Between a strata management company, strata company and council of the strata company, it can be difficult to understand all the roles involved in running and maintaining a Strata Company.
We are here to help you understand the basics between a strata management company and a strata company.
Upon the registration of a strata scheme, a strata company comes into existence. A strata company is made up of all the lot owners within a strata complex and these owners will need to ensure their strata company complies with the Strata Titles Act. This is similar to how a a normal company is required to comply with certain rules and regulations. Strata companies have their own unique strata plan which specifies all the information about their unique strata property and how it runs, including by-laws that owners need to adhere to.
A strata management company, such as ESM Strata Pty Ltd is engaged by a strata company to assist in the daily running of the scheme. These are a few of the main functions that are undertaken by a Strata Manager, working for a strata management company. These functions ensure the successful running of a strata company and specified in the contract between strata company and strata manager.
Collecting contributions
Every Strata Company collects contributions from owners that help with the day-to-day running and expenses of the complex.
Your Strata Manager will support your Strata Company by collecting contributions from lot owners and chasing up any late payments.
Coordinating and chairing meetings
Your Strata Manager coordinates annual and extraordinary meetings and often chairs the meetings. They will also keep and record the formal minutes of the meeting. Having a Strata Manager perform this function enables you to conduct effective and compliant meetings.
Arranging for work to be completed on your property
Strata Managers can arrange for scheduled or unplanned work to be completed on your property, including arranging quotes, getting approval, arranging access, managing the works and paying invoices.
Issuing breach notices
Strata Managers can issue notices to owners that breach strata company bylaws on behalf of the strata company.
Keep detailed financial records
Strata Managers keep detailed financial records on behalf of your strata company and manage the financial accounts on your behalf.
Above all, strata living is about the positive connections that are made, where small communities are built.
If you would like to find out how ESM Strata Managers can support you with your property, please contact us for a quote.
