DIY Strata Management
Managing your strata properties independently is possible if you have the know-how and the right systems and tools. Since it is not compulsory to appoint an outsourced strata management service provider, you can develop your skills and licence software to help make strata management easy. At Our Body Corp, we offer DIY strata managers access to a leading strata software solution that provides you with all the tools you need to successfully manage your strata community. Communicate whenever you need, manage your financials, raise levies, arrange and conduct meetings, issue your minutes and much more all in quick, logical and easy steps. To help you understand more about DIY strata management, continue reading.
Regardless of the size of your strata scheme, the same rules apply to maintain compliance with legal and regulatory obligations.To effectively manage your strata scheme, you should consider the following.
- You will need to determine the outgoings, which will include essential services costs, gardening, insurance, routine maintenance of facilities, building management, cleaning, servicing and much more. This will help you determine the amount you need to raise from owners to cover the costs and build up a reserve for unexpected costs.
- You will need to check that owners have paid their levies and follow up owners who are in arrears. You will need to hold the money received from owners in an independent and special bank account.
- You will need to keep records of all communications and meetings and be able to regularly review your notes and accounts.
- You will need to hold timely general meetings and ensure that all relevant topics are covered and discussed. This gives all owners an opportunity to share information, raise issues and discuss opportunities.
- You will need to attend to administrative tasks such as responding to owner and/or resident queries, prepare certificates when owners sell their lots, renew insurance policies, engage service providers, pay invoices, send levies to owners, issue breach notices, manage disputes and much more.
- You will need to consider developing an occupier rules handbook for owners and tenants to follow. This ensures the rules are transparent and fair for all residents.
- You will need to manage, monitor and oversee the work undertaken by service providers to ensure that it is in the best interests of the owners.
Strata management requires you to have the following capabilities, amongst others:
- Understand basic budgeting so that you know what levies to raise;
- Understand legislative amendments so that they can be implemented in a timely manner;
- Communicate effectively with all residents;
- Prepare and send correspondences to owners and/or tenants for notification purposes;
- Develop frameworks to approve renovations undertake by individual lot owners;
- Mediate disputes between owners or an owner and the strata corporation;
- Source trades persons and service providers to conduct maintenance and servicing;
- Hold meetings and document minutes;
- Prepare plans and strategies;
- Manage capital work projects and service providers;
- Seek appropriate third-party help and support when required;
- Remain accountable and responsible in your role; and
- Communicate with other strata management committee members (if you are not the sole owners of all lots).
At Our Body Corp, we also offer an Administration Support Package which allows you to manage your affairs by conducting your own meetings and remaining in control of all decisions affecting owners, with support from professional managers. You will be backed by a top support team who take care of the administration like raising owner levies and recording bill payments.
You will be remunerated for your work because the strata corporation will pay a management fee to you. Ensure that these arrangements are at arm’s length and that the managing agreement has been drafted on fair terms.