All over the world, changes are occurring at a much faster pace than ever before. When it comes to strata management, the same pace applies.
Stratas are gathering popularity, but with the property investment market changing rapidly with the influence of factors like technology and COVID-19, strata managers have their work cut out for them.
Strata managers—also known as strata managing agents, corporation managers, and a number of other derivatives based on the terminology of the state—take on a multifaceted role when it comes to the management of their strata portfolios. This is the case even if the rapidly evolving environment is taken out of consideration.
From administrative duties to financial management, the ins and outs of a strata building’s profitability, upkeep, and governance all fall under the umbrella of strata management.
To ensure the continuing profitability of your portfolio and the satisfaction of strata owners, therefore, following the latest industry best practices is the most effective strategy to pursue.
Compliance is a constant, no matter what else changes in the strata landscape.
While this goes without saying, given the rapidity with which the rules are changing, compliance has never been more important or more challenging than it is today.
Having the right licenses, insurances, and certificates to make sure your strata building is adhering to the applicable laws and regulations is necessary when it comes to maintaining legitimacy across your strata portfolio—especially in a landscape that has been affected heavily by COVID-19.
For strata managers, compliance also includes holding valid licenses and insurance for the services performed.
Carrying out operations with expired documentation, or falling out of step with state laws, can lead to compliance issues that are costly to Strata Committees and owners while leaving a dent in your legitimacy and reputation as a strata manager.
The world is increasingly turning to digital solutions for more sustainable and profitable outcomes, and strata properties are no different.
Strata Committees are regularly looking for strata managers who are ready to offer and implement online services. These services don’t just allow you to boost the value of the strata building you manage, they also help you embody the characteristics of a leading strata manager.
These qualities include better communication, transparency when it comes to administration, and the ability to manage the expectations of Strata Committees and owners more effectively.
Maintaining an online hub for strata management also creates an environment where items like maintenance requests and other routine strata management tasks can be managed and handled without taking up excessive time and resources.
This gives strata managers room to be more proactive when establishing new techniques and methods of operation.
A modern building management solution takes advantage of automated scheduling, a log of lot owners’ requests, and more digitised tools to smoothen out the kinks in strata management. Having this support is especially important for strata managers because you are often the first port of call for lot owners when issues arise.
Successful strata managers will take steps in the digital direction and partner with a building management company that offers a sleek solution for their strata portfolio.
Maintaining a uniform standard of maintenance doesn’t always mean that each building in your strata portfolio is suited to the same approach.
Each strata building has unique needs and requirements, and maintenance often means a tailored approach is taken for each property.
A best practice for many strata managers is regular visits to the strata buildings under their management. This ensures that you are always apprised of the developments in the building, what areas are being tended to and improved, and what areas are being neglected.
Having a comprehensive understanding of the properties you manage helps you create more value for your portfolio and allows you to advise Strata Committees and owners about current progress and future plans.
Another best practice is to enlist the support of a customised building management solution for the maintenance of each strata building. The right service provider will be able to ensure that you and the Strata Committee are receiving only the services your building requires, instead of paying for a suite of services that aren’t relevant to you.
Prepare for the future of strata management
Over your years in the industry, you’re bound to develop your own management methods and techniques based on your personal experience.
But whether you enlist support like professional strata cleaning in Sydney or not, following the best practices for strata management is a surefire path to continued success in the new normal.