It may seem counter-intuitive for us to say this since many of our current clients were at one point self-managed strata corporations, but in certain cases, it may make more sense for a smaller strata to remain self-managed rather than hiring a Strata Management company.
Examples of when it might be more advantageous for a small strata corporation to stay self-managed:
- The owners have a strong Strata Council that has relevant experience. Many Councils consist of professionals or retired professionals such project managers, business managers, accountants, insurance professionals, realtors, lawyers, contractors, architects, engineers, etc. With this type of brainpower, the Council can likely handle things on their own without the need of an outside strata agent!
- The owners have the time to self manage! A strata management company will help to save you time. If you have plenty of time on your hands, then there may not be need of assistance from a third party! Many strata councils consist of retirees who have the time and know how to self-manage.
- The owners have an extremely tight strata budget. If your building has an overly tight budget, then likely the extra expense of hiring a strata management company isn’t going to make sense!
- The owners get along well and trust each other! We often get calls when the owners in a strata corporation aren’t getting along, and they require an impartial 3rd party to keep the peace. If this isn’t the case in your building, then you may not require a strata management company!
- The building is small and relatively simple. Less owners, fewer common areas and amenties= less need for outside professional property management.
There are advantages and disadvantages to hiring a strata management company, and not all strata corporations are created equal, so it may or may not make sense for you to look at hiring a professional strata agency. Reach out to us here today if you would like to learn more!