Strata managing companies are employed by Owners Corporations of an apartment block to manage the building and its facilities on their behalf. They deal with financial management, ensure proper insurance policies, maintain the property and solve disputes and others. When you are a member of an Owners’ corporate body looking for a strata manager, here are a few factors that you have to consider.
A good company will communicate promptly and with the utmost professionalism. They respond to emails and phone calls on time, and they devote their time to provide help when required. They work closely with their Owners corporations and mediate disputes with favourable resolutions. A good strata manager is also good at organising and leading meetings.
Effective financial reporting helps you to identify how the money will be spent. It will ensure you receive prompt details that help you undertake analysis, identify trends, hold discussions and make the right decisions. Ensure the proposed Strata company has reporting capabilities to suit your requirements.
Qualifications and Experience
Check whether the strata company is a member of industry associations. Ensure the company can demonstrate knowledge in relevant legislation, finance, and strata management. It is crucial to ensure if they have exposure in dealing with different strata programs similar to your building in functionality, size and facilities. A suitable alternative could be someone who has dealt with a diverse range of properties, from residential to commercial. They should do regular training to develop and keep up with the latest legislation and preferred order and control. This will ensure owners are given the best possible advice and service at all times.
Price and Terms
Choose a strata manager who sets clear terms to the services provided. Pay for services that you do need and confirm that they are held accountable to agreed service levels. Ensure you negotiate what the manager proposes with services to include and exclude plus what the costs are in relation to how well the service provider is performing.
The management company should know the expectations of the owners and is ready to meet them. Some of these expectations are timely response of maintenance requests, provision of adequate maintenance services, insurance obligations being renewed on time, attending meetings and liaising with owners should be done professionally. If they do not treat you with the same level of care as they do others, then the scope of the services they provide might be too wide to accommodate you.
It is beneficial to have a manager in the same building as they attend to problems more quickly. They have in-depth knowledge of the area and local people, meaning they have the important contacts. For example, cleaners and repair guys will be accessed faster.
Recommendations and References
Get a recommendation of the managing company from someone you trust. Ask for references from other schemes they have managed. This will enable you to discern the standards of the service they offer.
Good strata management will provide improvement opportunities and provide new solutions. A good example is when a company develops a system that disseminates plenty of detailed information for their service providers, e.g. meeting attendance records and minutes, outstanding maintenance issue summaries, and much more.
To conclude, the best way to choose a strata management company that is best for you is to request proposals from various companies close to your building. Compare them and assess their service to find one that will best suit your Owners Corporation. Make sure you take time to discuss your needs and the proficiency of your service provider to avoid arguments and disputes.