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If you own a strata-titled property, you may be wondering if you can do your own Strata Title Management?

What is Strata Title Management?

Strata Title Management is a method of property ownership commonly used in multi-unit developments such as apartments, townhouses, and commercial buildings. It allows for individual ownership of a unit within a larger building or development, with shared ownership of common areas and facilities such as hallways, gardens, and car parks.

The ownership of each individual unit is represented by a strata title, which includes both the unit itself and a share in the common property. The owner is responsible for maintaining and repairing their unit, while the management of the common areas is the responsibility of a strata management company or body corporate comprising of all the individual owners.

Strata title management involves the efficient and effective management of the shared areas and facilities to ensure that they are maintained to a high standard and available for use by all owners. This includes regular maintenance, repairs, and upgrades to the common areas, as well as establishing and enforcing rules and regulations for the use of the shared facilities.

It is important for strata title management companies to have a detailed understanding of the legal and regulatory requirements surrounding strata title ownership, as well as effective communication and conflict resolution skills to manage any disputes that may arise between owners.

In summary, strata title management is a complex and important aspect of multi-unit property ownership, requiring expertise in property management, legal compliance, and effective communication to ensure the smooth running of the development and the satisfaction of all owners.

Can I manage my own strata property?

The short answer is yes, you can manage your own strata property. There is no legal requirement for you to hire a strata manager or strata management company to manage your strata property on behalf of the owners. Self-managing your strata is common amongst strata title properties with few lots, and thousands of buildings across Australia self-manage their strata properties to great success. Read more about what you need to consider:

What does managing your own strata mean:

Having a very clear understanding of what a strata company is and what self-managing it looks like is essential. The most important thing to remember that a strata company is a legal entity that is governed by the Strata Titles Act legislation. All strata companies in Australia are made up of multiple owners all having shared ownership in the common property of the complex – such as lifts, gardens, carparks and driveways and they all contribute to the running costs of those common areas, as well as things like building insurance (depending on the type of strata title that you own). Looking after the property, paying for maintenance, raising money from owners are just some of the responsibilities self-management comes with. Others include:

  • Handling and paying for maintenance issues for common property
  • Chairing
  • Selecting insurance providers and maintaining insurance
  • Preparing, archiving, and providing documentation and records
  • Preparing and monitoring budgets and payments
  • Enforcing the body corporate’s rules

The risks of managing your own strata property:

A poorly managed strata scheme can lead to a lot of things. For example:

  • Disputes amongst owners
  • Devaluation of the property due to:
    • disputes
    • insufficient funds
    • not keeping up with maintenance
    • damage to property
  • Financial strife
  • Tribunal enquiries

Depending on the size of your strata complex, looking after important things like funds, insurances, formal meetings, maintenance and future forecasting may be very achievable – however having a Strata Management Company support you to do those things may save you so much trouble in the future.

How hard is it to self-manage your strata?

There are a few key rules to follow if you want to do your own Strata Title Management, but the easiest way of doing it is to think of it like a business that has to satisfy a certain number of regulations and have a central bank account. There are software programs that can support you to manage your own strata company and a lot of free information online that can help. For example in our Knowledgebase you can learn how to chair your own council meeting, learn more about bylaws and discover how to manage disputes within your complex.

What are the legal requirements for strata title management?

Strata title management is a legal responsibility that comes with owning a strata-titled property. It involves the administration of common areas, the collection of levies, the maintenance of the building, and the resolution of disputes among owners. Strata title management is governed by a specific set of rules and regulations that aim to protect the rights of all owners and ensure the proper management of the property. In this article, we will discuss the legal requirements for strata title management.

1. Strata Management Act

The Strata Management Act is the primary legislation that governs strata title management in most states in Australia. It sets out the rights and obligations of strata title owners, the functions and responsibilities of the strata committee, and the procedures for the management of the strata property.

2. Strata By-Laws

Strata By-Laws are rules that are specific to each individual strata property. They are created by the owners and can cover a wide range of issues such as the use of common property, the keeping of pets, and the disposal of rubbish. By-Laws must be consistent with the Strata Management Act and cannot be discriminatory or unreasonable.

3. Strata Schemes Management Regulation

The Strata Schemes Management Regulation sets out the specific requirements for strata title management in New South Wales. It covers issues such as the conduct of meetings, the keeping of records, and the preparation of financial statements.

4. Strata Community Code of Conduct

The Strata Community Code of Conduct is a set of guidelines that aim to promote good conduct among strata title owners, occupants, and managers. It covers issues such as respect for privacy, responsible use of common property, and the resolution of disputes. The code of conduct is not legally enforceable, but it provides a framework for good behaviour and sets expectations for all parties involved in strata title management.

Contact the ESM Strata team to learn more about how we can help you manage your own strata complex.