Duties and Responsibilities of A Strata Manager
Did you know that the idea of setting up Strata originated from Australia? The rest of the world then followed suit. The duties of a Strata Manager have been changing over the years. Now a Strata Manager’s responsibilities include legal issues, maintenance issues and insurance compliance. They are also responsible for assisting tenants with any disputes that may come up. For more in-depth information, read on!
1. Administrative Duties:
A Strata Manager’s administrative duties include but are not limited to:
⦁ Dealing with all correspondence – This may be correspondence from tenants, owners and property managers within the building and correspondence from outsiders like prospective buyers.
⦁ Maintenance of common areas – A strata manager is responsible for keeping all shared areas, such as the swimming pool or gym, clean and tidy. They will be responsible for all repairs and replacements when necessary.
⦁ Circulating of correspondence – This includes serving notices of meetings, repairs to be undertaken and when by-laws are breached.
⦁ Circulating minutes from all meetings held by the owner’s corporation – The owners that attend, resolutions that have been passed, and action items that are agreed.
⦁ Managing insurance claims – A strata manager is responsible for lodging all insurance claims and following up on their progress through to conclusion.
⦁ Making sure that all records are maintained and archived – All records such as owner’s names, contact details and any work that was done on the property must be kept in a secure place.
2. Financial Duties:
A Strata Manager’s financial duties include but are not limited to:
⦁ Preparing budgets that will be approved by the Owner’s Corporation. These budgets must include the administration fund and capital works fund.
⦁ Keeping track of all invoices due for payment and ensuring the work is done to a satisfactory level prior to authorising payment.
⦁ Ensuring that the Owner’s Corporation pays its expenses on time and that levies are paid on time as well. Ensuring there is an escalation process in place for owners that don’t pay their levies on time.
⦁ Making sure that that the strata plan has the appropriate insurance coverage and that it is renewed on an annual basis. If an opportunity to get better insurance comes up, the strata manager must make sure this is done.
⦁ Sending the financial reports to owners on a quarterly basis and answering any questions that arise.
3. Compliance Duties:
A Strata Manager’s compliance duties include but are not limited to:
⦁ Making sure that all tenants know the by-laws that pertain to all common property and their enforcement.
⦁ Mediation of any disputes between property owners. A strata manager must be unbiased when dealing with any such issues.
⦁ Amending by-laws when instructed by the Owner’s Corporation and making sure that any affected parties understand the changes.
⦁ Understanding the provisions of the Strata Schemes Management Act and Strata Agency Management Agreement.
Do you have any questions regarding residential and commercial strata management? Are you looking to switch strata managers? Not altogether satisfied with the information you’ve been getting from your current strata managers? Don’t hesitate to contact Montano Strata’s qualified team today.