Individuals who jointly own a property, whether commercial or residential, need to enlist the services of a person or an agency that can manage the property on their behalf. This underlines the significance of investing in reliable strata management services.
Besides ensuring that the co-owned property gets managed objectively, a strata manager will establish relationships with other useful parties such as insurance companies, electricity providers, water and sewerage companies, and cleaners, and so on. Besides, they will collect rent and ensure that each owner gets their levies on time.
Here are some of the top reasons to hire a strata management agency to administrate your property.
Organization and Maintenance
When you hire a strata manager, you no longer have to oversee tasks such as the provision of water, cleaning, and maintenance of your apartment buildings. This role gets delegated to the manager immediately you sign a contract with them.
Maintain a Trust Account
One problem with jointly-owned properties arises when individual owners have to contribute to its management. With a strata manager, you will have a trust account with a common seal to ensure that everybody chips in when the property needs improvement.
Keeping and Updating Records
Another critical responsibility of a strata manager company is ensuring that all records, both electronic and written, are always up to date. These include voting records, invoices, receipts, and so forth. In this regard, the manager is also expected to provide access to records dating back to five years or more whenever they are needed. They also have to ensure that nobody tampers with the files.
Ensuring Regulatory Compliance
Hiring a strata manager guarantees you that your property will comply with local building and safety regulations. Managers have to ensure that buildings under their administration have all the features needed for potential hazards such as fires and natural disasters. It should also be safe for workers and its occupants.
Budgeting and Financial Management
Since they offer the day-to-day operations, strata managers are expected to prepare budgets and present them to owners for review and approval. They also update invoices showing the different expenses incurred to ensure that the properties run smoothly.
Conducting Conferences and Meetings
When an occupant has a complaint aimed at the owner, they have to consult the strata manager first. The manager will then handle the issue or seek advice from the owners if it is serious. The same applies to queries raised by people who intend to purchase the property under management.
Furthermore, the managers conduct regular meetings to listen and solve any issues facing the occupants of the property. If the complaints involve minor problems such as repairs, the manager can sanction the renovations without seeking consent from the owners.
Due to the benefits mentioned of enlisting strata management services, more people are hiring these professionals to administrate their premises on their behalf. If you want to avoid the hassles of property management and get profits from your investment, it is time to hire a strata manager Sydney.