Strata Management , otherwise referred to as “strata capital management” or “strata real estate management,” is an expert area of commercial property management dealing with the day to day administration and management of a commercial property which includes multiple units, retail spaces, and shared facilities utilized by tenants, businesses and homeowners. The strata management office is responsible for ensuring that the strategic planning of the property’s business is carried out smoothly and efficiently to achieve the most significant benefit to all involved. As strata real estate management involves many aspects, it is often better if a professional management company is hired to oversee the strata management process. Various factors need to be considered during the running of a strata management plan. These factors can change over time. The strata management company must have the relevant knowledge and experience to adapt to these changes and keep the strata management plan on track.
There are several important activities that the strata management services can perform. These include maintaining the financial records, ensuring that the strata management plan is implemented and followed, collecting rent arrears from tenants, and arranging for necessary repairs. The management services can also deal with handling correspondence between tenants, management, and landlords. Many other strata management services include:
- Carrying out routine maintenance work on the property.
- Making repairs.
- Carrying out construction-related works.
The strata corporation must be duly registered with the appropriate council before it can commence operating. This is undertaken to ensure compliance with local regulations, rules, and regulations and protect all party’s interests. Once registered, all parties involved in the strata corporation must recognize the council management company as their strata manager and pay the necessary fees. Once the strata corporation has been established, all required processes to become a strata corporation member can begin. Only then can the corporation begin to select, appoint or engage contractors to carry out work on its properties.
A new strata manager will then be elected, and an agreement will be drawn up between all the parties concerned and the strata management corporation. The agreement will cover all matters relating to the property owners. The deal will not cover any bidding or counter bids or any problems that may come up between the property owners and the management corporation. All the usual rules governing agreements between a landowner and a contractor will apply to these strata contracts. The procedure is usually a relatively straightforward process where the landowner discusses the property with the owner agent and makes the proposal to the management corporation.
The management company would pay the owner agent a certain amount of money. All expenses incurred during the strata contract would be taken into consideration by the management company. There would be a set fee for the strata manager, but this would need to be divulged in the annual statement tabled at a general meeting of the corporation. The annual statement should disclose the remuneration and the fees paid to the manager and should also state that the remuneration must be in line with the cost of employing the strata manager.
There is a range of duties that the strata managers are required to perform daily. These include all the general responsibilities like collecting the money from the owners for which they are responsible, paying the bills for the maintenance and repairing of the property, and the other specific duties that relate to each owner’s property. All the responsibilities imposed upon the managers must be paid for by the owners and not the management company. Three critical factors affect the amount of remuneration that a manager receives. These are the amount of work performed, the amount of work involved in the job, and the time required to complete the work.
The strata manager will generally have a salary paid to him by the corporation, but it is up to the building owner to determine the rate at which he is paid. In most cases, the strata manager also has a committee that he belongs to. This executive committee usually meets once a month to review the recent activities carried out by the manager and make any recommendations about anything that could be done to improve the efficiency of the management corporation. If the owner does not want to appoint a manager to take over his responsibilities, he can employ one with the necessary skills and knowledge to perform the duties.
Many companies provide services that cater to the needs of the owners of commercial buildings. Most of these firms deal with strata management companies and also offer various other commercial construction-related services. These firms also ensure that the strata management companies they sell have good knowledge about the regulations that govern the strata corporation and the various rights that the building owners have. Most of the firms that provide this kind of service are quite experienced and have a lot of knowledge about how the strata management company processes the annual budget.