Strata management is also known as body corporate management. According to businessdictionary.com, corporate management is the process of administrating, leading and directing a company. Corporate management has several managerial posts that work closely to ensure that a joint business is a success. It is common with owning property like housing. A good example is when individuals come together to own a building with several units. Normally they would find it hard to co-manage because maybe they are from different places. Such gaps in management have been reduced by the availability of strata companies. When a corporate management company is put in place, they run the property as one and all the interests are represented. Strata management companies have benefited businesses in the following ways:
- Outdoor maintenance and cleanliness
Most residential buildings currently provide ample parking lots within the residency. Such outdoor spaces require proper maintenance. If you and your partner own a real estate property with a garden, you also need the vegetation in that garden taken care of. It is generally the role of any strata management company to take care of maintenance within the residency. This is because no individual would wish to buy or live in a place where the vegetation within his or her house has grown out of proportion. The other type of maintenance is ensuring that the place is spotlessly clean. The cleaning is more or less part of upkeep. The management company should ensure that the house units are always clean.
- Funds management
For your units and property to be managed, you need to provide proper funding. This means that your funds need someone to handle them in the correct way. Normally, individuals or partners will join and ensure the funds are available and it will be up to the strata management company to manage the funds properly. The funds are usually for property maintenance and daily needs.
- Record keeping
Record keeping involves taking care of each financial transaction within the property’s business. The truth is that corporate management involves a lot of paper work. As an individual who has hired a functioning corporate management company, you should never worry about the paperwork. The paperwork sometimes involves drafting of rules and sometimes it involves the updating of financial records. All these can be done by the strata company.
- Account management and preparation of annual general report
Any account of the property available should be managed by your experienced strata management company. It is the management’s responsibility to ensure that all accounts are up to date with the right financial figures. If this is not the case, then most probably the company is sleeping on the job. The good thing is that the strata management company should be able to provide a financial report at the end of every financial year. With the report, you will be able to know whether everything is going as planned or they are just misusing your money. You can inquire about more accounting functions at stratacare.com.au.
It is the role of any corporate management company to be aware of the local regulations. They need to be up to date with any regulations amended in the building act. They should be able to ensure that everything around the building is in line with the health regulation. The company also plays a big role in ensuring that the building is safe. The corporate management company should also ensure that your buildings have enough safety mechanisms. All these are under the building act of any municipality.