ABOUT
STRATA MANAGEMENT
Strata management, also known as body corporate management, refers to the administration and management of multi-unit properties such as apartment complexes, townhouses, and commercial buildings that are divided into 'strata' (layers) or lots. This system is widely used in Australia, Canada, and other countries to handle shared ownership and responsibilities within a property.
Key Aspects of Strata Management
Strata Corporation or Body Corporate: This is the legal entity that owns the common property and manages the affairs of the strata scheme. It is comprised of all the lot owners within the strata scheme.
Strata Manager: A professional or firm appointed by the strata corporation to manage the day-to-day operations. This includes administrative, financial, and maintenance tasks.
Owners' Corporation: Similar to the strata corporation, this group consists of all property owners within the strata scheme. They make major decisions regarding the property, often through meetings and voting processes.
Common Property: Areas of the property that are shared by all lot owners, such as lobbies, gardens, driveways, and swimming pools. The strata corporation is responsible for the maintenance and upkeep of these areas.
By-Laws or Rules: Regulations set by the strata corporation that govern the use of both individual lots and common property. These rules ensure that the property is used in a way that benefits all owners and residents.
Responsibilities of a Strata Manager
Administrative Duties:
• Organizing and facilitating annual general meetings (AGMs) and other necessary meetings.
• Keeping records of minutes, correspondence, and other important documents.
• Enforcing the by-laws and rules of the strata scheme.
Financial Management:
• Preparing and managing budgets.
• Collecting strata fees from lot owners.
• Paying bills and managing the strata corporation’s accounts.
• Organizing audits and financial reporting.
Maintenance and Repairs:
• Coordinating maintenance and repairs of common property.
• Managing service contracts (e.g., cleaning, gardening, security).
• Handling emergency repairs and maintenance issues.
Communication:
• Acting as a liaison between the strata corporation and the lot owners.
• Addressing concerns and complaints from residents.
• Providing updates and information to owners about property matters.
Benefits of Strata Management
Efficiency: Professional management ensures that administrative and maintenance tasks are handled efficiently and effectively, which can enhance the overall living experience for residents.
Financial Oversight: Expert management of finances helps in maintaining a healthy budget, ensuring that funds are available for necessary repairs and improvements.
Compliance: Strata managers ensure that the property complies with relevant laws and regulations, reducing the risk of legal issues for the owners' corporation.
Conflict Resolution: A neutral third party can help resolve disputes between residents or between residents and the owners' corporation, fostering a more harmonious living environment.
Conclusion
Strata management plays a crucial role in the smooth operation of multi-unit properties, ensuring that they are well-maintained, financially stable, and compliant with regulations. By entrusting these responsibilities to professional strata managers, property owners can enjoy a well-organized and efficiently run community.
