There are multiple management tasks that must be performed to ensure the long-term profitability of strata property. The pertinent responsibilities can either be performed by one or more owner's corporate members. However, the work is usually outsourced to independent managers for convenience of the owners. In simple terms, these individuals or businesses will fulfil the relevant tasks on behalf of the body corporate.
Unfortunately, the numerous management responsibilities cannot be performed by a single individual. Therefore, it is often necessary to engage three property management experts: strata, property and building managers. If you choose to employ these professionals, you should understand the role of each in the strata property. Here is a brief description of the responsibilities that strata, property and building managers should fulfil.
Strata Manager
The most important role in strata property belongs to the strata manager. This expert is engaged by the scheme and is normally accountable to the property owners. In general, this manager ensures that the body corporate fulfils all its legal obligations. The strata manager will prepare property budget, maintain records and establish trust account transactions. They will also organise and manage the formal meetings and perform related duties, including providing meeting notices, preparing agendas and chairing the gathering. The expert will also arrange for crucial insurances and facilitate claim administration. Most importantly, the strata manager will liaise with other managers and the strata committee and provide assistance as needed.
Property Manager
A professional property manager is often based in a real estate establishment. Normally, this individual is employed by the lot owners and will liaise with the tenants during the duration of their contract. The property manager will perform diverse duties, including marketing the available space and screening potential tenants. They will also prepare property leases and manage rent collections and adjustments. They will also perform regular inspections of the strata and receive maintenance requests from the tenants. If there are issues relating to the common property, the strata manager will be contacted for guidance. In addition, evictions and move outs as well as bond evaluations will be handled by the property manager.
Building Manager
Unlike the other management experts, the building manager role is designed to provide onsite assistance. They are engaged by the scheme to primarily handle common property matters, but the specific responsibilities and duties can vary widely, depending on the needs. Therefore, when hiring a building manager, the contract should outline the expected services. The common roles include repair and maintenance, contract management, upholding by-laws, onsite contact and asset registration and management.
Share15 March 2017
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