#Strata Schemes Management Act

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Strata management services are a set of professional services that are designed to help the owners of strata-titled properties, such as apartments or townhouses, manage and maintain their properties. These services may include managing finances, maintaining the building and common areas, enforcing bylaws, and communicating with residents.

In Sydney and Newcastle, there are several companies that provide strata management services. These companies, also known as strata managers, are responsible for handling the day-to-day operations of strata-titled properties and ensuring that they run smoothly and efficiently. We may also provide additional services such as arranging repairs, providing insurance, conducting strata meetings and much more. These companies have a good knowledge of the laws and regulations of New South Wales, the state where Sydney and Newcastle are located.

Some examples of strata management companies that operate in Sydney and Newcastle include Wellman Strata, Strata Choice, Strata Data, Strata Community Australia and many more.

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Quick Guide about Singapore Condominiums

Singapore condos offer a luxurious lifestyle for locals and expats. They are great for those looking to invest in high-end properties. These homes have many amenities right in the city.

Buying a Singapore condo can be a smart move. It can grow in value and earn rental income. For expats, these condos offer a safe and comfy place to live. They are close to the city's best spots and business areas.

This guide will cover Singapore condos. We'll talk about the types, living in a condo, and what to think about when buying one. It's perfect for locals or expats wanting to explore Singapore condos.

Key Takeaways

Singapore condos offer luxurious amenities and facilities for high-end living

Condos provide a convenient and secure lifestyle in prime locations

Investing in a Singapore condo can yield capital appreciation and rental income

Various types of condos cater to different budgets and preferences

Consider location, amenities, and developer reputation when purchasing a condo

Understanding Singapore Condominiums

Condominiums like Emerald of Katong are a top choice for homebuyers and investors in Singapore. They mix private living with community life. This makes them great for those wanting a comfy and fancy lifestyle. Let's look into what a condominium in Singapore means and how it differs from apartments.

Definition of a Condominium in Singapore

In Singapore, a condominium means owning your unit and sharing common areas with others. It's ruled by the Building Maintenance and Strata Management Act (BMSMA). This act sets the rules for upkeep and management. Each unit gets a strata title, giving the owner full rights to their unit and a share in common areas.

Differences between Condominiums and Apartments

Condominiums and apartments might look similar, but they're not the same:

Ownership: In a condo, you own your unit and part of common areas. Apartments are rented from one owner or a company.

Amenities: Condos usually have more amenities like pools, gyms, and gardens than apartments.

Management: Condos have a management team made of owners. Apartments are managed by one person or a company.

Maintenance fees: Condo owners pay fees for common area upkeep. Apartment tenants don't have this cost.

Knowing what makes condominiums special in Singapore is key for buyers or investors. Understanding the differences between condos and apartments helps you make a choice that fits your life and budget.

Types of Condominiums in Singapore

In Singapore, there are two main kinds of condominiums: private and Executive Condominiums (ECs). Each type has its own special features and benefits. They suit different lifestyles and budgets. Let's look at these two kinds of condos more closely.

Private Condominiums

Private condominiums are the most common in Singapore. They are made by private companies and can be bought by locals and foreigners. These condos have two kinds of ownership: freehold and 99-year leasehold.

Freehold condos mean you own the property forever. They are great for those wanting a long-term investment or a home for their family. 99-year leasehold condos are cheaper but have a shorter term. After 99 years, the property goes back to the state.

Private condos have great amenities like pools, gyms, and tennis courts. They offer a luxurious lifestyle. These condos have modern designs and top-quality finishes. They are a top choice for those who want the best.

Executive Condominiums (ECs)

Executive Condominiums, or ECs, are a special kind of condo in Singapore. They are cheaper than private condos and made for middle-income Singaporeans. They are developed by private companies but sold through the Housing and Development Board (HDB) scheme.

To buy an EC, you must be a Singaporean citizen and have a certain income. ECs have a 99-year lease and have a five-year rule. During these five years, you can't sell or rent out your unit.

After five years, ECs can be sold to Singaporeans and Permanent Residents. Ten years after the project finishes, ECs can be sold to foreigners too. This makes ECs a good choice for those wanting private condo living at a lower price. They also have the chance for their value to go up over time.

Advantages of Living in a Singapore Condominium

These places are also in great locations. They are near MRT stations, shopping malls, and schools. This means easy access to transport, shops, and schools. It saves time and makes life easier.

Also, condos have professional teams that take care of everything. They keep common areas clean, ensure security, and fix any problems. This gives residents peace of mind, knowing their place is safe and well-kept.

Living in a Singapore condominium is not just about having a place to call home; it's about embracing a lifestyle that offers comfort, convenience, and a sense of community.

So, what are the main benefits of living in a Singapore condominium?

Access to a wide range of amenities and facilities that enhance lifestyle

Convenient locations near transportation, retail, and educational facilities

Professional property management teams that ensure a well-maintained and secure living environment

Singapore Condominium quick guide

Looking for the perfect condo in Singapore? Think about a few key things that affect your life there. Location, transport links, facilities, and security are all important. They help you pick the right home for your life and needs.

Location and Accessibility

Choosing a condo's location is very important. Many are in prime spots, close to MRT stations and bus stops. This makes getting to work, school, or other places easy.

Being near big roads is also good for drivers. It makes getting around the island easy.

Facilities and Amenities

Condos in Singapore are known for their many facilities. You'll find pools, gyms, and big gardens. They offer a resort feel right at home.

Some even have tennis courts, BBQ pits, and play areas for kids. There's something for everyone.

Security and Maintenance

Gated communities mean better security and upkeep. Condos in Singapore have 24/7 security and CCTV. This keeps you and your family safe.

They also focus on keeping common areas clean and in good shape. Management teams work hard to make sure everything is up to standard. This lets residents enjoy a top-quality living experience.

Choosing the Right Condominium in Singapore

Choosing a condo in Singapore means thinking about your budget, lifestyle, and the developer's reputation. This helps you pick the right home that fits your money goals and likes.

Assessing Your Budget and Financing Options

Before jumping into Singapore's property market, look at your budget and financing options. Banks and your Central Provident Fund (CPF) can help you buy a condo. Talk to financial experts to understand the market and set a budget that fits your future plans.

Considering Your Lifestyle and Needs

Singapore has many condos, each with special features. Think about what you need when picking the best one. Consider how close it is to work or school, what amenities you want, and the size for your family. This way, you can find a condo that fits your life well.

Researching Developers and Projects

It's key to check out developers before buying a condo. Look for ones known for quality and good service. Check out what makes each project special, like new designs or green features. Doing your homework helps you choose wisely, making sure your money is safe and your dreams are met.

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Body Corporate Manager Caloundra

In the vibrant coastal town of Caloundra, where a harmonious blend of residential and commercial properties defines the landscape, the role of a Body Corporate Manager becomes pivotal in maintaining the seamless operation of strata-titled developments. Stratacare Australia emerges as a beacon of excellence in this domain, offering unparalleled expertise and services that cater to the intricate needs of property owners and residents alike.

The Body Corporate Manager in Caloundra serves as the linchpin in the efficient functioning of strata schemes, overseeing the administration, financial management, and governance aspects of multi-owned properties. Stratacare Australia, with its wealth of experience and commitment to excellence, steps into this role with a comprehensive suite of services designed to alleviate the burdens often associated with strata management. The company's nuanced understanding of the local Caloundra market, coupled with its national expertise, positions it as the go-to solution for those seeking a seamless strata management experience.

At the heart of the Stratacare Australia approach is the recognition of the multifaceted responsibilities entrusted to a Body Corporate Manager. From ensuring compliance with legislative requirements to maintaining common property and resolving disputes, these professionals act as custodians of community living standards. The intricacies of financial management, including budget preparation and levy collection, are deftly handled by Stratacare Australia, allowing property owners to enjoy the benefits of shared amenities without the administrative hassles.

One of the standout advantages of engaging a Body Corporate Manager from Stratacare Australia is the peace of mind that comes with their proactive approach to preventative maintenance. Dilapidation reports, routine inspections, and the swift resolution of maintenance issues contribute to the longevity and aesthetic appeal of strata properties in Caloundra. This foresightedness not only enhances the quality of living for residents but also safeguards the long-term value of the property.

Stratacare Australia recognises that effective communication is the bedrock of successful strata management. The Body Corporate Manager serves as a conduit between property owners, residents, and relevant stakeholders, fostering a collaborative community spirit. Regular updates, transparent reporting, and a responsive approach to queries ensure that everyone is well-informed and engaged in the decision-making processes that shape the strata community.

In addition to the day-to-day responsibilities, Stratacare Australia distinguishes itself by offering innovative solutions that leverage technology to streamline processes. Online portals for convenient access to information, automated payment systems, and virtual meeting platforms enhance efficiency and accessibility. This commitment to embracing technological advancements sets Stratacare Australia apart, delivering a modern and efficient strata management experience in Caloundra.

The benefits of engaging a Body Corporate Manager from Stratacare Australia extend beyond the operational aspects of strata management in Caloundra. The expertise and experience brought to the table by these professionals contribute significantly to dispute resolution and conflict mitigation. By navigating the complexities of interpersonal dynamics and legal requirements, Stratacare Australia ensures that harmony prevails within the community, promoting a positive and cohesive living environment.

Moreover, Stratacare Australia's commitment to sustainability aligns with the growing emphasis on eco-friendly living in Caloundra. From energy-efficient upgrades to waste management initiatives, the Body Corporate Manager plays a crucial role in implementing and promoting environmentally responsible practices within strata-titled developments. This forward-thinking approach not only benefits the community but also aligns with the broader societal shift towards sustainable living.

The role of a Body Corporate Manager in Caloundra is indispensable in maintaining the delicate balance within strata communities. Stratacare Australia emerges as a trusted partner, offering a holistic and professional approach to strata management. Through their dedication to excellence, innovative solutions, and a commitment to community well-being, Stratacare Australia ensures that property owners and residents in Caloundra can enjoy the benefits of strata living without the associated complexities.

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Building & Strata Facilities Management Company In Sydney

A building manager is a person who assists in exercising some functions of the Owners Corporation, such as managing common property, controlling the use of the common property by anyone other than owners or occupiers of lots and maintaining common property.

They liaise with tenants and owners, coordinate and manage maintenance operations, including housekeeping, and security activities, and ensure compliance with regulatory standards and codes.

A strata manager is a person who is responsible for matters relating to the common property of a strata scheme. A building manager is someone who coordinates the maintenance workflows of the common property. A property manager on the hand is the person who is responsible for finding tenants for the property as well as acting as a middleman between a tenant and their landlord.

What does building management in Sydney entail?

Attending site, conducting regular site inspections of the common property and reporting issues found to the strata manager

Scheduling and tracking the delivery of repairs and maintenance

Administering the attainment of compliance certifications such as AFSS, lift registration, and anchors point certifications to name a few

Liaising with contractors regarding attendance and completion of works at the property

Liaising with owners and occupants to ensure a harmonious living environment

Assisting the Committee with repairs and maintenance matters

In some circumstances, building management also covers:

Provision of related services such as cleaning, security, concierge, gardening and pool cleaning

Managing major projects

Managing keys and access to the building

Assisting the strata manager in their functions

Maintaining asset lifecycle plans

Tracking common property utility consumption

Assisting in initiatives to drive costs savings such as installing solar panels, energy-efficient lighting etc

At Accord, we have 30 years of experience in strata building management in Sydney We offer bespoke building management solutions Get in touch today

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Steering the Ship: Body Corporate Committees vs. Managers in Queensland

Living in a Queensland body corporate scheme can feel like navigating uncharted waters at times. Shared amenities and common areas offer undeniable convenience, but keeping everything running smoothly requires a well-coordinated effort. That's where the Body Corporate Committee and Body Corporate Manager come in. But what exactly do they do, and how are their roles different?

The Committee: Your Elected Captains Charting the Course

Imagine the committee as your elected captains, steering the ship of your body corporate scheme. Lot owners elect them at the Annual General Meeting (AGM), entrusting them with the scheme's strategic direction. Think budgets, repairs, renovations, and even setting rules (by-laws) for peaceful co-existence. They're kind of like the board of directors for your mini on-site community. One of their most important tasks is overseeing the Body Corporate Manager (if your scheme has one). Ultimately, the committee is responsible for ensuring everything runs like clockwork and complies with Queensland's Body Corporate and Community Management Act (BCCMA).

The Body Corporate Manager: Your Hired Crew Keeping Things Ship-Shape

The Body Corporate Manager? Think of them as your professional crew. Employed by the committee, they handle the day-to-day operations, following the course charted by the captains. They're the ones keeping the financial records in order (imagine managing all those levy payments!), making sure common areas are properly maintained (think lift repairs or pool cleaning), and acting as a communication bridge between residents and the committee. In some cases, they might even lend a hand in resolving disputes between residents, ensuring everyone enjoys smooth sailing.

Key Differences: Authority, Decisions, and Accountability

Here's where the captain and crew analogy reaches its limit. The committee holds the ultimate authority. They make the big decisions, while the manager ensures those decisions are implemented smoothly. Accountability is a two-way street: the committee is accountable to lot owners for the scheme's well-being, and the manager is accountable to the committee for their work.

Choosing the Right Team for Your Scheme

Whether your scheme needs a full crew or a smaller team depends on its size and complexity. Busy committees, or those lacking specific expertise in areas like finance or maintenance, might find a manager invaluable. For smaller or simpler schemes, the committee might handle most tasks themselves.

Understanding the roles of the Body Corporate Committee and Body Corporate Manager empowers you to actively participate in your scheme's governance. Remember, a well-functioning team can ensure smooth sailing for your body corporate ship. Resident participation, through attending meetings or volunteering for the committee, is key to a happy and harmonious community.

Finding the Perfect Fit

Choosing the right body corporate manager is crucial for a smooth-running scheme. While this article can't recommend specific companies, resources from the Strata Community Association (SCA) [link to Strata Community Association QLD website] or talking to other body corporates in your area can be a good starting point. Remember, interviewing potential managers and checking references is essential before making a decision.

[ourbodycorpstrata]

A Body Corporate Manager in Australia

Body corporate manager, often called strata managers, are highly-skilled professionals who play a significant role in the day-to-day operations of a body corporate (also known as an owner’s corporation) in Australia. They are entrusted with overseeing and managing the everyday operations of a strata scheme or a condominium association.

A body corporate is a legal entity automatically created when a subdivision plan containing common property is registered. These properties comprise individually owned units, common areas, and facilities.

To ensure efficiency and flawless execution, a body corporate manager is expected to have a strong knowledge of Australian Body Corp legislation, current industry practices, and a thorough understanding of the property management dynamics in the region.

What is the Role of a Body Corporate Manager?

The duties of a body corporate manager cannot be etched in stone. It’s a dynamic role that requires a proactive approach and the ability to handle crises during critical situations. Body Corporate managers have a deep understanding of strata laws and regulations and can help navigate through the complex legal landscape. They ensure the body corporate complies with legal obligations, preventing potential legal issues.

Following are some of the primary duties of a body corporate manager:

Administrative Duties: Body corporate managers are entrusted to handle the administrative tasks of running a body corporate. This may include maintaining records, taking correspondence, preparing Minutes of the Meeting (MoM), and arranging and managing meetings of the body corporate, such as Annual General Meetings (AGMs) or Extraordinary General Meetings (EGMs).

Financial Management: They manage the finances of the body corporate, which includes setting budgets, managing bank accounts, ensuring the collection of levies from the owners, and arranging payment of bills and other expenses. They often oversee the sinking and administrative funds, ensuring they are appropriately used and adequately funded. Body corporate managers assist with taking out appropriate insurance, lodging insurance claims, and managing repairs related to those claims.

Compliance: Local laws, guidelines, and regulations are likely subject to modifications and amendments. Body corporate managers ensure compliance with the relevant laws and regulations, which may include health and safety regulations, strata laws, or local bylaws. Internally, they are authorised to handle disputes within the body corporate.

Maintenance & Repairs: They oversee the maintenance and repairs of common property areas and may coordinate with various stakeholders involved in the property and its maintenance. They liaise with contractors, obtain quotes, and ensure all tasks are completed to meet the prescribed standards.

Communication: They serve as a point of contact for owners, residents, and other stakeholders and manage communication within the body corporate. Body corporate managers act as mediators between the committee and owners, keeping everyone informed of issues, decisions, and updates regarding the property.

Dispute Redressal: When conflicts arise among owners, body corporate managers can provide objective and professional intervention. They can mediate disputes and help reach resolutions in accordance with strata laws.

Timesaving: Having a dedicated resource to handle your properties helps you allocate more time for essential tasks. Hiring a body corporate manager saves time for the committee members, who often are volunteers with their own jobs and commitments.

Training & Advice: Being well-versed in the nitty-gritty of body corporate management, body corporate managers can provide training and advice to the committee members about their roles and responsibilities. This enables the committee members to be aware of essential prerequisites and helps avert a crisis.

Importance of a Body Corporate Manager

The exact responsibilities of a body corporate manager can vary depending on their specific agreement with the body corporate and the laws and regulations in their jurisdiction. In some cases, they may also be involved in tasks such as insurance management, or they may provide advice on Australian strata laws and best practices

However, it’s important to note that the quality of these services largely depends on the individual manager or company’s capabilities, experience, and commitment. It’s always important to research and select a reputable body corporate manager who fits the needs of your particular strata scheme.

To become a body corporate manager, one usually needs a strong background in business management, real estate, or a related field. Some jurisdictions also require specific qualifications or licenses. Having impeccable interpersonal skills, organisational skills, and a thorough understanding of the relevant laws and regulations are additional traits of a successful body corporate manager.

How is a Body Corporate Manager Appointed?

The process to appoint a body corporate manager can vary slightly between states due to different legislations. The decision to appoint the manager must be made at a general meeting (either at an AGM or EGM). In many states, this requires an ordinary resolution, which means it must be approved by a majority of votes.

However, some Australian states require a special resolution requiring a higher percentage of votes. The proposed contract with the manager should be provided to all members before the meeting so they can make an informed decision.

After the resolution is passed and the contract is signed, the body corporate should notify the relevant government body as required by local laws, the body corporate members, and any other relevant parties. It is essential to consult the strata legislation of your specific state or territory for precise and accurate instructions.

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In the realm of strata schemes, the Strata Schemes Management Act 2015 (the Act) grants lot owners specific rights and obligations, including the entitlement to pursue damages for loss of rent due to the owners corporation’s failure to uphold its responsibility for maintaining and repairing common property.

Section 106 of the Act establishes a procedure for lot owners to seek compensation for damages caused by the owners corporation’s breach in fulfilling its duties pertaining to the upkeep and repair of common property. This includes circumstances where such breach leads to loss of rent. To succeed in their claim, owners must demonstrate that the owners corporation was in breach of its duty and that this breach directly led to the loss or damages incurred.

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Office Cleaning Services in Canberra

If you want to find a professional company that can clean your office cleaning services Canberra, there are many options available. You may wish to get a price estimate from a few companies before making your final choice.

You can also look at reviews on reputable websites. These sites are designed to help people make informed decisions, so be sure to read them carefully.

ACT Elite Cleaning

ACT Elite Cleaning is a company that specialises in providing modern, comprehensive solutions to commercial and residential clients. They provide services including carpet and tile cleaning, window and gutter cleaning as well as hot water pressure cleaning.

They have a team of experienced, friendly and professional cleaners who will make your home or office sparkle. Their service is backed by a 100% customer guarantee.

They are an ACTsmart Accredited Business and their cleaning teams use the latest techniques and technology to deliver the best results. They also use environmentally friendly products and equipment when possible.

QueenBee Cleaning

When it comes to office cleaning services, Canberra has no shortage of choice. QueenBee Cleaning is a name you can trust to do the job right. They are experts in a wide range of cleaning disciplines including floor buffing, window cleaning and carpet steam cleaning. Their staff is fully trained in the latest in cleaning technology and best practices. They use eco friendly products and state of the art cleaning equipment to get the job done. They have been in business since 2010 and have a

stellar reputation in the city of Canberra. They are the most reliable and cost effective janitorial service you will find in this part of Australia. They are the ones to call when you have a cleaning emergency or need a quick spring clean in a pinch.

Mr Guru

Mr Guru is a local Canberra cleaning company that provides affordable, reliable and flexible cleaning services. They specialise in regular house and commercial cleaning, deep spring cleaning, steam carpet cleaning, end of lease cleaning, window cleaning and more.

Their friendly and experienced team is committed to making your life easier and cleaner. They also take their impact on the earth seriously, using special environmentally-friendly cleaning products and equipment when needed.

They provide an obligation free quote, and offer a money back guarantee to ensure your satisfaction. They have up to 3 years of professional cleaning experience, and can leave you with an immaculate property for viewings.

iCleaning Corporate

A well designed and executed office cleaning scheme will not only keep your workspace spick and span but also your staff happy, healthy and safe. A clean work environment is a great way to improve morale and reengage your team, and with the right cleaning service in place, you can get on with the business of running your organisation. A reputable company should be able to recommend which cleaners are best for your building and deliver the promised results without a hitch. They will be able to provide you with the most up to date information on the latest in cleaning technology and trends, ensuring that you are not left out of the loop when it comes to keeping your building looking good. They will be able to also recommend the best cleaning products for your needs and budget.

Bliss Solutions

Founded with a vision to reinvent the cleaning industry, Bliss Solutions offers all types of office cleaning services in Canberra and strata cleaning, only ever using the latest techniques, technology and equipment. Their custom-built packages are designed to meet every client’s needs.

A major advantage of engaging Bliss Solutions is minimal disruption to business activities, allowing clients to focus on what matters most, in a pristine clean environment. They also have a proven management approach and track record in exceeding expectations.

New clients benefit from their three-step system – consultation, deep clean and ongoing maintenance - which only use market-leading products and chemicals that adhere to Australian health and safety legislation. They also use management software and modern technology to ensure seamless execution, track sites and address emergencies.

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Melbourne Strata Management Agencies - Myoc

The Australian Strata landscape is a little odd, filled with names and terms that can change from state to state and can be unwieldy to the uninitiated. Even for those who may have grown up in buildings with a strata plan, outside of perhaps the payment of strata levies, the level of knowledge (and interest!) in what happens inside the 'strata machine' may not always be clear. This article hopes to shine some light on the terms and financial components of strata at a high level.

The state determines the name.

Firstly is the naming conventions. Strata take on several names, which can change depending on the state it is based. Owners Corporation (Vic, ACT and NSW), Body Corporate (Tas, QLD, NT), Strata Corporations (SA), and finally Strata Companies (WA) all essentially mean the same thing.

Each is a collective entity that guides the scheme responsible for the building’s common areas (shared spaces) and can guide the behaviour of residents and use of the building through its own agreed bylaws.

A committee manages each entity, usually consisting of members of the building that can form new bylaws as the need arises and oversee the operation of the building. The day to day management is often outsourced to an external ‘strata manager’ who can monitor and pay bills, organise repairs and issue documentation to residents (and lot owners) in the scheme.

In conjunction with strata specialist lawyers, they can also offer advice on courses of action when disputes arise to ensure adherence to the relevant legislation.

Strata Funds explained

The money collected by the Strata committees is deposited into a fund for the future use and enjoyment of the collective to help maintain the property and, in turn, the value of their investment. Similarly, these pools of funds have different names across the continent.

In most parts, the pool is divided up into two use cases. There is an Administrative fund for shorter-term and recurrent expenditure, such as garden maintenance, annual insurance premiums and replacement of fixings and other small items. Whilst not mandatory in most states, it is usually advised to restrict the shorter-term spending from the longer-term savings. From here on, I will use the term ‘Strata Admin Fund’ to refer to these types of accounts.

For longer-term and typically larger expenditure that needs multiple years to be saved for, there is the Capital Works Fund (NSW & ACT), Sinking Fund (QLD, NT, TAS & SA), Maintenance Fund (VIC) and Reserve Fund (WA). From here on, I will use the term ‘Strata Investment Fund’ to refer to this type of fund.

These funds build up over time and are drawn down to meet the higher costs as they arise and can often be significant (several million dollars) if the building is substantial and well run. The size of these funds is critical, as the balances are available to potential buyers of the lots, can determine how well the strata scheme is run and influence the price willing to be paid for lots in the building.

If a Strata Investment Fund appears to be poorly funded, this can be a red flag to new owners that the management of the building is poor, and there is a high chance that future costs will need to be met by sudden special levies.

10-year maintenance plans explained

The idea of the 10-year maintenance plan is a simple one. Plan and prepare for the costs. Whilst anyone can produce such a plan, it is highly recommended that a professional (usually a quantity surveyor skilled at pricing repairs and replacements) is engaged to assess the areas in the common property. This work is done to ascertain if and how various components may fail or need to be replaced.

These estimates are then categorised and put in a timeline to help the owner’s committee determine how much needs to be saved in the Strata Investment Fund to allow for the work to be done. Examples of this work can be replacing carpet and tiles, repainting and refreshing surfaces, and replacing major plant and equipment like fire equipment, pool equipment, and air conditioning.

Below is an example of a very simple 10-year plan to help illustrate:

As you can see from the above, the cash requirements are low in some years, with the occasional significant expenditure. This, of course, is just an estimate, and like most things, may be subject to change as equipment fails earlier than expected and needs to be replaced.

In this event, several options are usually available. If there are ample reserves in the Strata Investment Fund, then fantastic. If there is not, the decision will need to be made to authorise a ‘Special Levy’ on the lot owners or finance the works using a loan. It can also result in a mixture of Special Levy and finance depending on the situation and money available from the lot owners. The ability for the Strata Investment Fund to be exhausted and debt then being required would be a big concern for future buyers of lots in the building.

Excepting the above, the process of planning for the expenditure was reasonably straightforward. Total amounts were calculated and then divided by the number of years and levy-paying lots to determine their quarterly or annual contribution amount. The plan can also incorporate figures for inflation and returns on aggregated savings to provide more realistic results.

Regrettably, this method, whilst still somewhat helpful, needs work in ensuring that the current cash return rate (which is less than inflation) is accounted for. With the widespread assumption that this situation will not change anytime soon, now is the time to do something about it.

You can check out our maintenance fund / sinking fund forecast tool to get an estimate of your scheme/plan's needs and how better investment can help lower

annual levies by clicking below:

Searching for a solution for Strata Funds

So, by now, you have familiarised yourself with the naming quirks of the strata schemes and their respective types of funds, along with where the 10-year plan interfaces with the savings of the building. The big question now remains, how can this process be optimised to ensure that the buildings cost needs can be met, whilst trying to minimise the amount required from each lot owner through rising strata levies?

Much like your own personal superannuation, the Strata Investment Fund can be thought of as the superannuation of a building. Upon retirement, you draw down on your savings in sporadic amounts (think holidays, caravans and increasingly, helping the family financially) with the knowledge that the residual amount is invested appropriately, building upon itself and giving you confidence that it will hopefully not run out.

Unfortunately, this is where the similarities end for Strata Investment Funds, which are typically ‘invested’ in either cash or term deposits. Both are currently earning a below-inflation return, meaning the account’s value is falling against the costs ahead saved for.

It is this unfortunate situation that Strata Guardian aims to fix using proven and robust investment strategies that can assist in achieving better real returns over the long term for the Australian Strata Community.

We can do this in a number of ways, including getting a better rate for your term deposits, using our Strata Term service, or looking for better returns using our market-linked portfolios, Strata Guardian and Grow.

We welcome you to get in touch and see how we can incorporate your building’s 10-year plan into competent and transparent investment strategies that help fight rising strata levies, avoid ‘special levies’ and support the value of the lots within your building.

[wellmanstrata]

FAQ | What is an administration fund?

 An administrative fund is used to manage the day-to-day expenses of running a strata scheme, such as maintaining and repairing common property and personal property owned by the owners corporation, ongoing maintenance and insurance.

[nswpropertymanager]

Who is Melanie & how will she solve my rental property woes?

I grew up in what would be considered a lower socio-economic area of South-West Sydney, my parents owned their own home, but they didn’t have much spare cash for anything else. So, from a young age I was pretty good with money. I had my first job in retail at 14 years old and by the time I was 16 I had already developed an interest in real estate and starting saving for a deposit, but at $5.93 per hour & 2 shifts per week, I was getting nowhere fast. So, I started applying for real estate jobs. Fast forward to 2021 & I have been a property manager for well over 15 years (and yes, I did buy my own home & then some).

Property Management as a career is incredibly interesting, from seeing how people live, to receiving death threats. I’ve never lost interest, but my perspective has certainly adapted. During my only prior work experience, retail, I was taught ‘the customer is always right’ but in property management, you have two customers, a landlord & a tenant. And sometimes they have different opinions & sometimes there are no right, or wrong answers, just a multitude of options with different ramifications.

That is where I come in. I’m a walking, talking pro’s & con’s list for every single property management transaction you will have in your life. Here are just a few things I assess:

·         The legislation - NSW Residential Tenancies Act, The Property and Stock Act & The Privacy Act, Strata Schemes Act (these are just the main ones)

·         Risk management – Physical property, tenant selection, financial loss, health & safety

·         Relationships – Negotiations, staff, tradespeople, landlords & tenants

·         Real Estate market – advertising/marketing, demographics, market trends, politics

·         Property investment – strategies, tax benefits, renovating for profit

With so many variables, it is easy to see why some property managers get such a bad wrap & why so many landlords fail at self-managing their properties, but with passion, knowledge & experience, a good property manager is worth their weight in gold.

This blog is a series of my professional opinions on typical rental property woes & as I stated above, there are potentially a multitude of options (we may not always agree) but this is my blog you have stumbled upon and over my 15 years I have seen thousands of my clients succeed in property investment, so let me guide you to what I would do if it your woe was mine, because I want to see you succeed too!

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The Proper Way to Manage Your Strata Body Corporate

All strata properties require a body corporate management. A strata scheme is composed of lot owners within a strata property. The body corporate has an important role to play in the strata scheme, as it controls it.

The strata scheme automatically comes into existence when the strata plan is registered with the Recorder of Titles. There are no fees to be collected in forming the strata scheme.

The executive committee formed by the owners of a tract of land that has been divided into units, flats or apartments and they are there to supervise and maintain the common areas in the property such as the stairs, pool, car park, and a lot more. There are laws that govern what owners corporations can and cannot do and the types of regulations they can establish. The owners' corporation can hire a professional strata management groups to manage various structures on behalf of all the owners of the property.

This professional management company will take care of issues related to the community such as the maintenance of physical properties like driveways, tennis courts, gardens, stairwells, etc. They will also have to deal with people relation issues such as neighbor behavior, parking, and noise. The executive committee can decide on these matters during committee meetings or at the annual general meeting.

The role of the body corporate usually consists of enforcing the schemes statutes, the supervision and improvement of the common property (painting, cleaning, etc.) buildings on common property, keeping the common property in good, liveable condition, having it repaired when the need arises, having it insured as stipulated by the Strata Titles Act 1998, assigning spaces for vehicle parking on the common property, and performing other tasks that would be beneficial to the lot owners such as leasing out spaces on the common property. The body corporate can function better if there are by-laws established because this would provide for an argument resolution process for everyone using the common property.

Meetings

The body corporate should organize a general meeting at least once a year. Ideally, another meeting should be conducted within a year and a quarter after the previous meeting although they can have special meetings at any given time especially if more than a third of the lot owners ask for it

A professional body corporate group can perform independent audits to evaluate the building's safety and structural compliance. They are also in charge of making sure that only reputable maintenance and repair providers are hired to keep the common property usable and in tiptop condition. Aside from repairs, they also take care of arranging cleaning and gardening scheduled tasks based on the requirements set by the owners of the lot.

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What is the Role of a Strata Manager?

Managing shared or co-owned property is a challenging task, as it’s a multi-faceted requirement that involves legalities, communication, and knowledge of finance. To help take this burden off your shoulders, strata managers come to your rescue. Strata managers, also known as body corporate managers, play a critical role in the smooth operation of strata communities across Australia.

A strata manager is decisive in ensuring a strata scheme operates smoothly. They relieve individual owners of the day-to-day management tasks and help to ensure that the property is well maintained, finances are in order, and legal obligations are met. A skilled strata manager can add significant value to a strata property by ensuring it’s well-run and helping maintain or even increase its value over time.

Who Appoints a Strata Manager?

Strata properties consist of multiple individual units, such as apartments or townhouses, along with common areas like pools, lifts, gardens, and gyms, all owned and used collectively by all the property owners.

These properties have a legal entity, the Owners Corporation, or the Body Corporate, comprised of individual owners, that governs and manages the strata scheme. The strata manager is appointed by the Owners Corporation or the Body Corporate to help manage the strata property.

Roles and Duties of a Strata Manager

With cosmopolitan localities on the rise across Australia, strata management assumes critical significance, as property dwellers or owners can invest their time and resources into more productive activities. A well-endowed strata manager will provide the following services:

Administrative Duties: The strata manager oversees the daily administration of the strata scheme. This includes handling correspondences, maintaining records and documents, and scheduling and managing meetings of the Owners Corporation.

Financial Management: Strata managers are responsible for preparing budgets, managing the financial accounts of the strata scheme, and ensuring that the owners pay their levies on time. They also help to collect these levies, manage arrears, and pay bills on behalf of the Owners Corporation.

Maintenance and Repairs: Strata managers coordinate the maintenance and repairs of the common property. They liaise with contractors, get quotes, and ensure the work is done satisfactorily and within budget.

Regulatory Compliance: Strata managers ensure that the Owners Corporation complies with laws and regulations applicable to strata properties. This includes understanding and applying the relevant Strata Titles Act, rules, and local council by-laws.

Dispute Resolution: Strata managers often play a role in resolving disputes between owners or between owners and the Owners Corporation. They should have a good understanding of the strata scheme’s by-laws and the processes for resolving disputes.

Insurance: They manage insurance policies for the strata property, including making claims when necessary. They rectify the failure of the owners to maintain insurance, keep adequate records or hold AGMs could open the owner’s corporation to penalties for non-compliance. Advantages of Hiring a Strata Manager

Efficiency: Strata managers have the necessary tools, resources, and networks to manage properties efficiently. They can promptly address repairs and maintenance issues and coordinate services like cleaning, gardening, and security more effectively than individual owners might.

Expertise: Strata managers are experts in their field. They understand the complex legislation and regulations surrounding strata management and have the knowledge to ensure compliance.

Conflict Resolution: Strata communities often encounter conflicts, such as disputes over common property or disagreements over strata rules. Strata managers can mediate such conflicts, helping to resolve disputes professionally and objectively.

Financial Prowess: Strata managers can handle the financial aspects of strata living, including budgeting, collection of levies, and management of the sinking fund. They can also ensure that all financial transactions and records are transparent and in accordance with legal requirements.

Timesaving: For individual owners, managing a strata property can be time-consuming. By hiring a strata manager, owners can focus on other aspects of their life while the strata manager handles the administrative tasks.

Reduced Legal Liability: Strata managers ensure compliance with strata laws and regulations, reducing the potential legal liability for the strata corporation or owners’ corporation. This could include guaranteeing all insurance is up to date, safety regulations are followed, and all necessary meetings are held and recorded as required.

Property Value Retention: By ensuring that the building and common areas are well-maintained and any issues are quickly addressed, strata managers help maintain and potentially increase the property value, benefiting the individual owners.

Effective Communication: Strata managers act as a central point of contact for owners, tenants, and service providers. They can effectively manage and disseminate information, ensuring everyone is informed and updated.

In the long run, hiring a strata manager will enhance the competency and professionalism of any strata body in Australia. However, factoring in a region’s specific regulations, compliances, and legalities is essential before opting for a strata manager. This helps reduce effort, save time, and zero in on the best prospect at the earliest.

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Strata Body Corporate Gold Coast

Stratacare Australia provide full-service body corporate management services in  Brisbane, the  Sunshine  Coast and the  Gold Coast.  

The Stratacare team are experts in the application of legislation that governs registered strata schemes and they provide services and advice to over 500 buildings and strata schemes throughout South East Queensland.

Stratacare Australia takes pride in providing their clients with continuous professional and efficient services.  The Stratacare team have expertise in legislation governing registered strata schemes, specifically the Body Corporate and Community Management Act.

https://www.facebook.com/StratacareAustralia/ https://twitter.com/StratacareAust https://www.instagram.com/stratacareaustralia/ https://www.stratacare.com.au/body-corporate-services-gold-coast/

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Stratacare Australia

Stratacare Australia provide full-service body corporate management services in Brisbane, the Sunshine Coast and the Gold Coast. The Stratacare team are experts in the application of legislation that governs registered strata schemes and they provide services and advice to over 500 buildings and strata schemes throughout South East Queensland. Stratacare Australia take pride in providing their clients with continuous professional and efficient services. The Stratacare team have expertise in legislation governing registered strata schemes, specifically the Body Corporate and Community Management Act. Form8 Body Corporate Our Social Pages: facebook twitter youtube instagram

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Strata managers in Sydney are in charge of the strata's administration and compliance. They are responsible for coordinating the affairs of the common property, such as holding meetings, collecting levies, scheduling property upkeep, advising on asset management, placing insurance, and maintaining financial records.For strata properties to prosper, a competent strata manager in Sydney is required.

For more information visit our website