What makes a good strata manager?
It actually depends on several different factors.
The organisation will typically submit a request for proposal (RFP) to several different strata management service providers. Once proposals are received, the organisation will assess the response and select a provider that suits their needs best.
To help you make the best decision, you need to consider the following 9 factors when choosing a strata management company in Australia.
#1 – Dedication and Commitment
A strata management company should be dedicated and committed. Regardless of the scope of services provided, the company should treat all its customers with the same level of care.
Having dealt with a number of strata management companies, the team behind Mr Highlights Roofing say that responding to phone calls and emails in a timely fashion, helping when needed, and dedicating their time to making your work easier are all key. They explain “If you believe that the strata management company could be preoccupied with other clients and thus not devote enough time for you, it can be a good idea to reassess their proposal.”
#2 – Experience
Experience is one of the most critical considerations when choosing a strata management service provider.
Strata managers and organisations are never the same. Therefore, it is important to ensure that the strata management company you choose has relevant and adequate exposure to dealing with strata properties of different types.
Units sprawled over land or townhouses, or tall buildings with many apartments all have different features that should be effectively managed. Strata management organisations should be capable of adapting to deal with matters in different circumstances every day.
#3 – Qualifications
It is always advisable to check the strata manager’s qualifications. However, you should avoid judging a strata manager by the type or number of qualifications. Qualifications that are coupled with experience are what make a great strata management company.
Ask the strata manager questions to help you assess how knowledgeable they are of the matters that they have to deal with as well as how they respond to various questions. Relevant knowledge pertaining to commerce, finance, commercial and residential properties, liability, planning, leasing, as well as strata management is critical.
Alongside qualifications, caveat loan experts Max Funding say price should never be far from your mind. They explain “Like most aspects of life, you get what you pay for. If you’re investing in property you don’t want a strata manager that charges the least – and offers the least. This can hurt your investment. So while price should never be the sole influence, it’s still vital to consider.”
#4 – Service Levels
Documented service levels are critical in service agreements. The service provider should ensure that they are held accountable to the agreed-upon service levels. The levels are usually negotiated by the parties and will inform the recipient of those services in relation to the service provider’s performance.
For instance, here are the common service levels:
- Mailing notices to owners in a certain format
- Responding to maintenance request within a certain timeframe
- Attending meetings throughout the year
- Directing the building manager to carry out works
- Liaising with owners in a professional manner
- Renewing insurance policies in timely fashion
- Keeping common property tidy and clean
#5 – Reporting
Receiving reports helps you make informed decisions in any service provider relationship. Discuss the reporting capabilities of the service provider. Reports will help you better understand information, identify trends, undertake analysis, hold discussions with major stakeholders and much more.
For example, innovative cloud-based solution has reporting capabilities guaranteed to suit your requirements. For instance, financial reporting capabilities, outstanding maintenance issue summaries, meeting attendance records and minutes, and much more.
#6 – Clear Terms
The terms of the agreement with the strata management company must be clear. Make sure that your chosen service provider is committed to the documentation of terms of the agreement in a comprehensive manner.
To get rid of any doubts regarding what the service includes, be as explicit as possible. Make sure that you also understand what the strata management company plans to include and exclude as well as what the additional fees and costs are likely to be. Additional costs can be either fixed rates or charged on an hourly basis.
#7 – Innovative Solutions
The strata management company you choose should strive to provide innovative solutions. Providers that invest effort, time, and money into new solutions demonstrates a willingness to offer their customers improved services.
For instance, a cloud-based solution helps owners stay in control with a comprehensive and user-friendly tool that provides you with all the information in a transparent manner that’s backed by a team of professionals.
#8 – Promoting Improvement Opportunities
Strata management companies that offer recommendations and promote improvement opportunities think outside the box. Instead of receiving a service with the ordinary inclusions that are expected, you can partner with a service provider that recommends different processes to help improve the management of your owners’ corporation.
Keep in mind that the strata manager works with you. So, it’s important to share ideas that help you manage your strata management obligations successfully.
#9 – Clear Expectations
Asking a bit too much might look great on paper but might not be practically feasible. It is important to be reasonable with the service provider and understand what can and cannot be done.