Changing your strata manager is one thing, but replacing them with the right one is crucial. The process involves the owners’ corporation flipping through several service agreements for comparisons. That way, they can establish what can be omitted from the previous services or if new services call for higher costs. You may also be looking for innovative solutions like strata management that will incorporate repair requests online.
What do you need to consider before making a choice?
1-Determine your needs
As an owners’ corporation, you need to establish what you need from the ideal strata management. For instance, if your building is old, you should opt for a manager with extensive repair and maintenance expertise.
If your tenants use an online system for their maintenance, a company that doesn’t provide such services shouldn’t be considered. An apt strata manager can manage the accountants, meditate, and negotiate on behalf of the owners’ cooperation. Having experience in a similar-sized building with the same functionalities is best.
2-Knowledge about strata legislation
Knowing the current legislation is crucial, but so is keeping up with the changes. Doing it right by the law may save the corporation significant costs. The truth is that you can’t establish how well-informed one is about the laws. You can ask questions, but you are probably not conversant with the topic. The best way is to ask the frequency of their Continuing Professional Development (CPD) training from their managers and ask how they are briefed about any adjustments. They should also have licensure from the appropriate professional body.
3-What is your property type?
Is your property a community title, company title, or building management committee? Each property requires different needs based on these categories. Select a strata manager who understands your property, and therefore has the suitable capabilities.
4-Involve every owner in decision making
The agreement should be rolled out to every owner. When the time comes, the best manager should get at least a 50% vote with efficient processes, a good response rate, and a high level of training.
5-Settle for the best deal
It’s not just about the price tag, but what you get in return. Cheaper could end up costing you more in the long run. Every strata management has a set fee for standard services and additional costs for extra services. While a cheaper manager may be tempting, it doesn’t necessarily mean that you won’t have to buy the optional services. For instance, photocopying services may not be included, but doing it separately may cost more than letting the manager do it for you.
Some of the responsibilities of the manager will include:
- Acting as the corresponding agent between the tenants, owners, and other parties.
- Making arrangements for repair and maintenance.
- Establishing detailed budgets.
- Monitoring insurance policies and handling claims.
- Issuing levy notices.
- Keeping records.
- Settling disputes.
Conclusion
Suitable strata management is essential for the smooth running of an establishment and securing its future. From arranging repairs and maintenance, administering ballots, managing the corporation’s funds, to ensuring legal compliance, choosing the best candidate is crucial.