are a resource that the Owner’s Committee has at its disposal to share important information such as financial statements, community notices and any important invoices. Any important information that the Owner’s Corporation must know, a strata management agent must make sure this happens.

2. Ensuring compliance with legislation:

Strata have state regulations that they have to comply with. There are numerous tasks that are associated with these schemes that strata managing agents must complete. Financial accounts, for example, must be prepared in a way that is in accordance with state laws and regulations. There are some documents that strata are supposed to have and strata managing agents make sure that these are in order.

Each state has regulations concerning fire safety, work health and building safety that must be adhered to. Strata management agents are responsible for making sure that any tradesmen that are hired to deal with any issues on the property adhere to these regulations. If this is not done, the Owner’s Corporation may end up paying fines.

3. Centralises management of the common interests:

If a property has many individual units, it is effective to centralise building maintenance instead of leaving it to each owner to figure it out. Strata managing agents organise all the essential tasks so that owners don’t have to worry about these. They are in charge of hiring tradespeople on behalf of the Owner’s Corporation. Strata managing agents also deal with all insurance related issues and can submit claims or renew policies.

Each strata body must have a trust account and a common seal for their property. Strata managing agents make sure that all the owners contribute to this account so that these funds can be used for the overall management of the property. Simply put, strata managing agents are responsible for the behind-the-scenes work that keeps a strata body running smoothly.

Do you have any questions regarding residential and commercial strata management? Are you looking to switch strata managers? Not altogether satisfied with the information you’ve been getting from your current strata managers? Don’t hesitate to contact Montano Strata’s qualified team today.

Did you know that the idea of setting up Strata originated from Australia? The rest of the world then followed suit. The duties of a Strata Manager have been changing over the years. Now a Strata Manager’s responsibilities include legal issues, maintenance issues and insurance compliance. They are also responsible for assisting tenants with any disputes that may come up. For more in-depth information, read on!

1. Administrative Duties:

A Strata Manager’s administrative duties include but are not limited to:
⦁ Dealing with all correspondence – This may be correspondence from tenants, owners and property managers within the building and correspondence from outsiders like prospective buyers.
⦁ Maintenance of common areas – A strata manager is responsible for keeping all shared areas, such as the swimming pool or gym, clean and tidy. They will be responsible for all repairs and replacements when necessary.
⦁ Circulating of correspondence – This includes serving notices of meetings, repairs to be undertaken and when by-laws are breached.
⦁ Circulating minutes from all meetings held by the owner’s corporation – The owners that attend, resolutions that have been passed, and action items that are agreed.
⦁ Managing insurance claims – A strata manager is responsible for lodging all insurance claims and following up on their progress through to conclusion.
⦁ Making sure that all records are maintained and archived – All records such as owner’s names, contact details and any work that was done on the property must be kept in a secure place.

2. Financial Duties:

A Strata Manager’s financial duties include but are not limited to:

⦁ Preparing budgets that will be approved by the Owner’s Corporation. These budgets must include the administration fund and capital works fund.
⦁ Keeping track of all invoices due for payment and ensuring the work is done to a satisfactory level prior to authorising payment.
⦁ Ensuring that the Owner’s Corporation pays its expenses on time and that levies are paid on time as well. Ensuring there is an escalation process in place for owners that don’t pay their levies on time.
⦁ Making sure that that the strata plan has the appropriate insurance coverage and that it is renewed on an annual basis. If an opportunity to get better insurance comes up, the strata manager must make sure this is done.
⦁ Sending the financial reports to owners on a quarterly basis and answering any questions that arise.

3. Compliance Duties:

A Strata Manager’s compliance duties include but are not limited to:
⦁ Making sure that all tenants know the by-laws that pertain to all common property and their enforcement.
⦁ Mediation of any disputes between property owners. A strata manager must be unbiased when dealing with any such issues.
⦁ Amending by-laws when instructed by the Owner’s Corporation and making sure that any affected parties understand the changes.
⦁ Understanding the provisions of the Strata Schemes Management Act and Strata Agency Management Agreement.

Do you have any questions regarding residential and commercial strata management? Are you looking to switch strata managers? Not altogether satisfied with the information you’ve been getting from your current strata managers? Don’t hesitate to contact Montano Strata’s qualified team today.

An article published by Peter Mansour, CEO of Strata Alert states that 66% of strata owners are dissatisfied with their current strata manager and would like to change. The most common reason being the lack of effective communication between strata managers and strata owners. There is no denying the fact that communication is of vital importance and an aspect that should never be underestimated. Let’s delve a little deeper and explore why communication is so crucial in strata management.

1. Communication affords clarity to both owners and strata managers:

The number one reason strata owners wanted to change their current strata management service provider is lack of transparency. When you’re dealing with strata owners, it is imperative that communication be clear and transparent. Strata owners need to be clear of the role of a strata manager which is primarily as a facilitator of strata owner decisions and have absolute transparency of the strata fees charged for providing that service.

2. Communication allows for implementation of good decisions:

Good decisions that maintains and improves the value of strata properties need to occur in a collaborative way with both strata management and strata owners effectively communicating with each other. It’s extremely important that both parties work together on their communication skills to ensure strata managers and strata owners don’t feel frustrated with decisions made. For this reason, it is imperative that there is effective and constant communication from both sides enabling a good flow of information.

3. Communication ensures smooth conflict resolutions:

There will be times when disagreements or misunderstandings occur between strata owners and strata management teams. However, if both parties have a good rapport then this will go a long way in ensuring a smooth resolution to issues that can potentially lead to unnecessary conflict.  Strata managers need to take time to develop this good rapport with the strata owners which is done through regular conversations and prompt updates on relevant matters.

4. Communication helps strata owners feel secure:

It is a common misconception by strata managers that strata owners are well-aware of the strata laws. In fact, many strata owners have inadequate understanding of strata property matters. Strata owners expect their strata managers to be experts in their field. Regular and informative communication in relation to maintenance issues or changes in strata legislation allows strata owners to feel secure that the management of their strata asset is in capable hands.

Good communication is a non-negotiable

The success of any strata owner/strata manager relationship is based on good communication. Strata managers need to take the time to establish a good working relationship with their strata owners. Find out which communication channels are most effective in getting messages across and make use of them.

Are you looking to change you strata manager? Get in touch with us today.