Strata management services are vital when it comes to owning a property within a shared complex. Strata managers are involved in overseeing all of the important roles that contribute to the day to day running of your property and its common grounds.
Four of the important jobs a strata manager is responsible for:
Maintenance
One of the most important roles of your strata partners is the upkeep of common property repair and maintenance to ensure everyone is living in a well-maintained and safe environment. A strata manager is responsible for collecting quotes for works, liaising with tradesmen, organising access and being the first point of contact for any emergency or urgent repairs. In some instances, a strata manager also has the ability to organise maintenance on behalf of the committee without approval.
Financial management
In depth financial management is crucial for a unit complex to be successfully managed. To ensure a building is able to keep up with any required payments, an owner’s levies will be allocated into both an administration fund and a sinking fund that the manager will organise for the property. Where an administration fund is used for day to day expenses, a sinking fund is required for capital related expenditure.
A strata manager is also responsible for preparing annual budgets for the property as well as monitoring invoices and ensuring all necessary finances for the common property are paid correctly and on-time.
AdministrationÂ
Strata management services are responsible for handling all administration and communication duties for a unit complex. These include corresponding with owners on maintenance issues, notices for meetings, levies or any other general information regarding their property. Strata managers also have legal requirements in regards to establishing, maintaining and updating all strata records. Important records a strata manager must hold include:
- Meeting minutes
- Bi laws
- Voting papers
- Proxies
- Signed agreement and records from previous strata companies.
Insurance
Your strata management needs to be educated on current state legislation and how to practically implement it throughout your property. It’s an important duty of your strata manager to proactively research and keep up to date on all applicable laws and legislations to ensure your property is and remains compliant. The strata manager should be working with the executive committee to carry out all necessary assessments and duties to ensure their property is legally compliant.
