When you are setting up a strata scheme, there will be a lot occupying your mind. You will have the initial design and building of the development with all that entails. Beyond the building stage, you will have to consider strata management. It's unlikely that you will have the resources or the desire to engage in long-term strata management yourself, so you must look for a strata management company to take on that role for the future.
What skills must a strata management company possess?
In basic terms, a strata management company will be responsible for taking care of the lot owners and making sure that their best interests are served at every stage. The strata management company will report to the owners' committee, and they will also be responsible for providing everything that the committee needs to have to operate effectively. This might include making certain that all of the stakeholders have minutes and agendas for all of the meetings. The strata management team will also be responsible for caring for all communal elements of the property. They must schedule regular maintenance and deal with any emergency repairs that are needed. They might have their own team to carry out this work, or they could establish a working relationship with a local maintenance company to undertake the work on their behalf.
Finally, a strata management team must be able to deal with all of the finance and administration tasks that come with a strata scheme. They will keep records of all financial transactions, maintain insurance policies and collect levies when they are due.
Finding the right strata management team
While you might think that most of the work of a strata management team can be carried out by any administration company, it is important to realise that to complete their work effectively, the strata management team must have a firm grasp of all aspects of strata law, which can be quite complex. Upholding the interests of the lot owners must involve understanding how the law applies to every possible situation so that no-one gets surprised and finds that they suddenly have a large bill to pay because the complexities of the situation were not grasped sufficiently. One of the best ways of identifying a possible strata management company is finding out whether or not they are a member of the strata community association. If they hold a valid membership of the association, that should indicate that the team you are considering have a proven track record in strata management and can be trusted to care for your development.
Share4 January 2021
I have a pretty successful local startup but I know that I could do even better if I expanded my business to a larger market. Unfortunately no matter how protiable a local small business is, no bank will lend me enough money for an international expansion. That's why I am preparing to pitch my business to equity investors and potential joint venture partners. Having a strong pitch will help maximise my chances of success. My blog has some of my work on improving my pitch and should be useful to anyone who is looking to pitch their business to investors.
