What Does a Strata Management Company Do?
If you’re buying or developing a lot in a Strata Property, a Strata Management company can make your life a lot easier. Their team of specialists help Owners Corporations and Community Associations to organise routine maintenance, run meetings and deal with paperwork so you don’t have to. Check whether your Strata Management company offers the following services.
Developing a Strata Property involves coordinating with a large number of professionals, from architects, surveyors and solicitors to marketing agents. Strata Managers with development experience can offer advice, organise meetings and help with all the paperwork involved, from planning to completion.
Maintenance and repairs
Your Strata Manager can organise routine maintenance and urgent repairs for Strata and Community Property to save you time and money. Experienced Strata Managers have good relationships with contractors across the trades who are checked to make sure they’re appropriately licensed and insured.
Having the right insurance is mandatory for Strata Property. Your Strata Manager can help you to obtain and renew insurance and to make claims if needed.
Accounting and financial management
Strata Management companies employ financial experts who can manage the many transactions involved in Strata and Community Title Property. Working with specialist banks, they can set up trust accounts, pay invoices, lodge tax returns and prepare audits and reports, among other services.
Regular meetings of the Owners Corporation give Strata Owners the chance to discuss and vote on all matters concerning the development. Strata Managers can manage meetings in compliance with current laws, including preparing and distributing minutes and providing a meeting venue if one is required.
By-laws are the rules of a Strata Scheme that Owners and their tenants agree to abide by. Strata Managers work with Owners Corporations and Community Associations to draft or amend by-laws, get them registered and make sure they’re enforced.
Strata Managers keep accurate records of all important developments in Strata Properties, including minutes of meetings, notices and communications with stakeholders. They can also issue certificates and obtain title searches when needed.
Some Strata Management companies also help with managing and resolving disputes. This can cover lodging applications for mediation, adjudication or tribunals, consulting with lawyers and representation at hearings.
Do I need a Strata Manager?
Hiring a Strata Manager is not a legal requirement, but with so many responsibilities involved in self-managing Strata Property, having a team of experts you can rely on in a crisis can give you peace of mind, not to mention lightening the load day by day.
A good Strata Management company will have a diverse team of experts with skills across the board, so you can always be confident that you’re getting the best service and won’t have to look elsewhere. You should also check that they belong to Strata Community Australia (SCA), which holds them to strict standards of conduct.
Find out more about how to choose a good Strata Manager.