What is Strata Management?

Strata management, also known as body corporate management, involves the administration of properties divided into individual lots, such as apartments, townhouses, or commercial units, as well as common areas shared by all owners. In NSW, these properties operate under the Strata Schemes Management Act 2015, which sets out the rules and regulations for managing strata schemes.

Strata managers ensure that the owners corporation (all property owners within the strata scheme) meets its legal obligations. They oversee the financial, administrative, and maintenance aspects of the property to ensure smooth operation and compliance with state legislation.

Key Responsibilities of Strata Management

The role of a strata manager extends beyond administrative tasks; it involves a range of duties that contribute to the well-being and functionality of the community, including but not limited to:

Financial Management: Handling the collection of levies, preparing budgets, managing the trust bank accounts, and ensuring bills are paid on time. Strata managers also arrange for annual financial reporting and assist with the preparation of funds for future repairs or upgrades.

Maintenance and Repairs: Coordinating the upkeep of common property, such as gardens, pools, and shared facilities. Strata managers organise repairs and routine maintenance to ensure the property is well-maintained and complies with safety regulations.

Compliance and Legal Requirements: Keeping the strata scheme compliant with the Strata Schemes Management Act 2015. This includes maintaining insurance policies, organising fire safety inspections, and ensuring compliance with Work Health and Safety (WHS) regulations. The owners corporation is not just bound by the above legislation; strata managing agents must also be aware of various laws to ensure the owners corporation operates correctly.

Meeting Organisation: Facilitating annual general meetings (AGMs) and other necessary meetings, preparing meeting agendas, taking minutes, and implementing resolutions passed by the owners corporation.

Dispute Resolution: Assisting in the resolution of disputes between owners, tenants, or contractors. A strata manager can act as a mediator to help resolve issues in line with the rules set out by the owners corporation.

Why is Strata Management Important?

Effective strata management helps maintain property value, ensures legal compliance, and creates a harmonious living environment for all residents. Without proper management, common property can deteriorate, disputes may escalate, and legal compliance could be compromised, leading to financial penalties and safety risks.

The Role of the Owners Corporation

While strata managers handle day-to-day management tasks, the ultimate responsibility for decision-making lies with the owners corporation. All lot owners are members of the owners corporation and have the right to participate in decision-making processes, such as approving budgets, passing by-laws, and electing committee members.

Looking to Change Strata Managers?

If you’re considering changing your strata managing agent, Keen Strata can help make the transition smooth and hassle-free. Our experienced team understands the intricacies of strata management in NSW and is committed to providing exceptional service tailored to your community’s needs. Contact us today to discuss how we can improve the management of your strata scheme and support a thriving, well-maintained property.