What Is Strata Management In Real Estate?

Sep 18, 2021

As the real estate sector evolves, many people are investing in common properties, where several amenities are shared. This is because the properties are more affordable and are often found in developed cities or towns. However, before buying a common property, it is essential to understand what role strata management in Perth plays in the investment.

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What Is Strata Management?

Strata management refers to the team that takes care of maintenance, repair and daily running of common properties. Since several amenities in a common property are shared, there needs to be a team that ensures that those amenities are functional. That said, property owners and strata management teams have a duty of care to perform a variety of tasks related to their strata property.

What Does Strata Management Entail?

Strata management involves 3 key elements. Read on to know more

1. Administration Functions

This includes managing all internal and external issues relating to the property. For example, the team handles complaints from owners who have already invested in the property. In addition, they handle any enquiries from outsiders. The strata management team also facilitates any meetings between landlords and tenants. More importantly, they submit all insurance claims and keep proper records of everything.

2. Finance Function

Many financial functions within a property are also a part of strata management. For example, the team has to prepare budgets for proposed repairs and maintenance services for approval by the owners. It also entails tracking invoices for payment and ensuring timely payment of all amounts due and owing to the company.

3. Social Function

Strata management often includes assisting tenants with their lifestyle concerns. This includes enforcing the laws that govern the common property and conveying those rules to all residents. In most cases, owners’ conflicts are resolved through mediation. Pet ownership, for example, is a regular issue that strata management must address. Most cases relate to people having pets without permission.

Additionally, strata management helps property owners to live together in peace, respecting each other’s rights. For example, unruly and noisy behaviours are discouraged. This is aimed at ensuring that every resident at the property enjoys a serene environment. Moreover, there are set rules that govern how common amenities like the pools are shared.

What Is Not Covered by Strata Management?

To understand strata management better, it is critical to look at the things it does not entail. Here are a few:

Personal belongings inside personal spaces such as electronics and furniture
Solving personal disputes between members of the same household
Offering legal advice to either landlords or tenants.

Contact Home2Home to Chat With an Expert

Are you looking for a qualified strata management company in Perth to work with? Look no further. Home2Home has you covered with our high-quality expert services. What’s more, we offer pocket-friendly prices to suit your financial capabilities.