Strata management service a comprehensive package

Strata management, an innovative concept that originated in the state of NSW in Australia, has become a homeowner friendly initiative having gone through many amendments. In addition, new rules continue to emerge to safeguard the interests of lot owners by facilitating speedy dispute resolution, helping to build an environment conducive to peaceful coexistence.

Apart from the Transfer Law of 1961, the other relevant laws that help in the management of strata are the following:

• Community Land Development Act of 1961.

• Strata Schemes Lease Development Act of 1986

• Law of dividing fences of 1991.

• Residential Leases Law of 2010.

• Graffiti Control Act of 1991

• Personal Information and Privacy Protection Act of 1998

These are some of the latest rules implemented by the Government for the successful operation of the strata scheme.

Strata management which involves the day-to-day running of a strata scheme which in turn refers to the legal ownership of a part of a building more commonly known as lots. Owners of individual lots hold title to or ownership of their lot and at the same time share joint ownership of the common property and common facilities.

Managing a strata scheme, especially for medium and large ones, is not an easy task. Although some people may not agree with hiring a professional strata management company, they should understand that there are many complexities involved in running a strata property. It involves great responsibility, requires detailed attention and time.

Strata management companies are capable of managing the operation of different strata schemes: residential, commercial and neighborhood schemes. So, with their diversified knowledge, managers can handle any kind of work related to strata schemes.

Staying in a strata scheme, one can understand its complexities to some extent, but to deal with daily work, rules and regulations requires knowledge, professionalism and qualities unique to each strata scheme.

Once you have entered into an agreement with a reputable management company, you will have a deeper understanding of the jobs performed by them. Therefore, any doubts that arise about cost cutting should be dispelled and you can go about your daily business with a clear mind; rest assured that you can return home and relax in a hassle-free environment.

Now let’s analyze what strata management encompasses:

• A strata manager ensures that the scheme complies with the Strata Management Act to avoid any kind of legal problems that may arise with civic bodies.

• Handles all financial aspects, including collecting and paying taxes, insurance, money for the sinking fund, budgeting, and all types of accounting and record keeping.

• Maintains standards, meets expectations, and promotes schema development.

• Mitigation of any dispute

• Work closely with Executive Committee members to maintain and develop common property.

• Help the member rent/lease their lot.

Therefore, you will be doing yourself a favor by hiring the best possible strata management agency, which in addition to providing you with a calm and hassle-free environment, will also help increase the value of your property.