The control, servicing, monitoring and operation of real estate or personal property or any such physical capital is called property management. Property managers take care of the accountability, maintenance, acquisition and the proper utilization of such capital. Under this overarching umbrella of property management is the sub division of strata management (also known as ‘body corporate management’), which performs similar functions especially for property that is jointly owned or involves more than one unit. This ideational and practical way of managing one’s property is especially useful in developed and developing countries. Strata management or property management in cities like Sydney work on similar lines and are becoming more popular with creation of awareness and an increasing number of people coming into the fray. Consequently, the task of selecting the most suitable professional for managing one’s property has become a daunting one; the sheer number of choices and a horde of doubts hinder a smooth resolution. Following are some ways via which one can choose the best professionals to manage one’s property:
The first thing to test while looking for a decent property or strata manager is the person’s know- how and practical and theoretical knowledge. Intricate knowledge about the technicalities of the services, the relevant legislation and a thorough capacity for addressing all possible obstacles during the course of the management is absolutely foundational in the selection of an expert. In this scenario, the accreditation program that has recently been introduced by the SCA comes in handy. Professionals are able to acquire levels of accreditations based on their individual training and experience in their specific sectors. This makes it easier for one to determine whether the manager has the necessary qualifications. Moreover, if one chooses an SCA accredited manager, one is assured that he or she adheres to a code of ethics and partakes of regular and proper training.
One must always take pains to ask the manger for a detailed elaboration on technical aspects of the transaction. For instance, the agent’s license should be checked before any other proceedings. As the customer, one should do a minutely detailed and thorough examination of the fee structure and the kinds of services that the manager will provide before, during and after he or she is appointed. One must also ask in- depth questions regarding the person’s current management status, that is, how many and what kind of properties is he or she managing and the number of employees who assist in the management in various ways. Also, the person in question must be efficient enough to procure all official documents on time and without any hassles by using specific and developed software etc.
References can work wonders if one is looking to clinch the deal without any doubts. Thus, the professional should be able to procure at least three references. The references can be called and the manager’s performance thoroughly discussed so as to be sure of his or her efficiency. This way, one can be clear on a number of basic doubts like the timeliness of the rent collection, addressing of issues that might or might not be unforeseen and whether one is vulnerable to extravagant costs which, are not included in the initial management fee.