When considering hiring a strata manager, keeping a few important things in mind is important. First of all, you should always stay involved during the entire process. A good strata manager will be available to answer questions and provide feedback.
Strata management is a building owner’s responsibility.
If you live in an apartment building, JEWhites strata management is an important part of the owner’s responsibility. It takes care of administrative tasks and finances for the complex. It also keeps updated records on property maintenance. Strata managers also take out insurance policies to protect the property from damage. In addition, strata managers determine who is responsible for various aspects of the building, such as plumbing and common walls.
While the role of the JEWhites Strata Manager is an important part of building ownership, it is important to remember that they can’t give legal advice. However, they can advise on bylaws and other matters related to strata management. They can also provide examples to help council members make decisions. A successful relationship involves communication and understanding each party’s responsibilities.
They prepare budgets
As a strata company, you are legally required to prepare budgets for your common property. The budget should include a 10-year plan for your reserve fund and meet the requirements of your scheme’s by-laws. A resolution must approve the budget of the strata company. The budget must also address the costs of maintaining and replacing common property. It includes any damage, ranging from fair wear and tear to an inherent defect.
The strata management team must review the general ledgers and historical data to develop the annual budget. They also need to consult with staff to gather information. For example, they will need to know how much money to contribute to reserves and whether regular maintenance will affect the depreciation report.
They conduct annual general meetings.
A strata management Adelaide company must conduct annual general meetings (AGM) to inform owners about their property management. These meetings allow owners to discuss important issues facing their building and elect committee members. The AGM is a very important process that is required by law. Therefore, the strata management company should provide all owners with agendas and minutes from past meetings to know what to expect from the meetings.
The strata management Adelaide company must have a written manual outlining how annual general meetings are conducted. This manual will outline the plan, any motions, and the timing of the meeting. It will also contain the procedures for voting and how notices should be distributed to owners.
They have systems in place.
Strata managers need systems that allow them to manage their communities efficiently. It includes systems for communication, scheduling, tracking, and reporting. With these, strata managers may save time tackling routine tasks. In addition, by implementing a system that automates these processes, strata managers can focus on other important tasks.
JEWhites Strata management is a vital process in the operation of a property. Skilful management can increase the market value of the property. Strata management involves a management body and a management agreement, and the owners corporation governs this agreement, with clear duties and responsibilities for each.
They have best-practice record keeping.
Strata management firms need to follow best practices regarding record keeping. It ensures that records are kept with 100% accuracy and fully compliant with strata laws. Strata legislation can be complex, and the terminology used can differ from state to state. Therefore, strata managers should implement systems that allow them to keep records in a way that is convenient and efficient.
Online storage has also made it easy to keep records. A strata website can serve as a central location for records. It’s flexible and customizable, and it can handle a large number of Strata properties. It’s also tailored to make strata management easier for clients.
Strata managers are professionals that oversee the daily operations of a strata scheme. Their job is to ensure that the common areas and buildings are maintained. They also work with the Council of the Strata Company to decide what specific works need to be done. The manager will usually meet with the owners of the strata scheme regularly to determine which tasks need to be performed. In addition, strata managers are responsible for meeting the strata title Act’s legal requirements and raising funds to meet the group’s costs.