Running the owner's corporation of your strata development can be challenging, but you can make the task easier by hiring some professionals to help you. In particular, you may want to hire a strata managing agent and a building manager. Here's a look at how these professionals can help.
The building manager can help with the physical aspects of running the strata. That may include overseeing the property to see when it needs repairs, arranging professionals to do the repairs or potentially even doing the repairs on their own.
Building managers are basically the eyes, ears and hands of the owner's corporation on the site of the building. To that end, they can meet prospective buyers who are interested in living in the strata, and they can show them around the facility. They can also help with welcoming in new owners and serving as a point of contact for the rest of the facility.
Strata Managing Agent
A strata managing agent is someone who has specific experience working directly with properties that are set up under the strata system. They can help to ensure that all your paperwork is done correctly. That may involve drafting forms for the strata that outline bylaws and the responsibilities of the owners who live there.
A strata managing agent can ensure that tenants sign the right forms and waivers, and he or she organises that paperwork. These professionals can also manage the finances or oversee an accountant or bookkeeper who manages the accounting records for the strata. If the strata needs insurance, the strata managing agent can talk with agents, get quotes and make sure the property is covered as needed.
Most importantly, the strata managing agent can act as a liaison to the owner's corporation. This professional can't force the owner's corporation to make any decisions, but the agent can help the corporation to stay organised. For instance, he or she may send out notices about meetings, help organise agendas and facilitate communication between members. On top of that, the managing agent can also take notes at owner's corporation meetings, give notes to new members as needed and talk with the rest of the owners about what's happening.
These jobs overlap in many ways. A building manager may be able to do some of the tasks assigned to the strata managing agent and vice versa. The only difference is that almost anyone can be a building manager, and a strata managing agent needs a license.