It’s quite a daunting task to manage shared or co-owned property. This is because many requirements involve legal imperatives, regular communication, and financial prudence. To help you navigate the myriad challenges of property management, strata managers come to your rescue. Also known as Body Corporate Managers, strata managers play a decisive role in the smooth operation of strata communities across Australia.
A strata manager is instrumental in ensuring a strata scheme operates smoothly. A skilled strata manager can add significant value to a property by ensuring it’s well-run and helping maintain or even increase its value over time. They relieve individual owners of the day-to-day management tasks and help to ensure that the property is well maintained, finances are in order, and legal obligations are met.
Who Appoints a Strata Manager?
Strata properties consist of multiple individual units, such as apartments or townhouses, along with common areas like pools, lifts, gardens, and gyms, all owned and used collectively by all the property owners.
These properties have a legal entity, the Owners Corporation, or the Body Corporate, comprised of individual owners, that governs and manages the strata scheme. The Owners Corporation or the Body Corporate appoints the strata manager to help manage the Strata Property.
Roles and Duties of a Strata Manager
With cosmopolitan localities rising across Australia, Strata Management assumes critical significance, as property dwellers or owners can invest their time and resources into more productive activities. A well-endowed strata manager will provide the following services:
Administrative Duties: An efficient strata manager will oversee the daily administration of the strata scheme. This includes handling correspondences, maintaining records and documents, and scheduling and managing meetings of the Owners Corporation.
Financial Management: Strata managers are responsible for preparing budgets, managing the financial accounts of the strata scheme, and ensuring that the owners pay their levies on time. They also help to collect these levies, manage arrears, and pay bills on behalf of the Owners Corporation.
Maintenance and Repairs: Strata managers coordinate the maintenance and repairs of the common property. They liaise with contractors, get quotes, and ensure the work is done satisfactorily and within budget.
Regulatory Compliance: Strata managers ensure that the Owners Corporation complies with laws and regulations applicable to strata properties. This includes understanding and applying the relevant Strata Titles Act, rules, and local council by-laws.
Dispute Resolution: Strata managers often resolve disputes between owners or between owners and the Owners Corporation. They should have a good understanding of the strata scheme’s by-laws and the processes for resolving disputes.
Insurance: They manage insurance policies for the strata property, including making claims when necessary. They rectify the failure of the owners to maintain insurance, keep adequate records or hold AGMs, which could open the owner’s corporation to penalties for non-compliance.
Advantages of Hiring a Strata Manager
Partnering with the right Strata Manager for your real estate requirements has multiple advantages. Evaluating these factors before zeroing down on your preferred strata management company is essential to ensure the desired results.
Operational Competence: Strata managers have the necessary tools, resources, and networks to manage properties efficiently. They can promptly address repairs and maintenance issues and coordinate services like cleaning, gardening, and security more effectively than individual owners might.
Proficiency: Strata managers are experts in their field. They understand the complex legislation and regulations surrounding Strata Management and know how to ensure compliance.
Conflict Redressal: Strata communities often encounter conflicts, such as disputes over common property or strata rules. Strata managers can mediate such conflicts, helping to resolve disputes professionally and objectively.
Financial Prowess: Strata managers can handle the economic aspects of strata living, including budgeting, collection of levies, and management of the sinking fund. They can also ensure that all financial transactions and records are transparent and under legal requirements.
Timesaving: Managing a Strata Property can be time-consuming for individual owners. By hiring a strata manager, owners can focus on other aspects of their lives while the manager handles the administrative tasks.
Reduced Legal Liability: Strata managers ensure compliance with strata laws and regulations, reducing the potential legal liability for the strata corporation or owners’ corporation. This could include guaranteeing all insurance is updated, safety regulations are followed, and all necessary meetings are held and recorded as required.
Property Value Retention: By ensuring that the building and common areas are well-maintained and any issues are quickly addressed, strata managers help maintain and potentially increase the property value, benefiting the individual owners.
Effective Communication: Strata managers act as a central point of contact for owners, tenants, and service providers. They can effectively manage and disseminate information, ensuring everyone is informed and updated.
In the long run, hiring a strata manager will enhance the competency and professionalism of any strata body in Australia. However, factoring in a region’s specific regulations, compliances, and legalities is essential before opting for a strata manager. This helps reduce effort, save time, and zero in on the best prospect as soon as possible.
