Tips for Selecting an Owners Corporation Management Company

An owners corporation management is also called strata management. They take care of maintaining the common property in many strata managed properties. When choosing a management company, you need to choose one that is experienced at handling similar properties and has an extensive portfolio.

Consider the expertise of the Owners Corporation Management Services and whether they have a positive track record in the field. An experienced company will be able to excel at their services such as navigating the legal landscape of strata properties, managing common property and handling the administrative side of things. They will have a good idea of the common challenges that can come up in handling a strata property and they can come up with effective tried and tested solutions for these. Make sure you consider their reputation and this can be done by asking them to provide you with references for other strata communities that are currently being managed by them. You can also ask them to provide you references of past clients. There are online reviews that you can go through to get an idea of their service and the level of client satisfaction. There are many government regulations and legislations that a strata property should adhere to and you need to check whether the company has a comprehensive understanding of this. This will ensure that they are able to comply with federal, state and local laws so that the strata community is operating within the relevant legal parameters.

A strata management company is also responsible for financial administration.

You need to ask them about their management skills when it comes to accounting, budgeting and handling levies. Ask how they manage financial records of the strata property and the procedure for conducting audits. There has to be transparent financial reporting so that you have a good idea of what is going on. The company will also make sure that the strata community has proper insurance coverage. Ask them about how they take care of this in their current projects and the type of insurance coverages that they use. Maybe there are additional policies they use to ensure the protection of the assets and residents.

A strata management company

Should be able to communicate with strata owners, residents, other stakeholders and contractors etc. So you need to ask them about how accessible their services are and how they respond to queries and concerns. There has to be a strong communication system so that any issue can be addressed quickly. Technology should be integrated into their operations so that they are able to streamline their entire system. This can be through digital record keeping, maintaining online portals for the residents and use of automated tools for communication. By using technology, they can increase efficiency of their operations. Ask about the maintenance strategies they use such as regular inspections of the property and preventative measures. Ask how they handle requests for repairs. There has to be a proactive maintenance strategy so that the value of the strata property is maintained.