With so many management, it’s easy to get confused sometimes. That is what usually happens when it comes to the strata manager and property manager professions. People often believe that these are the same, but actually, they are not so much.
This is nothing to be ashamed of since both belong to the real estate industry. However, they differ from one another in services and responsibilities. Therefore, here is property manager vs. strata manager scope that will clear it all up once and for all.
What is a property manager?
The property manager is hired by an individual to maintain, control and handle their assets and represent their best interests in front of the third parties. For example, if you have an estate you can hire a property manager to take care of its budget, renovations, organization of manpower and other things that will keep it functional.
This is similar to any other management, with the owner being the highest instance and person that gives assignments to the property manager. Also, if the building has several owners, each one of them can have a property manager who will take care of their assets for them, as well as represent their interests.
The role of property manager
When you are leasing an apartment, the property manager will act as a liaison between the tenant and the owner. As a landlord, you don’t have to use a property manager when renting your place, but it’s a practice that has proven to be simpler and reliable. Usually, property managers are employed in the real estate agencies but they can also be specifically employed by the property owners.
Their task is also to collect the rent, organize maintenance, approve renovations, handle repairs, and other activities that involve interior and exterior of the property. The job of the property manager is to make sure that the owner’s property is in good shape, well taken care of and has no unresolved issues. If the owner has any notifications for the tenants, they will convey it through the property manager, and vice versa.
The property manager is also responsible to make sure that the tenants respect the rules and regulations enforced by the state, as well as the owner. If any tenant is in violation of the terms in the lease contract, the property manager needs to resolve this in the best interest of the owner.
What is a strata manager?
Strata management involves day-to-day operation in the real estate industry which includes taking care of the entire building for the group of individuals. The term originates from Australia and the concept of strata from the Australian property law which applies to the administration of ownership in buildings. Other countries like India, Philippines, and Abu Dhabi also use strata management, as well as the United States of America.
In Australia, strata management in Sydney and other New South Wales cities is improved by the new laws passed by the in 2015. These made them more accountable and created the simpler processes for resolving disputes and approvals.
The job of strata manager is to control and administer the property in order to create a community environment appropriate for all parties. Usually, the tasks will include budgeting, financial reporting, issuance of notices and other administrative activities. Also, the strata manager is responsible for contracts and general accounting, as well as to handle communication with property stakeholders.
The role of strata manager
Strata manager is a person responsible for the building and all its adjoining areas. Their job is to respect the regulations which govern such buildings, as well as insurance plans and maintenance protocols. Additionally, they serve as coordinators for meetings between the property owners where they decide upon the certain aspects of the building like repairs, renovations, parking, and others.
All communication with the tenants and owners goes through strata manager and they will be responsible to resolve any issues which might arise. They will hire handymen to perform repairs, maintenance and give quotes for some bigger and more demanding works. During all that, they keep the records and submit insurance claims regarding the property, as well as pay attention to expenditure.
In the end
Difference between the property manager and strata manager is significant and quite apparent. While the former represents an individual and their interests, the latter is hired by the group of owners to mediate their communication and assets. One person can’t perform both roles due to the conflict of interest, but one building can have property and strata managers in place.