The Business Lottery

In my years as a freelancer, I've seen countless businesses flounder and fail. Sometimes it's because the owner is inexperienced; sometimes it's because the market wasn't ready for the product; sometimes it seems simply to be a matter of luck. If you want to manipulate your own luck, though, there are some tricks you can use--little things that will make it easier for you to get your new small business off the ground and keep it there. In this new blog, I'll be sharing those tips and tricks with you and answering your questions on how to help yourself as much as possible.

Strata Management Tips

Business Blog

The main challenge experienced when managing strata units is that each owner has rights regarding the use and management of the shared amenities. Therefore, they want their opinions to be incorporated into the daily running of the development. Below is a guide on how to manage strata units. 

Set The Ground Rules 

Ground rules will help prevent conflicts from arising due to the use of the shared property. Once the owners association is formed, the members should meet and decide how they intend to use and maintain the shared amenities. One of their primary deliberations will be whether all members will have equal rights or whether rights will be based on the square footage or value of the property. The owners should also decide the process of changing these regulations. For instance, a member that wishes to change a bylaw could need the support of a specified percentage of owners before bringing the proposed amendment to the  full group to vote on. 

Determine The Costs Of Maintaining Shared Property

The owners association should hire a real estate management professional to assess the costs of running the shared property. The professional should also advise the owners association on the depreciation of the property and the frequency at which to conduct the various repairs. For instance, he or she could recommend roofing repairs every five years and a replacement roof after thirty years. The professional's assessments and estimates should be recorded and used as a guideline on how to manage the strata development. 

Encourage Transparency

Financial improprieties can cause conflicts among the property owners in the development. They can avoid this by formulating a management strategy that ensures transparency. For instance, they could have a portal that allows members to follow up on the use of funds. Typically, the portal should indicate the members' contributions and the amount spent to maintain the property. The body corporate should keep receipts of all their spending. Besides, members should be free to question spending that they feel is not a priority. 

Consider The Services Of A Strata Manager

A strata manager can significantly ease the running of a strata development. Below are some helpful tips when hiring a strata manager: 

  • Assess the manager's training and experience. Typically, the manager should have real estate or strata management training from an accredited institution. Besides, they should have managed other strata units.
  • Inquire about the manager's availability. For instance, some managers are in charge of several developments while others choose to work with one development. 
  • The manager should have outstanding leadership, problem-solving and communication skills.
  • The manager's pricing should be within the organisation's budget. 

Top strata management tips include setting ground rules, determining the costs of running shared property, encouraging transparency and considering the services of a strata manager. Contact a company that offers strata management services to learn more.


27 April 2021