Also referred to as corporate body management, strata management is a finer and more specialized division of property management. It involves day to day management and operation of jointly owned properties comprising of common facilities, common areas and multiple units. To successfully manage such developments strata management was established. This helped create a framework for such ownership and establish guidelines for managing developments with multiple owners and users.
People managing such strata are referred to as strata managers. The duties of strata managers include:
- Roll out dates for special meetings, annual general meetings and committee meetings
- Prepare and circulate minutes, agendas and notices
- Attend correspondences
- Coordinate and organize maintenance and repairs of the common properties along with a preventive maintenance program
- Maintain the register of owner’s corporation
- Arrange for the timely payment of all invoices
- Roll out and circulate financial budgets and statements
- Roll out and circulate notices of contributions
- Attend to appeals, submissions and orders
- Ensuring the strata scheme’s compliance with the Work Health & Safety regulations
- Advising in handling complex and difficult strata issues
There are also some commonly used terms in strata management that one should be aware of.
Terms related to Strata Management
- Strata Corporation – A legal entity created under resisted under the Strata Property Act that has an identity of its own. It can sue and can be sued as well. A strata corporation divides a building/ buildings or a piece of land into strata based on owned and commonly used areas. For instance, Strata Parramatta in Sydney, a Strata Corporation in Sydney. This corporation is also responsible for maintaining and managing the assets and common properties under the strata development for the larger benefit of its owners.
- Strata Council – Primarily a governing body, similar to one elected in a small municipality, the strata council comprises of members you have been elected by the owners of the property. The number of members of a Strata Council vary between three to seven and not more and are elected and appointed during every Annual General Meeting. Th committee comprise of a President, Vice President, Secretary, Treasurer and a Special committee (if need be).
- Strata Agent – Strata agents are units employed by Strata Management Corporations in Sydney to implement decisions and policies devised by the Strata Council. The areas of involvement of Strata agents include guidance to Strata Council, maintenance needs, day to day operation, owner communications, administrative services and financial management.
- Strata Lot – Strata corporations are made of multiple strata lots. Strata lots refer to individual condominium units. Anything beyond the premises of a strata lot is either another strata lot or a common property or a limited common property.
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