Can you self manage Strata Property?
If you own Strata Property in NSW, do you really need to hire a Strata Manager? While this isn’t a legal requirement, there are many advantages to having a team of experienced professionals on hand when you need them, rather than trying to manage all aspects of the property yourself.
Here are the four best reasons to choose a Strata Management company in NSW.
Owners Corporations can self-manage a Strata Scheme, but this involves a lot of time and effort, including having to deal with a wide range of services from solicitors to marketing agents.
Self-managing Strata Owners need to make sure they’re up to date on the latest property laws and have a good working knowledge of how to deal with any problems that arise. Owners coming and going as Strata Property is sold can also disrupt continuity and mean that some vital responsibilities get overlooked.
A professional Strata Manager will take as many duties off your hands as you need them to. An experienced management company can coordinate with other professionals from development through to completion of a scheme and ongoing management.
Avoiding legal problems
Strata laws are often complex and vary from state to state. If you’re managing your own Strata Property, understanding these laws and keeping track of the regular changes to legislation is necessary to make sure your scheme isn’t in breach and subject to penalties.
Professional Strata Management firms have legal experts who’ll make sure you’re always in compliance with current laws or tell you exactly what you need to do to get there. They’ll also make sure your insurance is in order.
When an Owners Corporation self-manages Strata Property, personal bias is unavoidable and disputes are more likely. From allocating Strata funds to drafting by-laws, it can be a challenge to achieve a consensus and enforce rulings.
As an independent party, a Strata Manager can be trusted to be impartial and knowledgeable about the best way to manage Strata issues. They can resolve disputes faster and more amicably than a committee, organise meetings on neutral ground and make sure by-laws are registered and enforced.
The most common reason why people don’t hire a Strata Manager is because of the cost. When you’re looking for ways to save money, paying for services you can technically do yourself can seem like an unnecessary expense.
In fact, hiring a Strata Manager is often cheaper than self-managing, as surprising as that sounds. Their financial experts can help Owners Corporations manage their money more effectively and their established relationships with qualified local trades can save you money on maintenance and repairs, as well as making sure you avoid fines.
Find a licensed Strata Manager in NSW
Lake Group Strata is the leading Strata and Community Title Manager in the Hunter Region. For more than 25 years, our experts have helped owners and developers to manage their properties efficiently and cost-effectively. To talk to an experienced Strata Manager today, call our Charlestown office on 02 4942 3305 or our Maitland office on 02 4933 6466. We cover all areas across Newcastle, Lake Macquarie, the Hunter Region and Myall Lakes.