Self Management
Many small to medium Strata Plans can be successfully self managed where you have sufficient numbers of interested and active people with a variety of skills to enable the Strata Council to perform its obligations and responsibilities as stated in the Strata Titles Act 1985.
Armed with a copy of the Strata Titles Act many small to medium Strata Plans cope with the day to day running.
Management of the Strata Company is the responsibility of the Strata Council which has been duly elected by the members eligible to vote, in accordance with its by-laws. Although some Strata Companies are efficiently operated by their Council members, and are well supported by the Lot owners. Many find that self management is not for them, citing issues such as being time poor and/or lack of expertise to deal with the many responsibilities, some just feel that a third party is best placed to deal with the many of these issues and responsibilities.
Issues that may arise within a Self Managed Strata Plan are:
- Strata Council not keeping up to date with changes to the Strata Titles Act and how it may effect the Strata Plan. This situation may impact on the value of your property.
- Proper financial accountability, planning for the future and the setting up and management future or long term maintenance projects not carried out, leaving Lot owners out of pocket or faced with sudden large one off payments that have not been budgeted for.
- Exclusive use issues.
- Disputes resolution processes are often difficult when dealing with neighbours or friends.
- Always the same people on the Council, leading to the Council members being left feeling disheartened by the process and used, or other lot owners feeling unhappy with the decision making processes by these few.
- Poor maintenance of the Strata Roll, minutes and financial documents.
- Unaware of potential legal implications or obligations
The employment of a professional Strata Management Company should be considered when wishing to prevent or solve many of these issues. The Strata Council always remains responsible for the activities of the Strata plan. The Strata Management Company is employed to assist the Strata Council and should ensure that finances are kept secure in a Trust Account and appropriate planning is undertaken, that the legal requirements are met by the Strata Company and that professional negotiation skills to resolve issues and conflicts between members are employed. These activities are undertaken by the Strata Management Company on behalf of the Strata Council as per the Agreement.
CARE STRATA MANAGEMENT believes that the three essential qualities of an excellent Strata Management Company are:
- Comprehensive working knowledge of the Strata Titles ACT 1985 to ensure that the Strata Council complies with its legal requirements.
- Leading accounting and administrative systems to support the Strata Council with the day-to day operation of the Strata Company
- Exceptional "people skills" to negotiate the many and varied issues that arise in a "community living" situation.
These essential qualities work towards maintaining and improving the value of your property, whether you are an owner/occupier or an investor
For further information on the CARE STRATA MANAGEMENT services available for residential, commercial, industrial or mixed properties please go to OUR SERVICES, or to obtain a Quote from Care Strata Management