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Strata Management

Can I do my own Strata Title Management?

By September 10, 2021No Comments

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

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.

Self-managed Support

If you are thinking of self-managing your own strata property but still need some support from an expert strata manager, ESM Strata has a Self-Managed support option that enables you to Manage your Strata Company yourself with a bit of expert guidance and professional advice from a leading Strata Management company.

Services include:

  • Establishing and managing your bank account
  • Maintain books and accounts
  • Prepare budgets
  • Issue notices of levies payable
  • Arrange maintenance as required

Additional services required can be provided at an agreed upon rate.

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