Understanding the Role of Strata Management Companies
As a property owner, you will likely encounter a strata management company at some point. In this article, we’ll give you an introduction to what these companies do and how they can help you.
A strata management company is a business that provides support and services to owners of properties that are part of a strata scheme. These schemes are common in places where there are multiple properties that share common facilities, such as apartment buildings or office complexes.
The role of the strata management company is to manage the shared facilities and common areas on behalf of the owners. This includes tasks like maintaining the building, collecting strata fees, and handling any disputes that may arise.
Responsibilities of strata management company
A strata management company provides a range of services to owners of strata-titled property. These services can include:
- Preparing and maintaining strata records
- Organising and conducting strata meetings
- Collecting strata levies and fees
- Arranging insurance cover for the property
- Maintaining common areas and facilities
- Dealing with repairs and maintenance issues
- Providing advice on strata law and regulations.
Strata management companies can be either standalone businesses – like Strata Data Adelaide, or divisions of larger property management companies. Many strata management companies are members of professional bodies such as the Australian Institute of Strata Title Management (AISTM).
What are the roles covered by strata management?
The size and scope of services provided by a strata management company will vary depending on the needs of the particular strata scheme. Some strata schemes may only require basic services such as levy collection and maintenance of records, while others may need more comprehensive services such as organising repairs and dealing with problem tenants.
Things to consider when hiring strata management
When choosing a strata management company, it is important to consider the size and complexity of your strata scheme, as well as the company’s reputation and track record. It is also a good idea to get quotes from a few different companies before making a decision.
Who pays for the strata management services?
The service fees for strata management are typically paid by the owner’s corporation. In some cases, however, individual owners may be responsible for paying a portion of the fees. Service fees vary depending on the size and complexity of the strata scheme, but typically range from $500 to $5,000 per year.
Are strata management laws state by state or national?
Strata management laws vary from state to state in Australia. However, there are some general principles that apply across the country. For example, all strata schemes must be registered with the relevant state authority. Scheme members must also follow the rules set out in the scheme’s governing document, known as the strata title deed.
In NSW, for instance, the Strata Schemes Management Act 2015 sets out the rules for strata schemes. This includes specifying who can own a strata unit, how strata committees are elected, and what powers they have. The Act also covers topics such as repairs and maintenance, insurance, and dispute resolution.
Each state has its own legislation governing strata schemes. So it’s important to check the laws that apply in your state or territory. You can find out more by contacting your state or territory’s strata scheme regulator.
In addition to state and territory laws, there are also some national laws that apply to strata schemes. For example, the Competition and Consumer Act 2010 (Cth) contains general protections for consumers, including those who live in strata schemes. This Act covers topics such as unfair contract terms, false or misleading representations, and unconscionable conduct.