8 things to consider when choosing a layer manager
Our insider tips for the questions to ask your prospective strata manager.
Good or bad, most people judge an entire strata agency by the working relationship they have with their strata manager.
We’ve put together this short list of questions to ask yourself before making the decision to appoint a new Strata agent.
How many buildings does the proposed new strata manager already take care of?
Your entire experience of strata depends on this simple question. Most agents manage large portfolios, to the point where they can spend most of their time putting out fires instead of providing you with the proactive service you are looking for.
What is included in the monthly management fee
Most agencies charge a monthly management fee that covers the agreed services. Work performed outside of agreed services is charged as an additional fee. You can negotiate with an agency for fixed price payouts so you have a better idea of how much your plan will pay per year.
Ratings
The strata manager who will manage your building must have at least a 4 certificate in strata title management. Ideally, this would have been obtained through a Tafe course. It is possible to obtain a Certificate 4 in Stratum Management by paying to do a 2-week course. It is also a good idea to ask how long they have been with the agency.
Experience
When approaching a potential new agent, it is a good question to ask how much experience the strata manager has who will actually manage your building and, in case things go wrong, how much experience they have in attending mediation and court hearings.
Reporting
How often are financial reports generated and given only to the treasurer to the entire committee? Ideally, it will be available on a monthly basis.
Service Level Agreements
Layer management is customer service. Your new agent should be able to provide you with timelines for when your requests will be processed, emails answered, and phone calls returned.
Your money, your contribution
It is your building and you do not necessarily want Strata Manager to do everything, so it is important to clarify how many contributions you will have to approve payments from creditors and what level of contributions the committee will have when the agent is preparing the proposed budget.
Terms of agreement
When appointing a new agent, most will try to lock him up for a maximum period of 3 years. If the services do not meet your expectations, you will be locked in for the term of the contract, unless your plan decides to pay the remaining term of the contract. It’s a better option to sign a one-year contract and see how things go.