Collective Property Owners – A Guide to Choosing a Property Management Company

Condominium and apartment owners expect the development to be properly maintained and that is the responsibility of an established property management company. The many owners typically have an owner’s committee, with members who have been voted to represent the owners in all aspects of property management and maintenance.
Screening a collective property management company
The company that you choose needs to have the resources, know-how and experience to manage a large development; those looking for strata management in Essendon North can contact a well-established company with many years of hands-on experience.
Collective owner’s corporation committee
The owners of a residential development get together and vote for a number of owners to represent them at the Annual General Meeting (AGM). These voted members communicate with the property management company and they represent the interests of all owners.
Sourcing a property management company
Things to consider when looking for a management company for an owner’s corporation:
- Types of services offered
- Level of hands-on experience
- Fees charged
- Reputation within the local community
- Approach to communication
- Problem-solving
It is recommended that you contact several management companies and ask each to bid for the contract, then you can make an informed decision. Track record means a lot in this industry and when you deal with an established organisation, they have a positive history in the industry. Here are a few reasons why corporate housing is becoming more popular.
End to end strata management
A property management company would offer the following:
- Financial reporting – The preparation and communication of annual budgets. Facilitate payments to various providers using transparent payment systems.
- Keeping records – Maintaining accurate owners corporation records at all times. Preparing the minutes for AGMs.
- Sourcing the best insurance – The property management company is responsible for sourcing the best insurance policies to protect the owners’ investments.
- Repairs and maintenance – Engaging trade services and transparency in the hiring process to ensure that all work is completed to a high standard.
- Debt collection – Resolving debt disputes and payment issues; offering legal advice regarding debt resolution. Implementing a 3-step debt recovery process – Reminder notice, final notice and initiating the debt recovery process.
- Resolving disputes – Outside of a perfect world, disputes do happen and a property management company would have transparent processes to resolve all kinds of disputes. Providing owners with accurate information can help to prevent disputes and professional mediation services are available when required.
Client trust is everything in this sector and any good property management company would have the trust of all their clients. Transparency is critical and if, for any reason, you are unhappy with your current property management company, search online for top-rated strata management corporation in and around the Melbourne area and make enquiries.
As a conclusion, it makes sense to do your due diligence when it comes to choosing a property management company and we hope that the above information helps you to make an informed decision.