Three Critical Considerations for Owners' Corporation Manager Selection

Proper management of a strata building is essential for the maintenance of the space and security of the units. In general, the owners' corporation, which consists of the owners of the residential spaces, is collectively responsible for the upkeep of the setup. If you are in this type of predicament, you should think about proposing the employment of a manager. A manager for the owners' corporation will handle the critical duties in the building such as managing finances, auditing, managing structural repairs and maintaining the common areas. The expert will reduce the stress on the corporation and ensure more streamline handling of responsibilities. Here are crucial factors that you should consider when hiring the deal manager for your owners' corporation.

Property Size

You should make sure that your selected strata management firm will be able to handle the size of the property to be managed. If you choose the wrong company, you might experience significant inefficiencies in the management role. In simple terms, you should be careful about choosing a small firm or a single individual for a large property. The work can quickly become overwhelming for the manager, leading to negligence of duties. Where possible, you should choose a large owners' corporation management firm. You will be assured that there will always be an available professional to meet your needs.

Management Qualifications

You should choose a manager for your owners' corporation with the right qualifications to handle the demands of the role. It is essential to note that management of a strata building does not only involve keeping the communal areas clean and responding to the residents' complaints. There are numerous technical aspects which must be handled to ensure optimal success. In simple terms, the manager should be capable of handling complex financial statements, creating budgets, handling insurance and maintaining records. They will also be needed arranging for the audits and generating reports which are required by law. Therefore, you should make sure that the chosen manager has industry-endorsed qualifications and extensive experience in the field before hire.

Financial Implications

Finally, you should evaluate and compare the total costs of hiring managers from different companies. You should remember that this will be a long-term expense, so you cannot afford to choose a costly manager. The selected owners' corporation management should not be the cheapest or the most expensive. Instead, the final choice should be value for the demanded money. Simply speaking, you should not pay high fees for unnecessary services, but you should not settle for poor-quality work. 

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