A well-recognised vehicle for property ownership, STRATA management involves making sure that the day-to-day operation of multi-occupancy developments runs smoothly. Although the ultimate aim of any STRATA venture is to make money, it’s clear that some are far more successful in achieving this outcome than others. To provide STRATA facility management teams with the tips they need to improve their bottom line, we’ve put together five suggestions which could really make a difference to the efficiency of your STRATA development. Take a look at how the right developer management system, coupled with some implementable changes in how your STRATA operates, could transform profitability.
Free STRATA managers up to manage
All too often, managers end up bogged down by paperwork and administrative tasks. This detracts from their role and leaves insufficient time for them to provide the strategic, longer-term input which is needed for growth. Administration can be reduced either by employing more staff or by making better use of building management software. Used correctly, the right building management system makes day-to-day admin much quicker, easier and more effective.
Value your staff
Whether that’s through performance-related pay or by investing in appropriate training, rewarding productive working is important. By investing in staff, you not only nurture their personal development (thereby indirectly contributing to your continued success), you also provide a powerful motivator for greater loyalty and commitment from your workforce.
Expand your portfolio
Particularly if you have the right facility management system in place, it’s possible to scale up your operation with relatively little added investment. Research shows that the most profitable STRATA companies had larger portfolios, with little or no commensurate investment in additional infrastructure required. Building management software has the capacity to manage a growing number of properties successfully, providing the same high level of performance whether you are dealing with forty or four hundred units.
Use your facility management software to specialise
If you have particular expertise in one type of STRATA development (for example small units, or large ones), it’s more likely that you’re going to turn them into a profitable enterprise. With so many different developments out there and room on the market for more STRATA projects, deciding where your skillset lies and then acquiring niche expertise in that area can be a great way to boost your bottom line.
Get in touch to find out more about how the right residential management system could help to take your STRATA management success to the next level.