How to Make Sure That You Get the Right Type of Manager When You Expand Your Property Portfolio

Real Estate Blog

If you're a growing real estate investor, then you may already have a very diversified portfolio. You may be looking to expand even further though by adding a multi-family unit, such as a block of flats. In this case, however, you have some additional issues to consider, including a fairly complex management structure. Before you go ahead with this type of acquisition, what type of manager do you need to take the strain?

Crucial Choice

Effective strata management is very important for a multifamily development, as the needs of many different parties have to be catered for, in addition to the management of the common areas. The strata manager needs to have a number of different skills and character traits and you need to choose carefully.


Firstly, ensure that they are always impartial and have complete integrity. They must treat everybody impartially and with fairness, while always having the interests of the owner's corporation at heart.


It's best to find someone who has previous knowledge when working in this type of situation. It can certainly help if they have a good understanding of property law, accounting and a general understanding of building construction principles. The best manager is an all-rounder who may have several different career paths, especially when those include a variety of different commercial engagements.


Strata managers need to have appropriate licensing in order to be certified. There are a variety of different training courses available in this field and these can augment the basic qualifications needed for an effective management position.


The most effective strata managers have a very pleasant personality that allows them to get on with all different types of people. Having said that, they should always be fair but firm in their dealings and gain the respect of everybody involved, from inspectors to contractors and from owners to tenants.


Finally, ensure that the strata manager that you engage to handle your affairs is proactive and able to get things done without constant reference to your office. This doesn't mean that they should have a completely free hand, necessarily, but that you can trust them to help you make the most of your considerable investment here.

Choosing Carefully

When you have a great team at your side, you should be able to take on the purchase of a multiunit property without fear, to add a significant extra level to your portfolio.


14 February 2018

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