Multi-unit residential and commercial properties where individuals own a portion of the property and share ownership of common areas are becoming increasingly abundant in big cities. One simple example of a multi-unit property is the residential housing complex; another can be an office complex.
Strata management can be described as a specialised area of property management, which deals with the operations and management of these types of multi-unit properties with common areas and facilities being jointly owned.
Alternatively, we can say that strata management entails managing a property that is demarcated into multiple units or lots, generally housed within a building or complex with common areas shared between owners.
These shared spaces can include corridors, elevators, gardens, swimming pools, and parking facilities among others. Strata management services are directed to enable the upkeep, financial management, and compliance of the multi-unit property, which relieves the property owners of additional hassles.
A specific set of skills, expertise and legal knowledge is required for managing multi-unit properties or strata buildings. Financial management and maintenance of common areas to communication and dispute resolution among owners to facilitation of meetings are all covered under the diversified ambit of strata management. With the mushrooming of multi-unit properties, strata management services have gained currency. Effective strata management can contribute significantly to the success of multi-unit properties.
Strata management professionals, also known as strata manager, work in tandem with the owners’ corporation (also called a body corporate) to arrive at collective decisions regarding the shared multi-unit property. For the strata owners services provided by strata managers are crucial.
Here we are exploring some key services pertaining to strata management.
Financial Management
Overseeing the financial management of the property is one of the most important responsibilities of a strata manager. This includes making budgets, collection of levies, bill payment, and maintenance of financial records with accuracy. A well-managed strata property is expected to have transparent finances that all the owners of the multi-unit property can access. Payment of common area utilities, insurance premiums for the building/s, and repairs or maintenance are also handled by strata managers.
Meeting Management
Organising the meetings of the owners’ corporation, where important decisions are being made, such as passing the annual budget pertaining to the property or making decisions about some repairs in the property is also one of the activities of the strata managers engaged in managing multi-unit properties.
Professional strata manager/s also ensures/ ensure the smooth running of these meetings, supply necessary information to the owners to make decisions, and documentation of the minutes of the meeting.
Building Maintenance and Repairs
Professional management of multi-unit properties also should entail upkeep and maintenance of the building’s common areas on a regular basis. They contribute to the building’s enduring value. For example, ensuring that shared spaces in a multi-unit property like garden, hallway, and recreational facilities, etc, remain well-maintained is a responsibility of the building’s strata manager.
Routine inspections of the building arranged by strata managers facilitate that common areas of the multi-unit property remain clean and functional. The strata managers also oversee necessary repairs from time to time. In several cases, for specific tasks such as cleaning, landscaping, or pool maintenance they also manage the hiring of contractors.
Insurance and Risk Management
Managing insurance policies for the building and common property areas are also part of professional management of multi-unit properties. Building insurance, liability insurance, and insurance for communal facilities may be included in this. It is often the responsibility of the strata manager to ensure that appropriate coverage is there and that insurance claims are handled promptly.
Strata Property Services
Besides these, strata management also includes some other strata property services which are essential to facilitate a harmonious living environment in multi-unit properties. Services included in the strata property services are:
Compliance with Legislation
Strata property services include ensuring the concerned multi-unit property adheres to relevant laws and regulations, which include local building codes, safety standards, fire regulations, and environmental laws. This prevents imposition of costly fines on the property and the property getting tangled in legal issues.
Managing Tenants and Leaseholders
Strata & community management services often also include managing the relationship between owners and tenants for leased property. It includes resolving disputes between tenants and owners, ensuring that both parties are adhering to property rules, and maintaining steady communication between owners and tenants.
Strata managers often have to assume the role of a mediator between parties when disputes emerge. Disputes can arise due to various reasons such as blaring noise in one unit disturbing other tenants, due to pets, or division of shared responsibilities; due to conflict in use of shared spaces or because of the property’s condition,among others.
Safety and Security
Maintaining the safety and security of the multi-unit building also falls under the responsibility of strata managers. They need to ensure that safety measures of the concerned property are in order, which include working fire alarms, emergency exits, and security cameras. By managing security personnel or access control systems, they can prevent unauthorised entry to the building.
Green Measures
With a growing and healthy trend towards environmental awareness, many strata managers are seen emphasising on adhering to sustainable practices. This includes maintaining energy efficiency, ensuring effective waste management practices, and exploring renewable energy options for common areas.
Advantages of Our Body Corp
Hawthorn-based Our Body Corp is designed to help owners self-manage their strata corporations online and save their money. Our Body Corp has their own strata online management software and service solution – all backed by a leading team.
Our Body Corp – Help! I Need a Professional
If you own an apartment or property that requires an owners’ corporation (due to the presence of common property), Our Body Corp provides you with leading technology and the locally based support you need for Body Corporate Strata Management.
Depending on the size of your community, the number of properties, the complexity of your body’s corporate management requirements, the time you can contribute to managing the strata properties, your experience, and your need for strata property services, Our Body Corp can offer you different packages, ranging from owner-controlled to a fully managed option.
