Why Strata Management Is Important In Real Estate
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.