How does Strata Management Services help guide, Property tips, Building advice

How Does Strata Management Services Help You In Achieving Property-Related Matters?

19 July 2021

How does Strata Management Services help

Strata management is a service provided to body corporates and strata schemes where a professional is tasked with overseeing the daily operation of a strata. Running a strata is an involving undertaking that requires skill and expertise to execute correctly. Such critical know-how is a vital determinant of the success of a strata scheme.

Strata refers to a model of property ownership where you purchase a single lot within a larger residential, commercial or industrial development. Along with your unit, you also join the individual lot owners in claiming collective possession of the common areas and spaces. At that point, the lot owners become members of a body corporate or owners’ corporation. The body corporate then becomes responsible for the running of the strata.

The establishment of a body corporate leads back to strata management through the recognised need for a professional hand in overseeing the strata scheme. A strata manager carries out the role of strata management. Every strata manager is selected and appointed by an owners’ corporation or its corresponding executive committee. Afterwards, the body corporate issues a mandate according to the needs of the strata.

Strata management services allow you to delegate the responsibilities of the body corporate to a professional. Some examples of the duties a strata manager performs are:

Administration

A strata manager is the strata’s primary administrative agent. The managerial duties under this purview include:

  • Communication- A strata manager relays all critical information to the owners and residents. In addition, they provide notice of owners’ meetings.
  • Overseeing property maintenance- They ensure that all common property is well maintained. If the body corporate allows it, a strata manager can also initiate minor repairs when needed. In addition, they certify that the security lights and lifts remain in good working condition.
  • Dealing with correspondence- They are responsible for all mail and literature about the building, both from internal owners or residents and external inquiries seeking information.
  • Handling strata insurance- they file insurance claims on behalf of the strata and follow up to monitor any progress or setbacks.
  • Maintaining all the strata’s record archives- They collect and keep all body corporate records, including financial accounts, owner rolls and maintenance logs. These records must also be made available whenever members of the owners’ corporation request them or during an external audit.

Financial Oversight

Strata managers take on the responsibility of overseeing the strata’s financial interests. To do so, they perform such duties as:

  • Creating budgets based on the needs of the strata. However, before the manager implements their budget, they must present it to the body corporate for review and approval.
  • Certifying that all the lot owners have paid their fees to the body corporate on time. If not, the strata manager has to issue reminders.
  • Managing all internal and external invoices and ensuring that all bills are paid on time.
  • Maintaining insurance policies that cover the strata against dire, unforeseen circumstances.

Social Interaction

Good strata managers interact with the communities they have charge over instead of remaining separate and unseen. The nature of their interactions with owners and residents may vary depending on the circumstances, for example:

  • Communicating and enforcing by-laws which are set by the body corporate to govern the strata.
  • Initiating by-law amendments when it is deemed essential.
  • Mediating disputes between lot owners or residents.

The beauty of strata management services is that it is designed to shift and adapt to the needs of the body corporate. Give your strata the best chance at success by engaging qualified and reputable strata services in Melbourne. If you choose wisely, your strata manager will deploy their skill and experience toward creating a thriving living community that will serve as an example for others to follow.

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