There is so much about strata management that most people don’t know.
Strata management is a critical part of maintaining property value in Australia. It is an important tool for managing owners’ responsibilities, rights, and obligations in a strata property. There is much to know about strata management Adelaide, from helping to set out rules and regulations to ensuring common areas are well-kept and maintained. Here are ten key things you should know:
1. Strata management is a popular form of ownership for multi-unit dwellings, where individual owners unite and share rights to communal spaces. It involves shared ownership of common areas such as driveways, gardens, pools, and hallways. It also means that the maintenance and repair costs are shared between all owners.
2. Strata schemes require either a body corporate manager or owners can manage their scheme with the help of a strata management firm to provide advice on legal and technical matters. Strata living involves certain costs, such as the payment of levies, and a good strata management firm can help keep costs down. This is also a popular option as it ensures all owners can access the same information to make informed decisions.
3. Strata management companies provide services such as organising and managing meetings, overseeing repairs and maintenance, collecting fees, resolving disputes amongst owners, and preparing budgets and financial statements. They are responsible for ensuring adherence to the strata laws and regulations. They are the ones who coordinate and manage the scheme and are responsible for the enforcement of by-laws.
4. In Australia, there is no one size fits all approach to strata management – each state and territory has different legislation and rules for living. States may follow different approaches, but all states follow a similar framework. For example, in New South Wales, the Strata Schemes Management Act 1996 is the primary legislation for strata management which states that an owner’s corporation must exist for all strata schemes.
5. Several fees are associated with strata management, including administration fees and levies that cover the cost of maintaining common areas and services. The amount depends on several factors, such as the size of the building, amenities and services provided by the strata manager, and insurance. Strata management companies may charge a one-off fee to set up the scheme and an ongoing management fee collected from owners.
6. Strata managers must be licensed in all Australian states and territories to ensure they have the qualifications and expertise to manage strata schemes. They may also need additional professional memberships or qualifications for specific requirements such as insurance or accounting services. This is one thing you must ensure when selecting a strata management firm.
7. Regular inspections are essential to ensure the building meets local state regulations and provides a safe environment for all occupants. The strata manager will regularly inspect common areas and ensure maintenance is carried out as required. They can also advise on how to improve the aesthetics of an area and reduce potential threats or hazards.
8. An important aspect of strata management is dispute resolution between owners, tenants and contractors. Strata managers are trained to handle these disputes and ensure everyone upholds their obligations under the strata laws. This can involve arranging a resolution meeting or seeking legal advice to resolve an issue.
9. Regarding disputes between owners, mediation is often the best course of action and can be organised by the strata manager. They can also advise on the possible repercussions of taking legal action and help resolve a dispute before it reaches court.
10. Strata management is an important part of living in a strata-titled property, ensuring everyone’s rights are respected, and common area maintenance is carried out efficiently. A good strata manager can advise owners on legal matters, organise meetings and resolve disputes between owners. They play an essential role in ensuring strata schemes run smoothly and efficiently.
The right strata management plan is essential for keeping your property safe, secure, and running smoothly. By selecting the right strata manager and understanding the rules, regulations and fees associated with living in a strata-titled property, you can ensure that your life in a strata scheme is as stress-free as possible.
Strata management is a crucial part of maintaining the value of your property, so make sure you’re informed and take the necessary steps to ensure it smoothly. Yes, strata management Adelaide can be complicated, but with the right information and support, you can create a safe and enjoyable living environment for all owners.