Why Strata Management is Important in Real Estate

Big luxury house at dusk

Owning a real estate property is a huge responsibility. That is why it’s only wise to seek help from property management professionals. These companies can be a big help, even in general administrative tasks. In Singapore, strata management is essential. This is because real estate is a big industry there.

How important is a strata title?

For starters, strata management is part of property management. It involves the daily management of jointly-owned property. These properties include both residential and commercial establishment with many units.

It may be a commercial building, apartment complex, or a condominium. It also includes facilities such as vehicle parking and security among a few.

Property owners should have a strata title. It gives you, the owner, control over the property. Likewise, you have the privilege to transfer the co-owned property to interested parties.

The strata title also gives tenants the privilege to create a Management Corporation. This covers the maintenance and management aspects of the said property. Other reasons why strata titles are important include:

  • It serves as your proof of property ownership.

  • You will need it in case you decide to sell the property. You won’t have to pay extra fees to the developer in the event of a property sale.

  • If you don’t have it, the property technically belongs to the developer. This means you don’t have control of the property.

  • In case you plan to sell the property, you have to pay consent fee and stamp duty to the developers.

A Strata Manager’s role

Property Managers and Strata Managers are often interchanged. But these two are different. The former handles the management of individual properties. They take over the responsibility of the owner, such as general administrative tasks.

Meanwhile, the latter is responsible in managing multiple properties. This includes apartment complexes, condominium, and flats among a few. Strata Managers also take care of insurance and legal aspects of property ownership. They also assist residents with any concerns and disputes within the property.

Administrative tasks

  • Records management – archiving of owner’s information details and other property-related activities

  • Insurance management – this includes claiming insurance and following up their status

  • Tenant management – communicating with the residents through meetings and other property concerns raised

  • Property maintenance – ensures the maintenance of the property and its facilities. This includes taking over repair, repaints, and general cleanings among a few.

Financial management

  • Budget preparation as part of the repair and maintenance needed in the property. It will be subjected for approval by the developer

  • Invoice monitoring

  • Insurance filing and management

Tenant management

New tenants recieving the keys to theit new place

  • Constant communication with all tenants for any concerns

  • Ensure that rules and regulations are being followed

  • Mediate on disputes and other issues involving tenants

  • Conduct meetings and social events. This will give tenants the chance to share feedback for the betterment of the property.

Like Property Managers, Strata Managers also carry a huge responsibility in managing a property. More so if properties like apartments and condominiums are very common in the area. Nonetheless, they can make your life easier and more manageable as a tenant.

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