Have you ever wondered what strata management is all about? If so, you’re not alone. In fact, strata management is something that confuses a lot of people.
But it doesn’t have to be complicated. In this five-minute guide, we’ll explain everything you need to know about strata management. By the end, you’ll have a good understanding of what it is and how it works.
So, let’s get started…
What is Strata Management?
In simple terms, strata management is the process of managing a property that has been divided into units (known as strata titles). This includes things like maintaining common areas, collecting levies from owners, and dealing with any disputes that may arise.
Who is Involved in Strata Management?
There are three key parties involved in strata management: the owner’s corporation (also known as the body corporate), the strata manager, and the lot owners.
The owner’s corporation is responsible for making sure the property is well-maintained and compliant with all relevant laws. They do this by passing resolutions at meetings and appointing a strata manager to carry out day-to-day tasks.
Strata management services are hired by the owner’s corporation to take care of all the nitty-gritty details associated with strata management. Adelaide strata services are respoinsible preparing meeting agendas, keeping financial records, and liaising with service providers.
The lot owners are the people who own the units within the strata scheme. They are responsible for paying levies to the owner’s corporation and complying with the by-laws.
What are the Benefits of Strata Management?
There are many benefits to having a strata management system in place. For one, it helps to keep the property well-maintained and organized. This, in turn, can add value to the units and make them more attractive to potential buyers.
Another benefit is that it provides a forum for owners to discuss any issues or concerns they may have about the property. And finally, it gives everyone a clear understanding of their rights and responsibilities.
What are the Drawbacks of Strata Management?
Of course, there are also some drawbacks to strata management. The main one is that it can be quite time-consuming and expensive to set up and maintain. Additionally, if there are a lot of units in the property, it can be difficult to get everyone to agree on decisions.
How Does Strata Management Work?
Now that we’ve answered some of the basics, let’s take a more in-depth look at how strata management works.
As we mentioned earlier, the first step is to create a strata scheme. This involves dividing the property into units and common areas. Once this is done, an owner’s corporation can be formed.
The owner’s corporation is responsible for passing resolutions and appointing a strata manager. They will also need to create by-laws that all owners must follow. These by-laws can cover things like noise levels, pet restrictions, and the use of common areas.
Once the strata scheme is up and running, the strata manager will take care of all the day-to-day tasks associated with managing the property. This includes preparing meeting agendas, keeping financial records, and liaising with service providers.
The lot owners will also have certain responsibilities, such as paying levies and complying with the by-laws. If there are any disputes, it will be up to the strata manager or owner’s corporation to resolve them.
Final Thoughts
Strata management can be quite complex, but we hope this guide has given you a better understanding of how it works. If you’re thinking of setting up a strata scheme, be sure to seek professional advice to ensure everything is done correctly.