Do You Need to Find a Strata Management Company?
There are numerous ways that a housing scheme might be arranged. One of the most popular ways of setting up a housing scheme is by establishing a community titled scheme under strata management. If you have been tasked with setting up a community strata scheme, then it's unlikely that you will want to be concerned with the day-to-day management of the scheme in the longer term, so you will need to find a strata management team who will be able to balance the needs of each of the lot owners and ensure that all of their interests are properly managed and that the communal areas are well cared for.
What's involved in strata management?
Unless you have years of experience in strata management and a team of people who can be permanently on standby to assist the residents, it is likely that a professional strata management team will do a better job of strata management than you will be able to achieve on your own. An experienced strata management team will be able to ensure that all of the practical and financial details of strata management are dealt with as they arise. This includes taking care of maintenance issues and carrying out all of the administrative work that allows the owners' management committee to operate effectively.
What should you look for in a strata management team?
With so much responsibility riding on the shoulders of the strata management company, it is essential that you pick the right strata management team to look after the development. You must ensure that the legal compliance and safety of your development isn't going to be compromised at any stage by the actions of the management team, so it is vital that you fully investigate the company before you make your final choice. One indication of a reputable strata management company is membership in the Strata Community Association; this tells you that they have a proven track record in successful strata scheme management. A further point that you would be wise to raise is their familiarity with strata law. They should be able to demonstrate a comprehensive understanding of strata law so you can be confident that the owners' interests will be properly safeguarded and that no legal loopholes or failings will leave anyone with an unexpected financial loss or able to act in a way that harms the overall management of the scheme or impinges on the quality of the life of other residents.