All about Strata Management in Australia

 


Strata management is a specific system of property management that helps run a collectively owned building with several apartments, common spaces, and common facilities regularly. It can also be understood as body corporate management. Its origins are in the strata law system of property in Australia to manage the common ownership in multi-storey apartments and complexes. A strata system is beneficial and must be established to give a framework for ownership and rules for managing projects with numerous users and owners to manage their property successfully.

Strata Manager

For the successful functioning of a strata management system, a strata manager is chosen within the strata scheme of the housing complex. This expert oversees the owners’ corporation administration. 

Strata managers are experts in their profession and familiar with state-based legal regulations. They ensure compliance with various regulations.

Additionally, they collaborate with the strata committee and owner’s corporation to reach an agreement on any action that has an impact on the entire building. 

Body corporate managers, owner’s corporation managers, and strata managing agents are other names for strata managers.

A strata manager’s specialised responsibilities also include:

Chairing meetings, collecting and banking levies, organising property upkeep, giving asset management advice, obtaining insurance as needed by law for a strata scheme, and maintaining records of all building finances. 

The strata manager also needs to be professional and has the experience to manage schemes of various sizes and levels of complexity, as well as strong people management abilities. 

They can handle even the most challenging problems without losing their cool and relieve pressure on the owners’ corporation.

Strata Management in Australia 

According to a study by the University of New South Wales, there are 2.6 million strata title lots in Australia with an insured value of roughly $1 trillion. It is a crucial tool for policymakers and will demonstrate the economic importance of the strata and community sectors to the national economy. 2.58 million lots and 316,227 strata plans are located throughout Australia. 42% of those have been registered since the year 2000. These strata properties are worth $995 billion in all.

However, the procedure is not much known to the general public.  

Several strata management companies offer services in Australia, but the key is to find a company that offers innovative services and is transparent in the pricing.

 

 

 

 

 

 

 


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