How building management companies can support strata committees with their project management requirements

The strata space today has become increasingly competitive, with hundreds of new properties developed each year, ranging from apartment-style buildings to condominiums and villas.

There are more than 900,000 strata and community-titled properties, in fact, and over 1.1 million strata residents in New South Wales alone. What’s more? In 2021, 15% of the New South Wales population lived in strata schemes and more than 70% of all residential buildings built last year in Sydney are strata properties.

This means that it’s incredibly difficult now more than ever before to stand out from the competition and attract potential strata residents while delivering an impeccable living experience to the existing residents.

As a strata committee member, you may want to invest in expansion projects or improvement projects to make your strata property stand out. But managing capital works projects can be a challenging prospect when you don’t have prior experience in project management or don’t have a system to support and oversee your efforts.

This is where building management companies can help you achieve your project goals. They can lend their expertise to ensure that your projects are completed on time and under budget.

If you’re still unclear about the benefits, here’s a detailed look into how building management services providers can support strata committees with their project management requirements. 

They provide professional advice and support

When it comes to project management, having someone who’s been there and done that to guide your project is crucial. Essentially, experience is the key driver for a successful expansion or improvement project.

Contemporary trusted building management service providers offer more than just regular maintenance and strata cleaning services. They can deliver personnel such as strata managers—full-time or part-time—and account managers who have extensive experience in managing capital works projects.

Building management service providers can also provide proactive advice to you and your fellow strata committee members regarding any compliance requirements with the relevant legislation on building maintenance and safety. They can also advise you on how to ensure that your strata property complies with the city, state, regional, and national regulations.

These companies can also support you in tracking, evaluating, and implementing laws related to property ownership management and other projects as these regulations change frequently.

They support management and governance

To complete a project successfully, you need to regularly inspect the work your construction, cleaning, or maintenance contractors are doing. This way you can reduce errors that can snowball into expensive bills.

Building management companies offer proactive tracking and inspection services with the backing of site-specific inspection checklists. These checklists can cover a wide range of things, from funds to the procurement of materials and personnel.

They also facilitate the sourcing and supervision of capital works tenders and undertake the necessary project management duties.

In addition, building management service providers can ensure that any undergoing projects don’t hinder your fellow strata residents. They can help design and enforce proactive measures that protect residents.

They offer information management support

Managing capital works projects involves quite a lot of paperwork that needs to be managed with accuracy and consistency to avoid financial and non-financial losses. 

If you fail to maintain proper documentation, it can also cause accountability issues as there will be no information available to trace the responsible parties for different aspects of the project.

This is where building management companies can add a lot of value to your project management operations. They can help manage all the essential paperwork efficiently and eliminate the need to repair and audit the documents; this is more helpful if you have to manage multiple projects.

They help with finance and fund management 

When discussing project management, finances are a very important talking point. After all, how your funds are managed can have a bearing on the outcome of your projects.

Thankfully, reputed building management service providers are backed by the knowledge of financial processes associated with project management and can help you determine how to manage property finance effectively.

They provide consulting and support to manage your finances and utilise your funds efficiently. This will ensure that your funds are distributed properly.

They also help save costs wherever possible and ensure that there are no financial loopholes in your financial statements. 

Reputed building management companies ensure the success of strata projects

With many strata committees looking to improve their property or expand it to stand up to the competition, you must enlist the help of experts to keep ahead of the competition—strata building management companies can do exactly that by providing the support you need.