Depending on the type of the scheme and the requirements of the scheme, strata management services required will vary. You may not have the same needs as a different strata company so you can’t exactly compare your needs. There is a contract that is set between the strata company and the managers. This will include a detailed description of the services provided.
There are certain general services that are provided by a strata manager. You can find more information about strata managers on the Body Corp blog. There will be many meetings that are carried out by the strata company. As there are many stakeholders it is important to have proper records of these meetings. Strata managers will be able to support these meetings by coordinating and chairing them. They will keep meticulous records of the meeting and ensure that all parties are provided with what was discussed at the meeting along with the decisions taken. This ensures that your meetings are more effective. They will also ensure that important news is shared at the meeting and that anything requiring action is discussed. They will set dates for meetings and ensure that all agendas, minutes and notices are prepared and distributed.
There are contributions or levies that are collected by the owners that go towards the day-to-day operations of the strata complex. This can be for certain expenses such as carrying out repairs and maintenance. Then there are also insurance expenses to be paid. The strata company will remind the owners of the payment that has to be made and when it has to be done. They will also collect these contributions and put them forward to the relevant uses. Property maintenance is an important aspect of maintaining a strata complex. It can be difficult to owners to carry this out as this tends to take up a huge part of the day. But strata managers are well versed in what is required for the daily upkeep of the complex and they can schedule repairs and maintenance work in your property. They will look for quotations from different contractors and get the approval of the owners for certain decisions. They will also arrange access to contractors coming into the property and coordinate their work. Paying of invoices will also be done by the strata manager.
It is the responsibility of the strata manager to ensure that the contractors brought onto the property for repair and maintenance work are compliant with insurance policies, certifications etc. There are also strata scheme by-laws that the managers are aware of and they will be able to inform the owners whenever there is a breach. They will also keep highly detailed financial records. This will include the payments made to contractors on behalf of the owners as well as for certain services such as utilities, insurance and certain approvals. They will prepare financial statements and annual budgets as well. Strata managers can also provide advice to owners on managing assets and how to handle certain complex strata issues.