The terms ‘strata building management’ and ‘property management’ are used synonymously but their meanings differ quite significantly. This might lead to misinterpretations or misunderstandings. That is why it would come in handy to know what differentiates the two from each other.
This will prove to be useful when handling real estate properties and managing them. In this article, we’ll draw the line between strata building management and property management. This will enable you to understand the terms better and know when to use which. Let us look at the distinctions then.
What Is Strata Building Management?
Strata management services pertain to managing multiple premises on behalf of multiple owners and overseeing its common operations. Usually, this exists in residential building complexes where there are multiple flats and many property owners.
The management handles the maintenance of the premises, oversees the legal aspects of the premises and handles any and all financial management. If you are living in an apartment complex then you surely have a strata manager handling all the operations. If you do not have one then it is self-governed and the occupants themselves are performing all the duties of a strata manager.
What Is Property Management?
In comparison, property management means managing the day to day operations of the property that is owned by a different person or entity. Property managers represent the owners and work on behalf of them to handle the operations of this property and facilitate it while also generating a steady income from the property premises.
The property manager facilitates the property’s security, maintenance, fire prevention, repairs, grounds keeping, and landscaping. They also take care of energy management, gardening, utilities and cleaning of the premises. Properties that are occupied by tenants are usually handled by a property manager.
Differences
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Ownership
Strata building management oversees the tasks and operations of the entire premises on behalf of multiple owners. They handle the everyday operations of the premises as representatives of the building owners.
Property management takes care of the tasks of the entire property as representatives of the owners. They take care of the building premises, ensure that tenants’ needs are well looked after, makes sure rents come in on time, and handle any other issues arising within the property.
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Maintenance
Strata building management handles the complete strata building maintenance of the premises as and when required by the owners. They handle building management, security, repairs, utilities, strata cleaning services, fire prevention, grounds keeping, gardening, and landscaping.
Property management takes care of the tenants’ leases and manages responsibilities as and when required by the property owner. They also take care of the needs of the tenants. Tenants approach the property manager in case of any problems.
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Staff
Strata management companies manage their own staff and delegate what work needs to be fulfilled. They control the number of workers who work under them. As strata managers handle the entire maintenance of the premises they also employ workers who specialise in multiple sectors of work.
The property manager represents the owner of the building premises when tackling the tenants’ needs. In the same way, the property manager represents the tenants when talking to the owner. The property manager acts as a medium between the tenant and the owner.
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Facilitation
Strata management companies ensure the facilities of the premises are working and no hindrances are caused to the regular operations of the building or its occupants.
Property management handles the rents of the tenants and ensures they are paid on time. The owner then receives the rent from the property manager. They resolve any issues that might arise due to rent or lease disputes.
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Infrastructure
Strata building maintenance ensures the infrastructure is taken care of and any and all problems are looked after properly. The strata manager is responsible for handling the maintenance of the infrastructure, keeping it safe and secure, and upkeep its well being.
The property manager helps the owner of the premises move towards their financial goals and helps them run the property effortlessly. They help in managing the real estate on behalf of the owner and generate finances for the owner.
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Troubleshooting
Strata management addresses the problems that occur on-site and oversees that apt solutions are employed. They analyse the situation and decide if the problem can be addressed in-situ or strata specialists have to be brought to solve it.
Property management keeps in contact with the tenants and also the owners in case of any grievances that arise in the property premises. The tenants report their problems to the property manager and the owner directs the property manager if any issues need to be resolved. In certain cases, the property manager might even get in contact with the facility management to resolve any issues.
Now that the distinctions between strata building management and property management are drawn out in clear lines, are you ready to check out some real estate management portals? Here is a popular strata management service in Australia that are known to be the best in the market and are a strata specialist. Let us now see what roles a strata manager and a property manager plays.
Strata Building Manager
A strata manager’s main responsibility is the administration of the premises. They handle all the operations of the premises including legal aspects, insurance, maintaining the property for prospective buyers and holding regular meetings of the occupants.
A strata manager manages the premises for the stakeholders so that it serves its purposes as a real estate. They ensure all the insurance bonds of the premises are up to date and updated with all necessary requirements so the owners do not have to spend money from their own pocket in case any insurance dispute arises.
They handle operations related to strata cleaning, physical security, repairs, utilities, and fire prevention. They also handle operations related to grounds keeping, energy management, strata garden maintenance, landscaping, and complete maintenance of the premises.
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