Strata management is a form of property management that stems from the Australian property law concept of Strata Titles. In 1961, Strata titles were introduced in Australia to cope with issues arising from apartment block ownership. The system has now evolved to cater for more complex joint property ownership schemes.
Strata Management is the collective operation and management of the individual units, common areas and common facilities that make up a jointly owned property. Strata management addresses various challenges that come up in the day-to-day operation of a jointly owned property. This article focuses on some of the benefits of strata management services.
1. Easy Property Maintenance and Upkeep
Owning a rental property gives you the promise of a consistent passive income slipping into your bank account every month. However, it can be frustrating if your tenants constantly call you for minor maintenance issues. While you want your tenants to live well and enjoy the property, running across town to find plumbers, electricians or pest exterminators can be exhausting.
Strata management takes the burden of daily maintenance and upkeeps off your hands. Whether it is fixing a faulty light or checking why the local council was late collecting the garbage, your strata manager will handle it.
Strata managers also ensure that common areas of the property are well maintained. Management of common areas can be a source of conflict in jointly owned properties. By taking on this responsibility, the strata managers can prevent unnecessary disputes while keeping the property in excellent condition.
2. Professional Financial Management
Various financial management issues can come up in jointly owned properties. Strata management can save you from attending endless meetings to discuss recurrent financial matters. The property owners pay levies to the strata company regularly to cater to various financial issues such as repairs, utility bills and cleaning services.
3. Efficient Rent Collection
The strata Management Company also helps to ensure your tenants pay rent and late fees efficiently. Strata management companies free you from the task of following up tenants who are not ready to pay the rent. They also have experience when dealing with evictions. If it comes to the point of evicting a bad tenant, the strata management teams are well versed with all the legal processes involved.
4. Accurate Tenant Screening
Strata management companies have qualified tenant screening teams that can help you get high-quality tenants. Strata managers use time tested screening processes to find long-term tenants who will add value to the property. These screening processes can find quality tenants who pay their rent on time and minimize damage to your property.
5. Property Marketing
Strata management companies ensure that your property does not remain vacant for long periods. A vacant property is a liability because it constantly draws money out of your pocket. Strata management teams have extensive networks and avenues to market your property widely. They also know how to present and price your property correctly to ensure that your property is profitable.
Managing your property independently may seem cheaper in the beginning but costs more than strata management in the long run. Self-management requires a significant amount of time and individual resources.
With strata management, everyone who has a stake in the property contributes to its well being. Using collective funds, it is easier and more affordable to maintain the standard and value of your property. If you are looking for a truly stress-free passive income from property ownership, you need to use strata management in Sydney.