Everything you need to know about strata management

Author: Progressive Strata

Many property owners and real estate buyers invest of strata properties. Why? Off-course to make more cash flows. Strata properties and real estates are one of the lucrative ways to make more money. But, not every time you get the profits or run a successful property business.

There are various legal, financial, and subjective processes in management of strata properties. Also, you need to know what, why, and how’s of strata property management. Strata schemes have certain rules and regulations that are mandatory for all the property proprietors and investors.

That’s why; we are here with a complete guide of strata management for you. Knowing the right strategies of how to find the best properties, investing tips, profits & expected losses of buying strata properties can help you build a strong path to generate income. In this article, we will be covering:

  • What are strata?
  • What is strata management?
  • Who are the strata managers?
  • 4 benefits of buying strata and its management
  • Conclusion

Let’s begin with,

What are strata?

  • Strata refer to the term of property or real estate ownership. The investors and property buyers who buy common or shared properties are given the strata title. Common properties such as swimming pools, parking lots, play courts etc. which are owned by multiple owners and managed collectively.
  • The main purpose of strata scheme is to manage, look after, and keep records of legal proprietorship of houses, apartments, and building blocks.
  • It is an administrative property scheme initiated in 1961, in NSW, Australia.

What is strata management?

  • Strata management refers to the management and look after of shared properties by multiple tenants. This involves managing property areas, cleaning, maintenance, collection of fees, taxes, monitoring building insurance policies, keeping documents, records, etc.
  • There is one corporation in every strata apartment, who manages, set rules & regulations, and hire professionals to management strata properties, carry out banking & accounts systems, handling legal issues, etc.

Who are the strata managers?

In simple words, a person or group of people who has expertise and professional training to manage and handle shared property activities known as strata managers. They look after maintenance compliances of buildings, financial matters, issues of strata levies, co-ordinate building upkeep, arrange meetings & communication look after by-laws matters, common building insurances, etc.

Four benefits of buying strata & its management

  1. Management of strata properties help to increase their value over time. Proper maintenance makes properties long-lasting and attractive to new buyers. It helps to increase the market-property value.
  2. Enhance standard & harmonious community lifestyle. Owning strata properties and adequate management prevents enforcing lawful issues, legal matters etc. which helps in peaceful living with other tenants.
  3. Strata management helps to boost safety, protection, and good health of the residents. On-time maintenance, repairs, renovation helps to avoid potential accidents, facility & amenities disputes. It leads to a healthful life with proper security in Strata title apartments.
  4. Legal compliances and agreements. Management strata properties help to keep tracks, license, and legal permits to own apartment blocks, claim common property insurances, etc.

To end with,

Hiring a professional team of strata management helps to increase its value, future market-price, facilities, and lifestyle effectively.