Tips When Running a Strata
Brought to you by Enfys Thomas……
“After years of experience within property management, I have picked up many tips and tricks needed to ensure a Strata is smoothly run. Here are a handful of useful tips I have found along the way”
Have a qualified Accountant on board
A Strata is reliant on its finances for maintenance and improvements, therefore it is important to have finances in order at all times.
Executive Committee members need to make informed spending decisions regularly which they cannot do without a budget and a clear knowledge of the current state of the strata’s finances.
What does PLUM do? We work alongside White Cloud Accounting, ensuring qualified accountants are on board who ensure all Strata finances are in order so that we may answer budget and financing queries quickly and effectively.
Communication is Key
There are usually many different owner opinions and personality types within a strata, and not everyone will always agree. This can make it difficult to get unified decisions and move forward with any repairs or projects in a timely manner.
What does PLUM do? Over the years, we have found that when all owners are kept regularly informed of actions to be taken within a strata, concerns can then be raised by owners and addressed quickly prior to proceeding.
Transparency is essential when managing a Strata. It is important for owners to know where their money is being spent, and what is being done to protect and enhance their investment. This also allows for greater accountability for the Strata Manager which ensures tasks and finances are up to date.
What does PLUM do? We ensure that all owners are kept up to date via monthly reporting, whereby we summarize what has recently been happening at the strata, and what is to follow within the coming weeks.
Diplomacy is Important
As mentioned above, often there are different personalities and opinions within a Strata. To keep the peace and maintain a friendly community, a Strata Manager needs to be diplomatic and take time to listen to everyone and consider all options. It is important that all owners are treated fairly and heard.
What does PLUM do? We will take the stress away from Executive Committee members and owners by handling any conflicts in a professional manner. Our whole team of Qualified Property Specialists has background knowledge on all of the Stratas we manage, even if they are not the primary contact for that strata. This allows the whole team to be consulted on any concerning and urgent matters, and advise on the best way to move forward with any situation.
Many issues are usually preventable if a Strata is properly and professionally managed. It is important to address issues as soon as possible. Being proactive is even better. Too often, we at PLUM undertake the first inspection of a Strata and note items which have not been addressed for years, usually resulting in drastic and expensive measures to correct.
What does PLUM do? We undertake regular inspections which allows us to identify issues, or potential issues, as soon as they arise. We are also constantly meeting with contractors to ensure any work carried out will provide the best resolution and take preventative measures, rather than only relying on reactive approaches.
Here at PLUM we have a team of Property Specialists involved in many Stratas around the island. If you would like to obtain a quote for the management of your Strata, please contact us on +1 (345) 925-4129 or email us at email@example.com
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