Ownership in a strata property is a unique but challenging solution to residential and commercial real estate needs in Australia. These co-owned properties can create thriving, close-knit communities. But, they also require an effective level of collaboration between owners to ensure the property remains peaceful, safe, and comfortable for the occupants.
If you want to maintain your property while avoiding the headache of property management by committee, keep reading to learn how a strata management service can help you.
4 Reasons to Use Strata Management Services
1. Organize Meetings and Liaise with Other Owners
When you own a lot in a strata property, it’s crucial that your owner committee can cooperate when it comes to making decisions. Sadly, it’s not always easy to get everyone together or to agree on decisions.
As a third party with plenty of experience with conflict resolution and organizing communication, the hassle of coordinating meetings and solving conflicts becomes much easier with Strata management. This way you can ensure everyone is doing their part for the betterment of the property without needing to get involved personally.
2. Financial Account Management
There are a lot of financial requirements for maintaining a strata, including maintenance, cleaning, tax payments, and more. All of this financial information must be organized and processed in order to verify that everyone is paying their fair share and that the funds are going to the appropriate expenses.
A management service for your strata will process all income and expenses into a report, create statements, and track the Trust Account that is used for the property’s care. This way, each owner can be confident that the funds are being handled properly.
3. Levy Statement Preparation
Nobody likes to ask for money, but if your fellow owners are not paying for their lot, it can put the property’s well-being in jeopardy. Almost every owner pays a levy that goes towards a Trust Account that is used for authorized expenses that benefit the entire owner committee. But if the funds are not there because someone didn’t pay, upkeep can be put on hold.
To avoid conflicts within committees, the third-party management service can manage levy statements that outline the responsibilities for each party. Additionally, they can facilitate payments and follow up on any outstanding debts to the levy.
4. Ensure Safety Guidelines Are Followed
As owners of lots in a property, your committee is responsible for following safety guidelines. Fire alarms, sprinklers, building safety guidelines, and habitable living conditions are just a few of the legal requirements for maintaining a strata in Australia. Unfortunately, upkeep for all these requirements and ensuring that all laws are followed constantly is a lot of work for owners to handle.
A strata management service can evaluate, organize, plan, and schedule all work required to keep the building up to code. All work efforts can be coordinated at once to avoid problems from arising and managers can use pre-approved contractors to make sure all work is done correctly.
Enjoy the Peace of Mind Strata Title Management Provides Today
If you’re a part of an ownership committee for a strata, consider introducing the idea of strata management services today. From financial to regulatory to social management, there is no easier way to make your strata property thrive than with expert strata management services in Australia.