Strata management (also known as corporate body management) involves the day-to-day operations of multiple units in a jointly-owned property. This process includes maintaining common facilities and areas. The day-to-day activities of strata managers are often critical to the smooth operation of a complex. However, strata management also involves the day-to-day operations of individual units. A few things to consider when hiring a strata management company.
Strata committees
Joining a strata committee is a significant life change. It requires time, effort and responsibility on the part of the committee members. In these highly-legislated days, it may even require a higher level of commitment. But the rewards can be significant. And you’ll be glad you did! Strata committees play an essential role in the management of a strata scheme.
Strata managers
Strata management, sometimes called body corporate management, is a field that involves the day-to-day running of a common area or multiple-unit building. These professionals can be found anywhere in Australia and help manage many different aspects of a common area or building. To learn more about strata management, read on. You’ll be glad you did when you see the benefits these professionals provide for their clients.
Strata managing agents
Strata managing agents are licensed professionals who are responsible for a range of tasks. Strata schemes can delegate some of these duties to licensed strata managing agents. However, Strata managing agents must regularly update their knowledge and adhere to a strict code of ethics and professional conduct. They should keep owners and the strata association well informed about important issues.
Strata bylaws
Strata bylaws are essential documents that govern the operation of a strata corporation. For example, bylaws may regulate the number of units that may be rented out to tenants, or they may ban all rentals. Strata corporations should follow these bylaws to protect the interests of all owners and tenants. Could you read them carefully? Also, make sure to read the bylaws carefully before signing them.
Strata property space
The first step in managing your strata property is to understand the legal structure of the community. In a strata property, the developer is responsible for maintaining common areas, also known as the strata. The joint management body oversees these areas and other properties in the strata community. The strata management in Adelaide is composed of office bearers and other members elected by eligible parcel owners.
Professional indemnity insurance
Strata Managers are in the business of coordinating the affairs of a corporate body, collecting levies, advising on asset management and arranging maintenance and repair of common areas. They must also take responsibility for ensuring the safety of their tenants and their building. Hence, professional indemnity insurance is a must-have. This policy protects your business from a variety of liability exposures.
Cost of strata management
The cost of strata management in Adelaide varies greatly depending on the size and location of the complex, the style of management, and the amenities offered. Monthly fees range from 25 cents per square foot in Metro Vancouver to 59 cents per square foot, with higher strata fees in luxury buildings and ones with wet amenities. However, no one can predict how much a strata manager will charge a building, so it is best to seek a second opinion.
A good strata manager is responsible for maintaining financial and accounting records for the building, which will make the scheme’s administration a breeze. In addition, they will ensure that the scheme adheres to all laws and regulations. Additionally, a strata manager will maintain the levy register, which includes keys, notices, contributions, and arrears. It is in addition to overseeing all property repairs and maintenance.
Another essential task of a strata manager is keeping the common property well-maintained. The manager recruits maintenance personnel and is the first person to contact for urgent repair needs. The strata manager has the authority to approve or reject decisions about minor maintenance and, if necessary, can take action on behalf of the lot owners. A strata manager can make maintenance decisions without strata council approval. A strata manager is an invaluable asset to a building’s owners and essential to any strata development.