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General

What to Know About Strata Management

A strata manager carries out many duties asset by an owners’ corporation. They are generally responsible for blocks of real estate properties that are jointly owned. They will take instructions from the owners’ corporation and ensure that the building is well maintained. They will also ensure that the building complies with all state laws and regulations ensuring the safety of the property.

The daily operations of the strata scheme will be under the purview of a strata management company. These include the daily operations of the building complex and its public areas. Generally, the owners’ corporation will appoint a strata manager so that they can maintain and manage the property to a high level. There are many responsibilities coming under a strata manager. This will depend on the mandates of property ownership. There can also be more than one manager if the property has high complexity and scale. Strata managers have a lot of industry experience that helps them to put systems in place to run strata smoothly. There will be a clear contract that sets out the responsibilities and duties of the strata manager as established by the owners’ corporation. This is to avoid confusion that will occur when the strata manager is overseeing many properties that are owned by more than one person. This contract allows everyone to clearly set out what is required by the manager. This will help avoid disputes as well.

General property maintenance will come under the purview of the strata management. This allows strata residents to live comfortably without having to report repairs and maintenance issues that come up as a result of negligence. If there is any confusion when it comes to what is individual and common property, a strata manager can clarify this using the strata plan of the building. They will obtain several quotes for repair and maintenance work and get the approval of the owners’ corporation. When it comes to minor repairs, the strata manager can approve them and proceed with the decisions. There will usually be a team that is generally used for maintenance work according to quality of work and cost-effectiveness.

Strata management is responsible for maintaining records for at least a minimum of seven years. These records are notices of owners’ meetings, correspondence sent or received by the scheme, contracts between strata management and the owners’ corporation, minutes of meetings and agendas etc. The owners of the lot will be able to access the records but there will be an access fee to be paid depending on the state. Financial management is another aspect of a strata manager’s responsibilities. They need to maintain financial records such as salaries, utility payments, tax returns etc. A budget will be submitted to the executive committee by the strata management. They will ensure there are no outstanding debts or bills for the properties. There are many things that a strata manager should communicate with the owners’ corporation such as property insurance, common area maintenance, levy collection and notices for meetings. They will handle insurance matters and maintain custody of all insurance documents.

TimothyStyons
the authorTimothyStyons