What Do You Need to Know About Strata Managers Association?

How much do you pay in strata fees each month? While the amount you pay will depend on everything from the apartment size to the location, you can lower the fees significantly by hiring the right strata managers.

When you buy an apartment, you are subject to becoming a member of the owners association. You are managed by a project manager, who ensures that you receive rent regularly from tenants and meet all necessary property rules and certifications.

On the other hand, a strata manager takes care of the number of flats regarding their insurance and legal responsibilities, administration and maintenance. The same person can help resolving disputes between residents, developers and the government. Ultimately, strata managers are also involved in ensuring timely servicing and repair of the common areas of the building including elevator, lobby, gym and swimming pool among others. 

Evolution of strata management 

Strata management is an Australian real estate concept that has been widely accepted in the United Arab Emirates especially in Dubai and Abu Dhabi. Also known as body corporate management, the specialised service is dedicated to enhancing the living experience.

In the United Arab Emirates, strata management has become a part of every new construction to support the growing and demanding customer base.

What can you expect from a strata management company?

The strata managers association typically perform three functions — administrative, social, and financial. We will be taking a look at each of them below.

Administrative

  1. Solving tenant and owner queries regarding administration of the building and providing information of prospective buyers and tenants.
  2. Arranging meetings and distributing circulations among tenants and owners.
  3. Management and distribution of maintenance costs between homeowners. 

Social

  1. Establishing rules regarding the common areas of the buildings and ensuring that it is followed.
  2. Resolving issues and disputes between owners, tenants, and between the two parties.
  3. Providing information about events, owner association meetings, social occasions, and working on feedbacks offered by tenants and apartment owners. 
  4. Enforcing certain rules and laws to safeguard interests of residents of the building. One of the most common enforcement issues is keeping pets. Most strata managers restrict owners from letting owners and tenants keep pets in the apartment. 

Financial 

  1. Preparing events and repair budgets for owners association and getting them approved.
  2. Managing invoices and payments for the same. 
  3. Making sure payments are paid on a timely basis, collecting monthly and annually fees from tenants and homeowners. 
  4. Helping homeowners find the best home insurance in their budget and assisting throughout the process. 
  5. Making sure insurance premium is paid regularly and on-time. 

Do You Need a Strata Manager?

The strata management field is becoming more complex as newer residential buildings are being constructed and new laws implemented, making the lives of tenants and owners more convenient and relaxed.

If you’re looking to pay lower strata fees and have less strata related problems get in touch with Place Community Managers on +971 4 554 6707 or email us ahlan@place.ae