Whether you own part of a joint residential building or corporation, you are likely sharing assets with another party. Unlike a partnership, where all the assets are divided according to the business agreement, joint ownership can be difficult to manage. This is especially true if these assets have maintenance and other expenses. Unlike property managers, strata managers do not only manage a single property. In fact, a Sydney strata management will take care of the entire residential area or apartment block. While many people may only consider collecting rent and managing tenants as part of their property expenses, in reality it is quite different. You may incur costs that you had never thought about, such as gardening expenses and property maintenance. This is especially true if your property is located in an apartment block or joint residential area. While you do not have to manage all the expenses, you will still have to take care of your part as part of the agreements.
A strata management service does more than simply maintain the joint expenses of a residential or commercial area. They collaborate with all the stakeholders and may hold regular meetings to decide on certain major Issues. If you want to renovate your property, you may need permission of the other residents as well. These meetings discuss other aspects as well, such as security of the area as well as any issues that property owners may be facing. If you are managing a property yourself, this could be a difficult task. However, a strata manager will be able to resolve any disputes and draw up an agreement for yearly budgets that include maintenance and other costs. Some areas have requirements for the external appearance of the property. A strata manager will check the property regularly to make sure it is in line with the various legal agreements. Visit https://www.strataone.com.au/north-shore/ for strata services in North Shore.
If you are an investor, you may not have time to sort out such issues yourself. In fact, many of these problems require the manager to be physically present to resolve them If you need to conduct maintenance, you may need to contact independent contractors, which could be quite time consuming. A strata manager’s job is to manage such activities for all the owners in a specific residential area, as the costs are usually uniform as well. This may reduce chances of arguments between the different owners. The manager will also manage the financial aspects of the property which includes setting up a budget as well as managing the insurance, etc. This requires significant expertise as well as understanding of the various local laws that may apply to joint properties. A strata manager usually has expertise in this field and will help relieve the stress of managing a joint property.