Strata management is the daily operation of a building or complex owned by multiple individuals, which must be managed professionally by experienced strata managers with extensive expertise.
The strata management South Australia collaborates closely with the owners committee to ensure all common areas are adequately maintained cost-effectively maintained. Furthermore, they keep tabs on finances and settle disputes between lot owners.
Managing common property
Strata management is caring for all common property within an apartment or complex. It could include gardens, parking areas, stairways, pools and more – helping reduce residents’ stress and hassle from maintenance tasks.
Common property refers to the land on which buildings stand and from which utilities such as electricity, water and sewerage originate. This property is owned by either an entity known as an owner’s corporation or body corporate, depending on your state and the type of scheme in place.
Common property value is usually not measured in monetary terms but rather in how the use or sale of that property might influence the overall value of all lots and the owners corporation’s assets. This process can be subjective, with different people assigning different weights to other parts of a complex.
That is why many complexes entrust their common strata management South Australia to an external company with expertise in strata management. As a result, they manage the day-to-day tasks of cleaning and maintaining the common areas while ensuring all lot owners can access them for recreational activities and other uses.
Company managers must oversee the sinking fund, an account to which each lot owner contributes to maintaining the common property. They must guarantee that this fund remains healthy and can be utilised when repairs or maintenance are necessary.
A company managing a strata building must also administer insurance for the complex. This responsibility is essential as it safeguards all owners’ interests and allows for increased capital gain and enjoyment of the property.
Managing finances
Strata management requires sound financial planning to safeguard a corporation’s operating and reserve funds. All board members, including the treasurer, have a fiduciary duty to oversee these funds responsibly.
Many strata committees enlist the services of a professional strata manager to assist them with this task. These specialists possess in-depth expertise and know how to efficiently manage a body corporate following complex legal regulations, making them invaluable experts in ensuring compliance.
Strata managers typically assist in resolving disputes among residents and achieving consensus during decision-making by the body corporate. Furthermore, they ensure that buildings or complexes remain in good condition while adhering to all legislation and insurance requirements.
Managing committees
Strata committees are the backbone of strata management and are essential in the flourishing of their community. By taking on tasks that would otherwise fall to council members, strata committees free up time for members while allowing the council to focus on what matters most.
Committees are typically formed during an annual general meeting and comprise a chairperson, secretary and treasurer. These individuals make decisions regarding the day-to-day running of the scheme while reporting back to its owners corporation for accountability.
A successful committee should consist of individuals with extensive real estate experience eager to manage a complex. Furthermore, they should understand and be able to implement all applicable laws that pertain to strata properties effectively.
Sometimes, a strata management company can be hired to manage a committee’s property and daily tasks, freeing council members to focus on more critical aspects of their community. It creates a stronger and better-managed structure which ultimately benefits all its residents. However, no matter which method is employed, an influential committee remains an invaluable resource for strata councils to operate and utilise effectively.
Managing contractors
Managing contractors in strata management involves organising and coordinating maintenance, repairs, and other services to maintain the property’s upkeep. These tasks necessitate considerable skill and intimate knowledge of the building’s requirements.
A successful strata manager should know the local laws about construction, health and safety, insurance, and other aspects of property management. Furthermore, they are equipped with strategies for dealing with any issues.
They will ensure all contractors working on the common property adhere to all laws and regulations, report any issues and offer recommendations to owners on what can be done about them.