Strata Management is a service that provides expert assistance in managing strata properties effectively. Most real estate agents find it hard to deal with properties effectively. They lack the knowledge and expertise to make good decisions on behalf of their clients. These firms provide complete assistance by ensuring that every aspect of real estate management is efficiently managed. These firms appoint licensed real estate brokers who know all aspects of Strata Management and are updated about the latest market trends.
It is always recommended to hire a competent strata manager from a reputable and established real estate management firm. A good firm will always keep the interests of the client at heart and ensure that all their decisions are carried out in the utmost professional manner. The real estate agents and managers of such companies are appointed as representatives of the company, they are responsible to act on behalf of the company and deal with all its property managers, buyers and sellers. Management companies also employ a number of trained staff including financial experts, architects and engineers. All these factors help to manage strata property in an efficient manner.
In most cases, the strata management services are available for both large and small estates. All the real estate brokerage firms have dedicated teams of licensed real estate managers, who are appointed on a contractual basis. For large estates, brokerage firms might employ a team of several professionals, while small brokerage firms can only hire a single strata manager. The size of a property and the turnover rate play a major role in the selection of a particular strata manager.
All the processes are carried out legally by a licensed real estate broker. However, the real estate brokerage firm is the one responsible for the appointment of the strata title agent. Once a licensed broker has confirmed the name of a suitable strata title agent, the latter steps out to find the right property for sale. The real estate manager keeps a record of the property details and the list of the other individual strata title holders. The next step involves collecting all the fees which have been paid by the corporation.
After the registration of the strata title, the property managers are responsible for carrying out all the processes and procedures in order to make decisions on behalf of the company. Individual property managers make decisions concerning the selling price of the property or the repayment of the loaned amount. They also decide whether the maintenance charges will be reimbursed. The property managers usually receive a monthly salary and benefits such as health insurance and paid holidays.
In addition to this, property owners have the choice to directly appoint one of the managers for conducting the strata management activities on their behalf. However, it should be noted that there are many advantages of appointing an appointed manager rather than hiring a manager. The main advantage is that the owner can avoid paying commission fees to the appointed manager.
Generally, the functions of property managers are not limited and differ depending upon the size and number of property they are responsible for managing. For example, if the property is a small residential building, then the manager will have more general duties than those for commercial buildings. As well as having general duties, the manager of the strata title must have certain specific duties.
One of the specific duties of a strata title manager is the responsibility to ensure that a mortgagee pays the correct amount of the loan. If a mortgagee fails to pay the loan, then the manager can institute proceedings under the law to recover the loan. A property manager cannot initiate proceedings against an owner until the owner has filed the appropriate complaints with the relevant authorities. There are also certain strict limitations when it comes to taking action against owners who fail to pay the funds they owe to the lender.