Strata management is the process of improving the day-to-day operation while managing a property with multiple owners. It’s called owners corporation, and it can be stressful if you’re unaware of the rules and regulations that may involve the strata scheme. Of course, you and other members may also be busy, so hiring a strata manager to do all the work for you is necessary and highly recommended. They are trained professionals who have thorough knowledge and expertise to help a strata committee. So they’re highly recommended most of the time. But how can they help? Find out here.
How Can a Strata Manager Help You Out?
Being part of an owners corporation means there are many things to take. For those who are not familiar with the by-laws and many other regulations that involve strata schemes, a strata manager is trained and has the expertise to help you out. Find out some of the duties and responsibilities they have.
Great Record Keeping Skills
One responsibility of a strata manager is to keep track of your corporation’s records. They know how to organize all documents required by the legislation, which makes it all the easier for you. They take care of written and electronic correspondence, proxy forms and voting papers, notices and minutes, accounting records, financial statements, compliance certification, copies of all contracts entered into by the owners corporation, and so much more. These are just some, and there are many other documents that the strata manager will safely keep in case future issues arise.
They Have the Knowledge Regarding Financial Management
A highly skilled strata manager will already have studied your strata property to know its history. Their knowledge can help the owners corporation make sound decisions, especially with the financial side of things. Therefore, they can guide when it comes to forecasting budgets and allocating funds accordingly. Some other duties they have when it comes to financial management are establishing trust accounts, bank reconciliations, issuing reminders and final levy notices, overseeing the debt collection of unpaid levies, budgets and levy contributions, etc. With their help, no fees are left unpaid, and you get to free yourself from the stress of managing the financial side of your strata property.
Help Find the Right Insurance
Having a good insurance policy for your strata property is vital because you want to protect it as much as possible, especially from financial losses if problems arise. So your strata manager will arrange quotations for the insurance required under legislation and assess whether other insurances, such as worker’s compensation or additional insurance cover, are necessary. In addition, you can let them pay the insurance premiums, prepare and lodge insurance claims, and so forth. It’s part of their job to take care of this side for you as well as to ensure the insurance policy does its job.