Strata’s are living spaces that are stacked on top of each other, like layers. They contain multiple households living in the same block of units. A strata manager does the management of a property that is jointly owned, legislation usually prescribes them.
Strata management requires owners of a property to establish a corporation or a committee to manage shared facilities and services. There are common property owners in which all members share the amenities of a building or a parcel of land. Lot property owners own individual property within an entire building complex—for example, a lot property owner owns an apartment, its balcony, and parking space.
There are various kinds of Strata managers who perform multiple sets of functions that could really be advantageous to Owner associations. So why do you need strata management services?
They offer you proper financial management.
Strata managing agents provide financial services by offering statements like annual income and expenditure statements. This is a necessity required by owner corporations. They generate cash management reports annually to monitor financial uses in relation to schemes and control debts incurred by its members. Managers prepare financial accounts with regard to set regulations and advise on asset managing.
They offer Administrative Management.
Managers hold meetings when owners’ corporation requires it; this is by organizing and running them and also provide minutes of annual general meetings, strata plans, prepare by-laws and other records required. They cover essential services including dealing with the renewal, valuation and insurance claims on behalf of the owner corporation and most importantly, assigning actions to members as well.
Maintaining common property
Strata management services maintain commonly shared property and other amenities used by members. They arrange quotations and repairs for building maintenance and facilities. They attend to orders in case of a rundown common facility and pay all invoices.
Mediating disputes between Lot Owners
Strata managers usually assist in solving disputes among members within the community. They also work to achieve consensus in decision-making by the body corporate. The agents assist members in assuming responsibilities allocated to them. Schemes created by the strata company include by-laws- rules to be followed by members- which also informs them of their rights and responsibilities.
Raising levies of owners.
This is the source of funding for most strata schemes. This is ensured by proper finance organization for cash flow to meet expenditure. Strata agents ensure that insurance is adequate and that the funding for schemes and maintenance are long term. Owners need to pay levies to fund the running costs of the owner’s corporation and maintain it.
Conclusion
These are some functions strata managers do. They’re usually a team managing the common ownership of a block of properties. The advantage of strata managing is that they allow owner corporations to achieve their goals at their own pace. Owners also set their objectives and even maintain their budget. They are also required to report their actual financial position to determine the allocation of funds on different projects. An increasing number of property and developments are also in a strata community. Not only residential but also commercial, retail and resorts are strata owned.
