Factors to Consider When Picking a Strata Manager
For better or worse, most people evaluate a strata manager based on their relationship with them.
Before hiring a new Strata Agent, we’ve put together a list of questions you should ask.
What is the total number of buildings that your potential new Strata Manager is in charge of?
This little question determines your strata experience in its entirety. Because most agents manage large portfolios, they may spend most of their time putting out fires rather than giving you the proactive care you require.
What does the management fee cover every month?
The majority of agencies charge a monthly management fee that includes services that have been agreed upon. Extra fees are levied for work performed outside of the agreed-upon services. Talk to an agency about fixed-price disbursements to get a clearer idea of how much your scheme will cost per year.
A Certificate 4 in Strata Title Management should be held by the Strata Manager in charge of your building. This would have been better if it came from a TAFE program. After paying for a two-week course, you will receive a Certificate 4 in Strata management. Inquire about their tenure with the organization.
When speaking with a prospective new agent, inquire about the strata manager’s experience, as well as their attendance at mediation and tribunal hearings.
How often does the treasurer prepare financial reports, and do they distribute them to the full committee? This should be done once a month, if possible.
Accords on service levels (SLAs)
Strata management revolves around providing excellent customer service. Your new agent should be able to give you an estimate of how long it will take to process your requests, answer emails, and return phone calls.
Your contribution, your cash
Make it clear how much say you’ll have in approving creditor payments and how much say the committee will have when the agent prepares the proposed budget. It’s your building, and you don’t necessarily want the Strata Manager to do everything, so make it clear how much say you’ll have in approving creditor payments.
The majority of new agents will want to sign a three-year contract with you. If the services do not meet your expectations, you are locked in for the deal period until your scheme decides to pay out the remaining time of the agreement. Signing a one-year contract and seeing how things go is a better option.
Select agents who are comfortable working with any aspect of your company’s strata plan. Furthermore, the firm you choose should be capable of handling the plan’s intricacies and evolution. Some firms may provide you with a free Strata management quotation. This is important because you’ll be able to tell if the money you’re investing will be worthwhile and make you happy. Take your time and ask any questions you may have before making a final decision.