Strata management, otherwise known as “strata corporation management,” is an expert field of commercial real estate management dealing with the day-to-day operation and administration of a commercial property that consists of multiple units and includes common areas and amenities. The main objective of strata management is to provide a safe, clean and healthy working environment for all tenants within the facility. Apart from providing a safe, healthy, and hygienic working environment, the strata also ensure that the building is secure and hazard-free. The strata management professional seeks to keep the facility in good condition by maintaining the basic structure, equipment, and furnishings. They perform routine maintenance works like inspecting plumbing systems, heating systems, electrical systems, and drainage systems.
The essential functions of Strata Management team consist of the Chairperson, who is responsible for the overall management and maintenance policies and guidelines of the property. The other members of the strata management team are the Assistant Manager, who is usually responsible for providing direction and supervision to the Chairperson, and the Maintenance Managers, who are in charge of collecting and arranging the tenants’ monthly service and maintenance fees. They maintain the quality of the facilities and ensure that there is no damage or malfunctioning of the facilities. They perform other clerical tasks and administrative tasks such as scheduling appointments, booking cleaners and mopeds, preparing reports, and handling correspondence and other important papers.
The strata management team also comprises the officers who hold power to take legal and regulatory action against the owners and managers of the property. The most senior among these officials are the Board of Directors, who are elected or appoint for a fixed term by the owners corporation. The Board of Directors has the authority to: fix and approve the monthly or annual fee or charges, determine the rules of the property and decide on the removal of tenants, sell, dispose of property, and many other activities. The next level up in the strata management team is the Assistant Manager, who is in charge of the day to day activities. He or she is in charge of collecting rent, cleaning the house, maintaining the property, preparing the financial accounts, doing repairs, and many other similar duties.
Apart from the actual duties of the strata property managers, they can also take care of developing strategic planning with the help of a strategy committee. These committees are established to study the real estate market trends and the demands of the current strata property owners, the various investments and returns on the investments, and the strategies that need to be implemented in order to make a business out of this field. They are also responsible for drafting the rules of the association and the rules which regulate the conduct of the associations. They do the technical work such as collecting rents, recording the monthly dues of the tenants, developing the annual budget, and monitoring the conduct of the different schemes and programs.
Besides all this, they must have excellent communication skills in order to keep the various parties involved and interested in the process fully informed. These professionals are usually paid a fixed amount or commission by the strata title company. They are also entitled to receive a portion of the annual fees collected by the property owners. Most of the time, these corporations employ a small board of directors to manage the affairs of the association and handle all the tasks that have to be done.
The most important requirement to become a good strata manager is that you have to possess some real estate related experience. A few years of industry experience would be beneficial because it can help you find jobs in the future. The experience you acquire while working in the industry should be related to property management and not the retail industry. You can get some good job opportunities once you are able to find a good strata management company. The internet is one of the best places where you can advertise your resume and if you are lucky enough, you may get contacted by one of these reputable companies.
One of the best ways to get started with the strata management industry is to find some good books on the subject. There are lots of legal books available in the market so you can choose one of them that discusses the various issues that involve strata management. Apart from that, it is important for you to gather some general information about the duties and responsibilities of the managers. This would give you an idea as to what you would be expected to do on a daily basis.
Some of the main duties of the managers include overseeing the overall work efficiency of the company. At the same time, they are required to ensure the completion of work within the stipulated deadlines. They are also responsible for collecting all the fees from the property owners. If you are new to this industry then you must take the help of some experienced professional. An experienced property management professional can give you valuable and sound advice on how you can deal with the various duties involved in strata management. He/She can even show you how you can save money by avoiding certain unnecessary expenses while running your property maintenance and strata improvement business.