Strata is a term used to describe the level of ownership of a property. The word is derived from the Latin word meaning to split or divide.
Strata titles are found in places with high population density, such as apartments or condos. Therefore, in real estate, strata refers to a type of ownership where individuals purchase a single unit in a building while jointly possessing the common property with other owners. In some cases, strata schemes apply to more than one building, whereas others may consist of just one building.
Strata management defines the procedures for managing the common property within a strata. The main task for this is to ensure that all members of a body corporate are not only aware of their responsibilities but also able to fulfil them. Additionally, strata management must first and foremost ensure the development's safety and security.
The owners' corporation is a form of collective ownership of the common property. A sampling of the body corporate's responsibilities include requirements like:
- - Maintaining amenities
- - Collecting service charges from tenants
- - Managing pets in a strata scheme.
However, because it is difficult for a layperson to execute these duties properly, owners' corporations now turn to strata management, where they can engage the services of a professional to oversee the operation of the strata scheme on their behalf.
Even though strata management is not a new concept, it has evolved with time to include more than just the management of the building. The definition of strata management is to manage an entire group of people living in multiple properties, like apartment blocks or subdivisions. This management includes but isn't limited to caring for common areas and amenities, building maintenance and repairs.
Strata Management is a growing industry that will continue to grow as more and more people move into apartments and condos.
Strata managers are now taking up the future of property management because they know how to run things smoothly to take care of their residents better. As a result, they are now sought-after by large-scale investors and small landlords who turn over property care to them.
Owning a residential property is a significant investment, and it is important to have professional management services. A professional strata management service can help owners take care of their property, and at the same time, they can provide a lot of benefits for the homeowners.
A professional strata management service can help you find the perfect strata managers to meet your requirements. The benefits of this option are that they will eliminate the bulk of guesswork involved when taking on the hiring process on your own. Therefore, your body corporate has a better chance of being matched with an excellent manager. You may also dictate the terms of service that you expect to be available and the extent of the potential strata manager's expertise. What's more, these professionals can also provide maintenance services so that your property is well taken care of and in good shape for years to come.
Finally, this is one of the most important aspects to consider when looking for a strata management company: A worthwhile service provider will answer your questions and give you all the information needed to make an informed decision about who you would like to hire.
Strata management companies offer a range of building and property management services to the owners and tenants of commercial and residential buildings, such as maintenance, insurance, finance, governance, and strata enforcement. In order to find the best strata management company for your building needs, you should first know what your strata's requirements are. Then you can use them as a guide to help you find your ideal strata manager.