WHAT IS THE ROLE OF THE STRATA MANAGEMENT COMPANY

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Strata managers are experts that oversee the operations of owner corporations.

They are also known as owners corporation managers, body corporate managers, strata managing agents, managers, and agents in different states and territories.

It is their responsibility to ensure that buildings and common facilities in strata or community named plans are properly maintained for the benefit of all lot owners. They adhere to the owner’s committee’s particular directions. Strata managers are experts in their area, with the expertise and skills to run the owner’s corporation in compliance with the complex requirements of the state-specific legislation. They also try to achieve lot owner consensus in decision making and to otherwise aid lot owners by taking on onerous obligations.

A Strata Management business can make your life a lot easier if you’re buying or developing a lot in a Strata Property. Their team of specialists assists Owners Corporations and Community Associations with normal maintenance, meeting management, and paperwork so you don’t have to. The Capital Strata Management firm provides the following services.

  1. FINANCIAL MANAGEMENT AND ACCOUNTING

Financial professionals are used by Strata Management organizations to oversee the numerous transactions involved in Strata and Community Title Property. They can set up trust accounts, pay invoices, file tax returns, and create audits and reports in collaboration with specialized banks, among other things.

  1.  PROPERTY MAINTAINANCE

Strata management is a constantly evolving profession that includes working toward and maintaining a comfortable stay for strata residents. Many owners find it difficult to distinguish between common and individual property, making it difficult to assign upkeep responsibilities. The strata manager can provide clarification here by referring to the strata plan for the building.

The strata manager obtains quotations for various repair jobs and, with the agreement of the owner’s corporation, hires gardeners, cleaners, and builders to maintain the common areas. When it comes to repairs, the managers are the first point of contact. A strata manager can accept minor repairs and maintenance decisions without the prior consent of the scheme council, depending on the contract and instructions supplied by the owner’s organization.

  1. CONSULTANCY FOR DEVELOPMENT

Creating a Strata Property necessitates collaboration with a vast variety of specialists, ranging from architects, surveyors, and solicitors to marketing agents. Strata Managers with development experience may provide advice, organize meetings, and assist with all aspects of the paperwork, from planning to completion.

  1. RESOLUTION OF DISPUTES

Some Strata Management businesses also assist with the management and resolution of conflicts. This can include filing petitions for mediation, adjudication, or tribunals, consulting with lawyers, and appearing in court.

  1. SETTING AND MANAGING AN OWNERS CORPORATION’S MEETINGS AND CORRESPONDENCES:

 The manager of a scheme is responsible for communicating with the corporation on a variety of issues, including levy collection, property insurance, maintenance of all common spaces, and notices for members’ meetings.

 

The manager may also be in charge of insurance matters, such as sourcing appropriate coverage, paying premiums, and filing claims. They also serve as the keepers of all resulting documents.

 

In rare situations, the strata manager may preside over strata general meetings or submit appointment minutes to the executive corporation’s committee.

 

  1. ENSURE COMPLIANCE WITH STRATA LAWS

 strata laws apply to all strata complexes, regardless of size, location, or purpose. Owners must follow the laws and regulations governing lifts, fire safety, parking, and common spaces. Strata managers make certain that all communal spaces follow all applicable laws and regulations at all times.

The stratum management, in collaboration with the committee, shall ensure that all amenities are in good working order.

  1. CUSTODIAN

The strata manager keeps the strata roll after the owner’s corporation has created it. A roll will have the following information about the scheme:

  • Owner’s name, address, email address, and phone number
  • Tenant’s name, address, email address, and phone number
  • Strata management keeps track of strata project plan numbers, by-laws, building location, original owners and their addresses, and total unit entitlements.

 Specific responsibilities

Strata managers are responsible for coordinating the activities of lot owners, such as holding meetings, collecting and banking levies, arranging property upkeep, advising on asset management, placing insurance, and maintaining financial records.

Their responsibilities include the following:

  • choose the dates for committee meetings, the annual general meeting, and exceptional meetings
  • notices, agendas, and minutes must be prepared and distributed.
  • take care of correspondence
  • organize and coordinate repairs and upkeep of the common property, including a preventative maintenance program, keep the owner’s corporation record up to date, and arrange for payment of all invoices
  • financial statements and budgets must be prepared and distributed
  • prepare and disseminate donation notices
  • take care of orders, submissions, and appeals
  • Ensure that the strata scheme conforms with all Work Health and Safety (WHS) laws, and offer assistance in dealing with ‘difficult’ or complex strata concerns.

 

Hiring a Strata Manager is not required by law, but with so many duties involved in self-managing Strata Property, having a team of specialists you can rely on in a crisis can provide peace of mind, not to mention reducing the load day by day.

 

A reputable Strata Management firm will have a broad staff of professionals with a wide range of skills, so you can always be confident that you’re getting the greatest service and won’t need to seek elsewhere. You should also confirm that they are members of Strata Community Australia (SCA), which holds them to high ethical standards.

 

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