More and more Australians are choosing to live in strata-titled homes like apartments, townhouses, and residential complexes. As this change happens, strata management and the strata manager become more and more important. What do these words really mean, though, and how do they affect people who own or live in a property? This blog talks about the basics of strata management and what a strata manager does to make sure that strata communities run smoothly and follow the rules.
What does strata management mean?
Strata management is the professional management of properties that are owned by more than one person, like apartment buildings or multi-unit buildings. A strata scheme is a set of laws that governs these kinds of properties. People who live in a strata scheme own their own unit or apartment, but they also share ownership of common areas like gardens, parking lots, stairwells, lobbies, pools, and elevators.
It’s hard to keep these shared spaces in order and make sure they follow local laws and building codes. That’s where strata management comes in.The owners’ corporation, also known as the body corporate, usually hires a strata management company to take care of the daily operations of the strata scheme. The main goal is to keep the property’s value safe and make sure that all shared duties are handled fairly.
What does a strata manager do?
A strata manager is a licenced professional who is hired to handle the legal, financial, and administrative tasks of a strata scheme. They are in charge of making sure that everyone who lives there gets along and that the property is safe, up to code, and well-kept. Their responsibilties go well beyond just keeping things in good shape. A good strata manager is all of these things: a problem-solver, an organiser, a communicator, and a financial planner.
Key Duties of a Strata Manager
Here are some of the main jobs that a strata manager usually does:
- Managing Money
A strata manager is in charge of the property’s finances, which include:
- Making budgets and reports on finances
- Getting strata fees from owners
- Taking care of the strata’s bank account
- Setting up insurance for the building and shared property
- Upkeep and Fixes
One of the most important jobs of a strata manager is to make sure that the property is kept in good shape. This includes:
- Setting up regular cleaning, gardening, and repairs
- Keeping track of maintenance schedules
- Taking care of urgent repair requests
- Duties of Administration
A big part of the job is doing administrative work:
- Setting up and going to annual general meetings (AGMs)
- Making agendas for meetings and writing down what happened
- Keeping track of all letters, bylaws, and contracts
- Resolving disputes and enforcing bylaws
Residents of strata communities must follow a set of rules that govern how the community works. A manager of strata:
- Teaches owners and tenants about the rules
- Sends out breach notices when bylaws are broken
- Helps settle disagreements between neighbours or between owners and the body corporate
Why is it important to manage strata?
Strata plans can be hard to understand. When many people own a property, it’s easy for disagreements to come up. If you don’t have professional management, things like unpaid fees, maintenance that is late, or breaking the rules can quickly turn into expensive legal problems. Strata management helps keep these problems from happening by making sure that things are clear, that people are responsible, and that plans are made ahead of time. A good strata manager makes it easier, more comfortable, and safer for everyone to live in a community.
How to Pick the Right Strata Manager
When choosing a strata management company, it’s important to look for one that has experience and good communication skills. Find a group that:
- Is quick to respond and easy to reach
- Knows a lot about local rules and laws
- Provides financial reports that are clear and easy to understand
- Shows a proactive approach to keeping the building in good shape and making residents happy
- You should also make sure that the manager is licenced and has done well with other properties like yours.
Last Thoughts
If you own a property, are an investor, or are on a committee, knowing how important strata management is and what a strata manager does can help you make better choices about your property. Living in a strata doesn’t have to be stressful if you get help from a professional. It can be easier, cheaper, and more peaceful.One of the best things you can do for the future of your building is to hire an experienced strata manager if you live in or manage a strata-titled property.
