What Does a Strata Management Company Do?
The services of a strata management company are often misconstrued in the property industry. Most people believe that strata management services are identical to those offered by property management companies. However, both types of companies offer similar services in different ways and they should be treated as separate necessities by property owners. The primary duty of a strata management company is to ensure that all properties within a strata-titled scheme are maintained in a way that benefits all the owners of the properties that exist within the strata. Hence, if you are seeking to get strata management services in Melbourne, this is for you.
Strata management companies are usually under the obligation to follow the instructions of the owners’ committee. Unlike property management companies, these companies manage multiple properties simultaneously and this is can only be handled by professionals. So, here are a few strata management services that you need to be aware of;
1. Drafting Budgets and Facilitating Payments
Strata management companies bear the responsibility of drawing up the maintenance budgets of the properties within the strata. This budget is then sent to the owners’ committee for approval before implementation. These companies also ensure that all the necessary payments to the building maintenance vendors are made at the right time, and all building insurance contracts are constantly renewed as at when due.
2. Building Correspondence and Property Maintenance
When it comes to all forms of communication to the stakeholders of the properties, the strata management company handles this. The company ensures that communication is smooth, timely and clear to all parties while giving them enough time to act on such information. Also, as with all things, properties grow old and need to be renovated from time to time, the strata management company must ensure that this happens seamlessly without any inconvenience. The company works hand in hand with the maintenance vendors to ensure that all properties are well taken care of.
3. Lodging Insurance Claims and Record-Keeping
Lodging insurance claims might seem like such an easy task. However, when you own multiple properties, things are a little different as there are likely to be multiple risk exposures at every given time. These risks exposures would require you to lodge a formal claim; this is one of the responsibilities of a strata management company. Also, a strata management company is responsible for keeping all records regarding the properties in the strata.
4. Welfare Management
The welfare of the tenants of the property is also a responsibility of the strata management company. All complaints about any form of inconveniences or damages are lodged through them. The company is responsible for settling disputes and enforcing laws that prevent disputes. It also communicates the establishment of new laws by the owners’ committee that guides the proper behaviour of all stakeholders.
Conclusion
Strata management services are not easy tasks. They require a broad combination of different skill sets and experiences to manage multiple properties in a way that the owners’ committee would approve while keeping other stakeholders satisfied. However, with the right strata management company in Melbourne, this shouldn’t be a problem and you would be able to rest easy, knowing that your property is in the most qualified hands.
