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Residential Strata Management

In Sydney today it is evident that many people are moving away from the typical house in the suburbs to community and strata titled apartments closer to the city. Some of the reasons behind the growing popularity are due to increasing property prices, interest rate rises and the aging baby boomer population.

In Sydney alone there are over 300,000 units with increasing numbers of strata titled developments being registered daily.

One of the many challenges facing strata living today is that many new owners have no previous experience in the strata lifestyle and are not fully aware of the differences between strata living and residing in a house. Strata schemes are in effect small communities where the activities and attitudes of residents may have a significant impact on the satisfaction and enjoyment of others. It is important for people to be aware of their responsibilities and obligations when owning a strata unit.

Upon the purchase of a strata titled unit you immediately form part of the Owners Corporation which is the body consisting of all owners in the strata scheme. Each lot owner is part of the Owners Corporation and has a right to participate in the corporation’s decision making. The Owners Corporation must:

• look after common property and do all repairs
• manage the finances of the strata scheme and administer the by-laws
• levy owners in the strata scheme to raise enough funds to carry out its duties
• record all details of notices
• keep minutes of its meetings, including details of motions passed
• keep copies of all received and sent correspondence
• keep proxies given to the owners corporation
• keep accounting records and financial statements
• prepare and keep a strata roll
• insure the building under a damage policy with an approved insurer
• insure against damage to property, death or injury for which the owners corporation could become responsible
• have workers compensation insurance
• insure against any damage that it may become liable for when a person does voluntary work for the owners corporation in the building or on common property.

As you can see from the above the duties and obligations of an Owners Corporation are extensive and onerous. Owners Corporations may face large monetary penalties if the scheme is not managed correctly and in accordance with the Strata Schemes Management Act.

This is why Owners Corporations should appoint a strata managing agent to carry out some or all of the functions, duties or powers of the owners corporation.

The Strata Agency is focused on providing sound administrative, secretarial and maintenance services to strata title properties with a special focus on creating a peaceful and harmonious environment for owners and occupants to reside.

We ensure that Owners Corporations adhere to the regulations of the Strata Schemes Management Act and also understand the importance of implementing corporate governance and accounting standards.

The Strata Agency would welcome the opportunity to discuss the management of your scheme. 

If you would like an obligation free management quotation please contact us