When you live within a community, you must have encountered strata, property and building managers. At first, you may think that these three are the same with similar functions, but they are not. Here is all you need to know about the differences between strata management, property management and building management.
Strata: What It Is
Strata, in Australia, is a law or deed of title where a particular piece of land can be divided into ‘lots’. This scheme allows you to be a part-owner of the lot or the property. Now, it is important to understand that Adelaide strata management has units, townhouses and apartments under its purview. Besides ownership of a lot, there are many common areas like lifts and parks, gardens and driveways that strata management covers.
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Strata Management Duties And Responsibilities
There is a distinct difference between strata management services and property management and even building management for that matter. Here are some things that are the responsibility of the strata management.
- Maintenance and organisation of gardens, hallways and foyers.
- Ensuring that common area urgent repairs are carried out.
- Levy collection and levy notice duties
- Ensuring that the space is compliant with Work Health& Safety Regulations
- Organise strata meetings, for example, the AGM, meetings for the executive committee as well as meetings with short notice which are emergencies in nature.
- Writing and distribution of the meeting minutes as well as distribution of notices.
- Taking responsibility for the payment of invoices and budgeting costs for the building’s common areas.
Strata building maintenance also ensures that there is no dearth of maintenance of the lot buildings or even to those common areas that no other tenant will be willing to contribute financially. One of the most difficult tasks for strata management companies is the resolving of differences between different lot owners. They act as mediators and help warring parties come to a decent solution.
Property Management Responsibilities
It has been observed in many cases that people end up confusing strata management companies with property management companies. Here is what a property management company will do for you:
- Timely collection of rent and suggestions regarding the time of rent review.
- Single point of contact between landlords and tenants
- Routine inspection of the tenant’s property.
- Ensure that property is well maintained.
- Maintenance and emergency repairs
- Draw up tenancy contracts and related documents
- Give advice about managing and growing your property portfolio.
Here’s What Building Management Involves
With building management, here are some of the responsibilities and duties:
- Creation and management of asset register and also the creation of preventative maintenance schedules.
- Organisation and coordination of repair work as well as maintenance works
- Verification of invoices and issuance of work orders
- Act as onsite contact between owners, contractors and tenants
- Regular and timely site inspection
- Escalate breaches of the law
- Registry of access devices of common property like remotes and keys
- Preparation of costs and expenditure documents to be displayed on the property pin-up board
Strata Management V/S Property Management
Many people do confuse between strata management and property management or building management. There are certain overlapping areas of function that need to be delegated as per the instructions of the Sydney strata specialists to the property management company taking care of the building. If we take an apartment building as an example, where both the common areas as well as the building area is taken care of by strata cleaning services, you will have to look after your lot and all that is there in it in your position as owner of the lot. In this same example, if your apartment is leased out, it would be the property management’s responsibility for the maintenance of the apartment. If there is an issue with the common lot, the building management reports it to the property management specialists who then take the necessary steps to resolve the issue as soon as possible.
Strata Management At A Glance
Your strata manager is a person with the license to manage the daily workings of a plot of land divided into lots, each with a different owner. A strata manager will ensure that everything is perfect in terms of administration. This requires the strata manager to collect levies for strata, AGM meeting conduction as well as carry out maintenance and repairs as soon as it comes to the attention of the strata manager. Besides looking after the strata insurance and financial affairs, he will also act as a mediator in disputes and squabbles between owners of lots and negate the propensity of the issue to blow out of proportion. Your strata manager is a dedicated peacemaker (excuse the pun) who has sufficient authority to raise issues of contention at the annual general meetings as well as meetings held on an emergency basis.
Building Manager
A building manager is usually employed with the strata manager. He will be on-site at all times and will be responsible for the daily maintenance and cleaning. Any issue that needs resolving at a higher level is escalated by the building manager to the strata manager. The building manager will also report to the strata manager to collaborate on ongoing maintenance works being done by various contractors.
Property Manager
The property manager will work for a real estate agency and is responsible for selling the piece of real estate. He/she will represent a landlord or owner of the said property to the potential and existing clients. They collect the rent, pay some bills, manage the tenants on the property and look after the maintenance and upkeep of the building. If there is a tenant who has a strata related problem, then the property manager will intimate the strata management and strata manager immediately so that the strata specialist can resolve the issue before it goes out of hand.
Conclusion
In Australia, strata management is a new concept that has enormous potential for growth. Strata management has the necessary leeway to considerably change the living experience of the owner of the lot, you. Rely on strata management services to make your life as simple and uncluttered as possible.
