REAL ESTATE

What is the Difference between a Strata Manager and a Property Manager

How exactly are strata buildings managed? What is the difference between strata management SA and property management SA? And what do they do? To fully understand how everything runs within a strata scheme community let’s take a look at what these two professions are about and how exactly they differ from one another. 

What does a strata manager do?

When it comes to strata managers’ responsibilities, there are three main categories: administration, finance, and community. 

Administration

Firstly, one of the most important responsibilities is taking care of the administration. This includes managing correspondence between owners, running meetings, and taking care of legal compliance covering all of the necessary documentation such as fire certification, insurance, lift certification, and so on. 

Strata managers have a job of ensuring that proper valuations are done. That way, the strata managers are making sure that the building is insured for the cost of replacement in its entirety. If something was to happen to the building and the insurance wasn’t high enough to cover the expenses, the owners would have to use their own pocket money to pay for the damage. 

Strata management also covers essential property maintenance. Everything that falls under the category of building maintenance such as pool cleaning, lift maintenance, communal wall painting, and so other important responsibilities is taken care of by the strata managers. They act as some sort of a mediator, essentially. 

Finance

The next big responsibility of strata managers is the matter of finances. Strata managers handle the finances that go into maintaining and repairing anything that is included in the communal space of the building. This also includes taking care of responsibilities such as facilitating payments to tradespeople, balancing the books, issuing and collecting levies, and other responsibilities. Now, what are levies? What exactly do they cover and what types of levies are there? Levies are financial contributions provided by lot owners that go into the maintenance of the building or more precisely, the communal property of the strata scheme. 

There are three types of levies: administrative fund levies, sinking fund levies, and special levies. 

When it comes to the first group of levies, they cover common maintenance issues, while sinking levies cover some of the bigger renovations and repairs in the building. This can cover any repairs and renovations from roof replacement to pest damage. 

These and other important financial responsibilities are handled by strata management. 

Community

Lastly, a strata scheme was made in order to encourage harmonious living space for neighbours where a sense of strong and healthy community is present. To maintain such a peaceful and harmonious way of living within one community, the strata scheme uses bylaws. These are the general rules that regulate everything from noise restrictions to renovations and any changes to common property. As such, the strata scheme has been very successful all across Australia for decades now and strata managers are the ones handling these important aspects of strata. 

They often act as pacemakers, psychologists or simply mediators that help the residents have clear and healthy communication about their shared living space. Professional strata management in Northern Beaches is specifically prepared for handling any potential miscommunication issues and creating a safe and peaceful community where everyone gets to play a role in the way that the building is handled and maintained. 

What is a property manager?

On the other hand, a property manager is usually either a company or a person that supervises the maintenance of the property. 

This person is basically a middleman that stands in between the tenant and the landlord. Their job is to find a suitable tenant, collect the monthly rent, and handle the maintenance in the apartments. Everything beyond those walls (common property) is under the supervision of strata managers. 

Property managers usually work in real estate offices and they are the first ones you call in a state of emergency. They inspect the rental property very often to ensure everything is taken care of properly. 

Conclusion

In conclusion, while strata managers take care of the communal spaces in strata buildings, property managers are looking after the actual apartments where tenants live. Both of these jobs are equally important and together they make sure that the community within the strata building is in order and that people can live in perfect harmony.