Any body corporate’s primary goal is to increase shareholder wealth through profit, but there are numerous other considerations that must be kept in mind.
A body corporate must prioritise its commercial operations while also keeping an eye on its assets and obligations.
The process of strata management can be used to manage their property. We shall cover every aspect of strata management in this essay.
Strata management is an idea that is growing in popularity nowadays. Body corporate management is another name for strata management, which is when body corporates assign the responsibility of managing their properties to the stratum managers.
This method of property management is spreading quickly over the globe. Australia is where this originated.
Although body corporates apply this idea, individuals can participate in individual stratum management if they feel they can handle the situation on their own.
PARTICIPANTS IN STRATA MANAGEMENT:
1. Body Corporate Finance Management:
The financial administration of the property jointly owned by the body corporate is the most significant activity of strata management.
The strata management services offer the ability to track and manage property spending in accordance with plans and budgets.
For instance, in the case of a building, it comprises all costs related to maintaining and repairing the same.
In addition to this, the managers monitor the amount of energy and water allocated to each unit, if a connection is made available.
2. Monitoring Compliance With The Law:
Monitoring compliance with the aspects of the law governing strata management is another crucial function that a stratum management service offers to its clients.
A firm needs a professional service that assists in keeping track of the provisions of strata management in the same way as it needs a professional to keep watch of environmental protection and legislation.
This lessens government interference and legal entanglements that could harm the company’s brand and give it a bad name.
3. Keep a record of previous transactions:
Purchasing a physical asset involves spending a significant amount of money. Due to the high proportional amount, payments cannot be made in one lump sum.
Depending on the need and usability of the property, alternative choices such as the EMI system of payment, lease, hire-purchase, and others are also available.
So, regardless of the method of transaction, it’s important to keep track of how much has been paid and how much is still owed.
4. Maintains a Strata Roll:
Keeping track of a strata roll is another crucial task that falls under the scope of strata management.
The strata managers maintain a record of the tenants who have rented the property at any given time, the agreements made and the related legal documents, the property’s insurance policies, the rent received with its voucher, other managing agents who have previously taken care of the property, the specifics of all the contracts they have entered into, and other information of this nature.
So, we covered a variety of data concerning strata management in the sections above.
Since it is a sort of management, it operates in a manner similar to how a firm is managed generally.
For corporations with extensive operational scopes, strata management services can be highly beneficial.
WHAT ALL DOES STRATA MANAGEMENT SERVICES INCLUDE?
The needs for and requirements for strata management services vary from scheme to scheme.
It is advisable to speak with your strata company manager about the services and support you and your fellow council members require to efficiently manage your complex since the needs of your strata company are probably different from those of you neighbours.
The contract that the strata managers have with the strata firm specifies the extent of their responsibilities. Ask for a copy of your agreement if you are unsure of the services that are covered.
You can anticipate the following strata management services:
1. Meeting Assistance
Your strata manager can organise regular meeting schedules, as well as annual and special gatherings. They will also preserve a record of the meeting’s decision. This task can be handled by a strata manager, allowing you to run meetings that are both efficient and legal.
2. Monetary Services
The daily operations and costs of the complex, such as insurance, landscaping, and building repairs and upkeep, are covered by levies, which the strata company collects from owners.
Strata Managers provide financial assistance to strata firms by collecting fees from lot owners.
3. Property Preservation
Strata managers can make arrangements for planned or unforeseen repairs to be done on your property, including getting quotations, getting authorization, setting up access, coordinating the work, and paying bills. Prior to beginning work at a scheme, strata managers may also make sure all suppliers and contractors are in compliance, such as by holding valid insurance coverage.
4. Scheme Adherence
Owners who violate the bylaws of the strata corporation may receive notices from the strata manager. Learn more about breaches of bylaws for strata schemes here.
5. Maintain Thorough Financial Records
Strata managers can manage the financial accounts and maintain thorough financial records on your behalf for your strata organisation.
Conclusion!
If you have any queries regarding the duties of your strata manager, you can find a detailed explanation in your strata company’s contract with your strata management or you can get in touch with your strata manager.
To ensure that your strata property’s everyday operations go as smoothly as possible, Exclusive Strata Management’s skilled strata managers can offer a number of professional services as needed.