Strata Management SA
Strata management SA manages an apartment block/land or building consisting of multiple units and common areas. This is a common form of property ownership in many jurisdictions, including the United States.
Strata managers (also known as corporate body managers) oversee the day-to-day operations of a strata scheme on behalf of owners. They may exercise some powers and functions the Corporation has delegated to them, but they cannot do anything requiring a special or unanimous resolution.
Property Management
Strata properties are residential or commercial properties collectively owned and managed by the owner’s Corporation. These can range from flats, units, townhouses and more.
Depending on the state, these professionals are corporate body managers, owners, corporation managers, or strata managing agents. Their responsibilities are to ensure buildings and common areas within the strata-titled or community-titled scheme are correctly maintained for the benefit of all lot owners.
They also manage the financial, legal and contractual matters of the owner’s Corporation. This can include arranging quotes and maintenance, ensuring compliance with the Strata Titles Act 1988 (and amendments), organising tax requirements, keeping good financial records, raising funds to meet the group’s costs and more.
Financial Management
Financial management is a business function that involves profitability, expenses, cash and credit. It maximises investors’ profits by optimising the firm’s money usage. It is an essential factor in any business. It ensures the company has enough cash to pay the day-to-day expenses, raw materials, electricity bills and other costs.
Managing the finances of a company helps businesses gain profit and grow in the long run. This involves determining the amount of capital required, choosing the source of funds, and developing investment plans. Strata fees/ levies are essential items that Strata Corporations need to consider when running their Corporations. For example, some Strata Corporations raise a one-off maintenance levy to fund project works; others raise a sinking fund.
Contract Management
Strata management SA can be a daunting task for any budding property manager. Managing a complex building with multiple units and common areas requires an eye for detail and a well-trained crew. Many strata groups opt for a professional manager to make life easier for all involved. Strata management companies are licensed to provide various services, from strata administration to financial reporting and marketing. They can be hired on a monthly or annual basis. The Strata Property Act and the Real Estate Services Act govern licensed strata managers and their ilk, so ensuring your contract meets the minimum legal requirements is essential.
An appropriately crafted strata management contract will include features such as an information brochure, a quarterly property inspection, and the return of any records in the company’s possession or control within four weeks of the end of the contract.
Maintenance Management
Maintenance management in strata management SA involves keeping a company’s physical assets and resources well maintained. A quality maintenance management system can save companies a lot of money by minimising equipment failure, production downtime and all the expenses associated with those issues.
Using a combination of practices and computerised maintenance management software, maintenance managers can maximise the efficiency and reliability of their company’s assets. By monitoring and tracking the work that goes into their assets, they can ensure that their employees and complex machinery are always working correctly. A quality maintenance management system also helps keep a company compliant with industry regulations and codes. Maintenance managers can avoid costly fines and other penalties by ensuring everything is up to code.
Bylaw Management
Strata title is an area of legislation that governs townhouses, units, and commercial buildings such as shops. Bylaw management is enforcing and carrying out maintenance and repairs for common property. This can include car parks, entrances and lobbies, gardens, lifts, and recreational facilities. If you notice someone repeatedly breaching bylaws on your property, you may need to issue a notice of the breach. Your strata committee or manager will then provide the person with a copy of the information and ask them to stop the behaviour.
Strata Management SA
Strata management SA is the day-to-day operation and management of a property comprising multiple units, common areas and shared facilities. It is a specialist area of property management based on an Australian concept of law called strata title. Strata titles have been adopted by many markets globally, including Dubai, Abu Dhabi and India.
Managing the day-to-day running of your body’s corporate and common properties is often the responsibility of a professional strata manager or company.