Importance of strata managementAugust 29, 2019
If you’re not familiar with strata, you may not recognise the critical role it plays within property operations across Australia. Thousands of apartment buildings, caravan parks, retail centres and other similar complexes operate as strata schemes.
However, strata can be complicated to manage, so many owners corporations employ strata professionals to handle the logistics. Strata management companies provide comprehensive support for all essential strata matters, including lot owner meetings and compliance with local property laws.
In this article, we’ll discuss three key focus areas for strata managers and why they’re essential for maintaining the smooth day-to-day operation of your property.
Liaises with lot owners
One of the top responsibilities of a strata manager is to work with all lot owners to make sure all pertinent matters are handled appropriately. They serve as a committee resource and can share important details with lot owners, such as financial statements, invoices and community notices.
For example, strata managers will organise and attend annual lot owner meetings, taking minutes and distributing them to all owners via an online portal. They will also collect any yearly fees on behalf of the owner’s corporation and ensures that levies are paid promptly.
In the case of a dispute among owners, strata managers can also work as a mediator to settle problems and promote good neighbour relationships.
Ensures compliance with local legislation
Strata is regulated on the state level, and there are various tasks associated with strata schemes that managers must complete. Your strata manager will oversee preparing financial accounts in accordance with state laws and regulations, as well as maintaining all required documents.
While specific strata requirements vary by state, the laws that govern owners corporations are generally quite extensive. Working with an experienced strata management professional will prevent the headache of having to verify that you’ve completed all state-mandated documentation.
Acts as an organised body for key matters
When you have a property with many individual units, it’s far more effective to centralise things like building maintenance than to leave owners to figure it out for themselves. As part of their job responsibilities, strata managers organise all of these essential tasks so that owners don’t need to get involved.
For example, strata managers will vet and hire tradespeople on behalf of the owner’s corporation, to provide regular upkeep of the complex common areas and coordinate repairs when necessary. In addition, strata management companies will deal with all insurance-related matters on behalf of the lot owners, including submitting insurance claims and lodgement and renewing policies.
Purchasing a piece of property — whether it’s an apartment, retail space or other units — is a significant investment and should be looked after accordingly. When your property is part of a more massive complex, this means working with fellow owners for the benefit of the property as a whole.
In these cases, if you’re a member of a strata scheme, hiring a strata manager is a smart decision to ensure the professional management of your property and its long-term prosperity.