Dos & Don’ts of Strata Management

updated 15th October 2016

Choosing the right strata manager

Most issues that owners have with their strata managers arise from unclear communication and a failure to establish mutual expectations from the outset. Problems can arise if you engage a strata manager who is not suited to your particular complex, which means that first you have to understand the needs of your building. Below are a simple list of dos and don’ts to choosing the right strata manager for your situation.

 

The Dos

1. Work out what your building needs. Is it:

a. A hands-on person to provide a premium service?
b. Someone to stay in the background and do the minimum required work?
c. The resources of a large company?
d. A one-man band?

2. Ask around – what is the experience of other corporations in your area?

3. Meet them – never rely solely on a written submission

4. Review the contract

a. Is it in the standard form for your state and type of corporation, as provided for by the strata managers’ professional association?
b. Check out the special terms and conditions – what do they do for the base rate and what is charged as an extra?
c. What are the provisions for termination?

5. Assess their level of professionalism. Being a member of the strata institute in your state is a good start

 

The Don’ts

1. Don’t go for the cheapest. There is nothing more certain – if you pay peanuts you will get monkeys

2. Don’t expect the strata manager to resolve issues that are only between several unit owners – they are there to manage the corporation, not individual relationships

3. Don’t shift all responsibility to a strata manager – they are there to help, not to take over

4. Don’t expect the strata manager to be the expert at everything. They are specialists in their area which includes coordinating the supply of services

5. Don’t expect the strata manager to have a magic wand – they are professionals who work in partnership with you

 

This article has been republished with permission from Your Investment Property magazine. Try our Loan Repayment Calculator and find the best repayment strategy for you.

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