What is Strata Management?

Strata Management, Owners Corporation Management (previously known as Body Corporate) is a specialist area of property management.

The difference between a strata manager and a property manager is quite significant.

Strata Management involves the day to day operation and management of a property that is jointly owned and comprises multiple units, common areas and common facilities.

As most day to day duties are complex, most Owners Corporations choose to use the services of a professional Strata / Owners Corporation Manager.

If you buy a property which is part of a plan of subdivision then you are automatically a member of an Owners Corporation.

Benefits of having a professional Owners Corporation Manager

The legislation governing Owners Corporations and the compliance requirements are quite complex.

Owners that choose to manage the Owners Coporation themselves are expected to perform the role of managers, with the expertise of a lawyer, valuer, insurance broker and accountant.

That’s why many Owners Corporations are moving away from self management to professional management as they assist with finances, insurance, administration, meetings, maintenance, disputes / relationship breakdowns between lot owners / occupiers.

Auswide Strata Management work to ensure Owners Corporations are complient with their legal responsibilities and strive to protect owner assets.

As an owner of a lot, would you know how to deal with:

  • A blocked storm water or sewerage pipe that services more than one lot?
  • Collect monies from other owners to pay for repairs/maintenance/insurance?
  • Parking issues?
  • Disputes / complaints?
  • Enquiries from purchasers?
  • Occupational, Health & Safety compliance?
  • Prepare an Owners Corporation certificate in the event of a sale?

Do you know, under the Owners Corporation Act 2006 and Owners Corporation Regulations 2007 all buildings on common property must have sufficient building insurance in place for total replacement value and legal liability insurance for the common property?