When it comes to managing strata or individual property, it’s important to know the differences between a strata manager and a property manager and you are aware of what roles they play in property management. While both strata managers and property managers oversee properties, they have distinct responsibilities and focus areas. In this article, we will delve into the fundamental differences between strata managers and property managers working in Australia.
The roles of strata managers vs property managers
A strata manager is responsible for managing the day-to-day affairs of a strata scheme. This includes managing the financial accounts, maintaining the common property, and organising meetings for the Owners Corporation. They will also be responsible for addressing and resolving disputes, such as noise complaints, issues with parking and a range of other daily duties.
A property manager is responsible for managing individual properties on behalf of the owner. This includes finding tenants, collecting rent, and arranging repairs and maintenance.
Legal requirements
Strata managers in Australia are required to hold a Strata Managing Agent License. This ensures that they possess the necessary knowledge and qualifications to effectively manage a strata scheme.
The legal requirement for property managers is to hold a Real Estate Agent License. Additionally, they must be registered under a licensed real estate agency.
Accountability
Strata managers are accountable to the Owners Corporation, which comprises all individual owners within the strata scheme.
They bear the responsibility of ensuring that the strata scheme is managed in strict adherence to legal requirements and that the Owners Corporation’s decisions are implemented.
Property managers are accountable to the property owner, and their primary responsibility is to ensure that the property is tenanted and maintained.
Fees
Strata managers charge a fee that is shared among all the owners in the strata scheme. This fee encompasses the expenses involved in the management of the strata scheme, including any disbursements such as posting of notices. The owners corporation pays this fee on behalf of all owners using a part of the funds collected from strata levies.
Property managers, on the other hand, charge a fee to the property owner, which is usually a percentage of the rental income.
Communication
Strata managers are required to maintain open and transparent communication with the Owners Corporation. They must provide regular updates on the financial status of the strata scheme and any maintenance issues.
Property managers are required to communicate with the property owner, providing regular updates on the status of the property and any issues that arise.
Insurance
Strata managers are responsible for ensuring that the strata scheme is adequately insured. This entails arranging insurance for the common property, including any necessary liability insurance.
Property managers are responsible for ensuring that the individual property is adequately insured, including arranging landlord insurance if required.
Need assistance with strata management?
If you’re looking for a strata manager or have any questions about strata management, More Than Strata would be more than happy to help. We provide expert strata management services to ensure your strata scheme is managed efficiently and effectively. Contact us today for more information.
