Property management is a popular phenomenon; however, that might not be the case with strata management. Most people don’t know much about strata management or why it’s important for property owners.

According to the Property, Stock and Business Agents Act 2002 (NSW), a strata manager or strata management company is to look after a jointly-owned property and maintain it according to the guidelines listed in the act. But that’s the extent of a strata management expert’s jurisdiction, meaning they cannot rent or sell holdings; they are only allowed to oversee strata management.  

 

What Is A Strata?

Strata refer to a block of buildings owned by multiple landlords who share the expenses and benefits of possessing such a property, some of which are

• Access to common facilities such as a garden, swimming pool or gym
• Parking in the allotted space
• Ensuring that your guests follow building rules
• Keeping the common areas clean
• Chipping in when a strata-wide issue needs to be handled, for example, installing security systems

 

Strata Management

Since a property lot has many stakeholders, running its periodic affairs, such as tax payments, issuance matters etc., can get tricky as everyone would want to do things their way. To avoid any chaos that might erupt due to mutual partnership, proprietors hire a strata management company.

A strata management company ensures that a building community complies with all the legal guidelines stated in the Property, Stock and Business Agents Act 2002. These include

• Looking after the administration of the properties and making sure that everything is going smoothly
• All properties are insured
• The lot is compliant with the local regulations

 

Choosing the Right Strata Management Company

Hiring the right experts for your strata’s management is essential if you don’t wish to deal with routine legal matters or administrative issues. If you end up hiring an unprofessional company, you might still have to deal with maintenance-related affairs yourself. This is particularly more likely to happen when moving to a new building because a new place means not knowing anyone to teach you the ropes.

Therefore, you must carefully look into finding the right strata management company. Here is how you can do it.

 

Look For Experience

First and foremost, check a corporation’s experience. A newbie firm is more likely to make mistakes than an experienced one. So, find one with plenty of experience under its belt.

 

Check Their Knowledge

When you meet with a strata management agent, ask them about local laws and assess how well-versed they are in knowing the legal rulings. Having in-depth knowledge of legalities is a must for a good strata management company; otherwise, you might get in trouble with the authorities in future.

 

Assess the Services Offered

Lastly, see what a strata management company is offering and compare it with the others on your list. Drawing a comparison between two or more strata companies will help your make the right decision and make your move much smoother.