Understand Strata Management with this Two-Minute Guide
The branch of property management that involves handling routinely real estate operations and administrating jointly owned property is referred to as Strata Management. Regarded as an assortment of comprehensive tasks required for unified strata living environment, Strata Management encompasses a diverse and evolving range of responsibilities. Compared to other similar property management areas, Strata involve the handling of responsibilities under laws and regulations such as dealing with crisis scenarios, property maintenance, financial management, administrative support, and more.
If you want to get widespread knowledge of Strata Management, read on as below is a brief guideline of strata management along with the details of the responsibilities of the strata manager and day-to-day strata operations.
Who is a Strata Manager?
The person responsible for maintaining a group of units, blocks, apartments, or a collection of any other real estate property is known as Strata Manager. Australian strata laws comply that a Strata Manager is administrated by Owners Corporation for municipal laws maintenance and governmental protocol regulations. He/she not only handles day-to-day real estate operations but also authenticates challenging administrative problems along with lot owners and executive boards for seamless strata living.
Responsibilities of a Strata Manager
Strata Management spans a widespread area of property maintenance, scheme record management, financial management, safety compliance assurance, and more. A Strata manager overlooks the scheme based on his/her field expertise. He/she is recruited by Owners Corporation with an agreement describing his/her duties and responsibilities against a specified scheme. If he/she fails to meet the requirements, it can be replaced by the community. For this, Independent Real Estate has structured the details of manager replacement in their Strata Management guide.
A Strata manager looks after the real estate operations depending upon the owner’s preference, real estate’s scope, and space technicalities. Ensuring a contented living for strata residents, the Strata manager gets a quote of all restoration work and other chores such as gardening, cleaning, renovating, etc. He/she either approves the request and contract employees to get the work done or send the scheme proposed to the executive committee for approval.
Some of the major responsibilities of the Strata Manager include the following.
Record Maintenance and Effective Meetings Arrangement
The tasks of managing and recording previous strata records and organizing corporation meetings fall under Strata Manager’s radar. Strata Management requires that all the records get delivered to the corporation by the managers. Moreover, it involves recording the policies, decisions, voting papers, and strata committee renewal.
Financial Management
The dedicated Strata Manager creates financial management plans to take care of all the finances related to the Real estate such as unit/property taxes, renovation charges, contractual amounts, wages, utility bills, and more. The strata manager layouts and budgets the entire scheme and sends the finance proposal to the executive committee to evaluate. This proposal also contains extra surcharges such as insurance premiums, policy evaluations, quotes, and tax details. The Owners Corporation allocates administrative funds to strata managers to run day-to-day operations based on the evaluation of the financial proposal. The corporation also utilizes the capital amount for future capital ventures.
Safety Compliance Assurance
As per the Australian Strata laws, the strata manager must follow the guidelines related to security concerns such as worst-case scenario handling in case of medical emergencies, safety concerns, parking regulations, and more. With the assistance of the executive committee, the strata manager makes sure that the strata is appropriately handled and all the reasonable requirements are taken care of. For a better understanding, Strata Compliance Solution has summarized complete safety compliance details in their blog.
Taking charge of Strata Roll
A Strata Roll is a document comprising of vital property details such as property owner’s name, tenant name if any, address, phone, email, and more. The Owners Corporation gathers this information and forwards it to the Strata managers for strata environment understanding. The manager surveys and estimates the real estate based on this information and makes his/her plan to provide support and manage operations.
In simple terms, we can summarize that a strata manager acts as a middle man between the executive council and property owners for effective property maintenance, emergency responses, and administrative support tasks. As the council is unaware of the technical complexities and other unreasonable scenarios associates with each stratum, the manager’s field experience comes in handy.
With this in mind, it is worthwhile to get the benefit of the hands-on experience of dedicated strata managers for a better lifestyle, community living, and low-maintenance cost. Thus, for a seamless and coherent real estate functioning, it is a must.
