Strata Management Tips

Strata developments are pretty popular in Australia. Typically, a strata development is an arrangement where people living in a specific area share amenities such as parking lots, staircases, and recreational areas. The article below contains intricate details on managing a strata development. 

Encourage Members to Attend the AGM

In some cases, the property owners do not see the need to attend the annual AGM. However, they can be disappointed when they feel the decisions are not in their favour. The best way to avoid these situations is to ensure members attend the annual AGM. This way, they have an opportunity to voice out and discuss their concerns. For instance, someone might want to restrict pet movement around the development if they feel that the pets are a nuisance. The AGM is also an opportunity to vote in the owner's corporation (chairman, treasurer, secretary, and other members of the management committee). Taking part in this vote ensures members have a stake in the running of the development. 

Work with Experienced Contractors

An oversight made by some developments is that they do not vet the maintenance contractors. Therefore, the shared amenities deteriorate over time due to poor maintenance. For instance, the parking lot could have cracks and potholes. Besides, the swimming pool could have a damaged pump or contaminated water. Poorly maintained amenities not only affect the quality of life of the residents, it also affects the property's value. The secret is to vet the maintenance contractors and ensure the engagement contract protects the interests of the residents. For instance, the residents could terminate the agreement if they feel that the contractor's work is not up to standard. Moreover, the contractor must give a guarantee on their work. 

Ensure Accountability 

Finances are a sensitive issue in any organisation. Mismanagement could lead to disputes and bad blood among the property owners. However, you can avoid this by ensuring accountability in managing the development's finances. Typically, members should receive regular financial updates throughout the year and have a say in how the finances are managed. 

Consider Managerial Services

The best approach to strata development is to hire a professional to manage the unit. Typically, strata managers are trained professionals who keep the books of accounts, hire contractors, coordinate the strata activities, settle conflicts among members and apply for insurance coverage. The rule is to ensure the manager offers quality services and ensures they are reasonably priced. 

For more information about strata management, contact a local service.