Not all strata management businesses are created equal. Take a look at the reasons why it may be time to seek out a new provider.
As a strata Executive Committee member, you are under a lot of pressure to represent the best interests of the owners in your complex.
One of the biggest responsibilities is choosing the right strata management company. Choose wisely and your Executive Committee and other stakeholders will enjoy efficient operations, excellent return on investment and an outstanding reputation to attract new owners and tenants.
If you haven’t reviewed your strata management company for a while or if the contract is up for renewal, before you rush in, make sure the business you’re working with is right for your complex.
Here are five reasons why it may be time to find a new strata management company for your Owners Corporation.
Your owners and tenants aren’t happy
As an Executive Committee member, it is easy to tell when owners and tenants aren’t happy about the way their community is being run, mostly because they will let you know.
If you are receiving regular communications about frustrating issues, bills which don’t make sense or maintenance problems, this is a red flag indicating your strata manager may have dropped the ball.
A great strata management company will mean you rarely hear from residents because they are kept up to date and all common areas are clean and well-maintained.
Things are falling through the cracks
Keeping up with insurance payments, organising regular upkeep and collecting fees are important responsibilities for your strata management company. Having outstanding accounts payable and receivable or noticing tradespeople don’t show up as expected is another way to tell it’s time to change companies.
Ideally, your strata management provider will have responsibilities across departments. This means there is a dedicated, qualified person looking after accounts and someone else who is responsible for creating and upholding a maintenance schedule.
Your committee is not compliant
Strata legislation changes regularly and your Executive Committee may inadvertently fail to comply with its requirements, which can lead to all sorts of problems.
Because they live and breathe all things strata, your management company should take responsibility for ensuring you’re aware of how to be compliant.
They’re never there when you need them
A too-busy strata manager will be trying to juggle several communities at once. There are only so many hours in a day and you’ll notice phone calls and emails go unanswered, plus your manager will be slow to act on their promises.
Being overloaded with work will cause any strata manager to neglect responsibilities. Ideally, they will have a team to distribute smaller jobs to so they can always make themselves available.
Your complex is too large for its management team
Many strata management companies are used to working with boutique complexes of less than a dozen units. They may wish to accept a challenge and work with a larger community but without experience, they will struggle to keep on top of things.
Look for a strata management company which has extensive experience working with communities of your size. This way, they will be able to hit the ground running, rather than trying to upskill on the job.
How to choose a good strata management firm
As well as ensuring residents are happy and jobs are taken care of, your strata management company should be a team of forward-thinkers.
Instead of simply ticking boxes, this team should be actively seeking ways to improve efficiency, streamline experiences for all stakeholders and maintain or increase the value of the properties within the building in the most cost-effective way possible.
Do your research on the provider you currently work with to ensure you and the people you represent will enjoy premium service and a positive long-term relationship.