Why change your strata management?
The reason for having a strata manager is to make owning a strata-titled property easy. A great strata manager will help increase the value of your property over time by:
- controlling funds transparently and diligently
- using licensed, reputable contractors who can respond to issues quickly and effectively
- assisting with ensuring your asset is properly insured
But what happens when your strata manager is giving you headaches instead of peace of mind?
As a property owner, you’re entitled to change your strata manager. To do so, you’ll just need the agreement of the rest of the owners corporation. Together, you should keep an eye on your strata management’s performance so you know if and when it’s time to change.
Early warning signs your strata management is failing on the job
There are some key signs that your strata manager may not be doing the best job for your property. They include:
- Finances. Your strata manager should manage the finances transparently and ethically. If the numbers don’t seem to add up or you find it difficult to get a clear financial report from your strata manager, you may need to investigate further.
- Personnel. If you struggle to get your strata manager to respond within a reasonable time, it could be a sign that they don’t consider your building a high priority
- Emergency responsiveness. In case of emergencies, if your strata manager does not have an effective emergency handling process or health & safety policy in place, it’s best to avoid any future risk by ensuring your strata managing agent is correctly certified and compliant.
- Maintenance. If your complex’s pool is turning green, the grass is overgrown, paint is peeling off the walls, or damage goes unfixed for long periods of time, it’s an obvious sign your strata manager isn’t looking after your investment!
There are myriad rules, regulations, and legislation associated with strata management, and these vary from state to state. It’s essential to have a strata manager in place who can help you navigate the complexities of this system and do all the heavy lifting for you.
If your property isn’t being professionally and proactively managed, you could find yourself in conflict with your neighbours, visitors, or contractors. You could even see the value of your property go down if buildings and common areas aren’t maintained well enough.
Don’t let the worst-case scenario come true. Heed the early warning signs and change your strata manager before it’s too late.
To find out how easy it is to switch, contact PICA Group today