Strata management services are a vital part of any strata scheme. They ensure that the property is well-maintained, and that the owners corporation is run efficiently.
In this article, we’ll take a quick 5-minute guide to the role of strata management services that will help you to understand their role in keeping strata managed properties maintained for all residents.
What are Strata Management Services?
Strata management services are a type of professional service that helps to manage the common areas and property of a strata scheme. This can include coordinating repairs and maintenance, preparing budgets, handling insurance claims, and organising meetings and records.
A strata manager is usually appointed by the owner’s corporation (OC) at their first annual general meeting (AGM), and their role is to act in the best interests of all lot owners. They are responsible for ensuring that the OC complies with relevant laws and regulations, and that the property is well-maintained.
Strata managers typically charge a percentage of the total budgeted expenditure for their services, but this will vary depending on the size and complexity of the strata scheme. Some strata managers also offer additional services such as bookkeeping, advice on insurance, and help with dispute resolution.
If you are considering buying a property in a strata scheme, it is important to check that the OC has a valid strata management contract in place. This will give you an idea of what type of services you can expect, and how much they will cost. You should also ask to see the OC’s financial records so that you can get an understanding of their current financial situation.
Different Types of Strata Management Services
There are many different types of strata management services available, so it is important to choose the right one for your needs. Here is a quick guide to help you get started:
1. Property Management: This type of service handles the day-to-day operations of the strata scheme, such as maintaining the common areas, collecting levies, and managing repairs and maintenance.
2. Financial Management: This type of service manages the finances of the strata scheme, including preparing financial reports, collecting levies, and paying bills.
3. Administrative Services: This type of service handles the administrative tasks associated with running the strata scheme, such as preparing meeting minutes, maintaining records, and handling correspondence.
4. Legal Services: This type of service provides legal advice and representation for the strata scheme, and can assist with disputes, compliance issues, and other legal matters.
5. Insurance: This type of service helps to protect the strata scheme against risks such as fire, theft, and damage. It can also help to cover the costs of repairs and replacement if something does go wrong.
Choosing the right strata management services is essential to ensuring that your property is well-maintained and run efficiently. If you are unsure which type of service is right for you, speak to a professional strata management company for advice.
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