Strata management services are offered to owners of a property in order to ensure that the property is well cared for. Strata management firms offer a number of services, such as conducting maintenance and repairs, arranging meetings, handling the finances, and even advertising the property. These services are a vital part of the operation of a Strata. It is essential to choose the right Strata management firm for your needs.
Strata levies are funds raised by property owners for the maintenance of their shared property. This includes facilities such as a swimming pool, gym, landscaped gardens, car parks, and foyers. They can also include shared amenities such as lifts and tennis courts.
The strata levy is generally divided into two categories – an administrative fund and a sinking fund. The administrative fund is used to cover day-to-day costs such as carpet cleaning and electricity. It also includes regular expenses, such as common property maintenance and insurance premiums.
The sinking fund, or capital works levy, is used to fund larger maintenance projects and emergencies. It is controlled by the executive committee.
During the budget process, the Strata Managing Agent will recommend the levy amount to be paid. The amount will be approved at the Annual General Meeting (AGM). The owners will be notified of the proposed levy amount and the payment dates.
Strata by-laws are a set of rules that govern the lives of owners and their tenants. They are designed to provide a harmonious living environment and prevent disputes.
The Strata Property Act provides a legal framework for strata corporations in British Columbia. The Act affects various aspects of strata law, including court decisions, court cases, and by-laws. It interacts with other legislation, such as the Civil Resolution Tribunal.
By-laws can regulate many areas of life. They cover issues such as the behaviour of residents and car parking. They also include rules about pets, short-term rental accommodations, and noise.
By-laws must be updated regularly. The owners corporation may hire a professional management company to help with bylaw development and enforcement. They can also choose to use’model’ by-laws. These have been tested over time and stand the test of time.
Strata management fees
Whether you are a prospective owner or an existing unitholder, you should be aware of the basics of Act strata management fees. Although a strata management fee may seem like an unnecessary expense, it is an important consideration if you want to make the most of your investment.
Before you commit to a strata management company, read the service agreement thoroughly. It should be clear what the fee will cover, what the additional charges will be and what your options are if you don’t like what’s been agreed upon.
Some schemes are lucky enough to have a full time Building Manager. Others have a part-time one. These types of schemes will have more amenities, such as a pool and gym.
If you are comparing one strata management service to another, consider the quality of service and the value of money. Usually, the cheapest strata management company is not necessarily the best option.
Strata management bodies
Strata Management is a legal process that involves the day to day operation of a shared property. A body corporate manager provides advice on asset management and helps coordinate the affairs of lot owners. They also manage insurance claims and keep financial accounts. The body is a collaboration between the developer and the owners.
The role of a body corporate is to ensure the safety of residents and maintain the common facilities. They also deal with disputes between lot owners. Typically, management bodies will issue levies that cover the costs of repairs and maintenance. These levies are generally paid quarterly. Those who fail to pay their levies will be charged interest on the outstanding balance.
The Strata Management Act 2013 governs the maintenance of common property and multi-storey buildings. It also establishes statutory bodies, like Management Corporation (MC) and Joint Management Body (JMB). These bodies are set up to oversee the operations and maintenance of the property and common areas.
Strata management services in the ACT are in high demand. Canberra’s strong population growth and thriving economy have contributed to the growth of the industry. There are several operators offering these services. Some focus on managing high volume units, while others manage only a small number of units.
Vantage Strata is a well established and reputable strata management company in the ACT. They offer a full range of strata management services to ensure that unit complexes run smoothly. They are also equipped with experienced professionals to help them with a wide variety of matters. They have a team of professionals on hand to provide emergency response, insurance, repairs, accounting, and running annual general meetings.
In addition to a comprehensive array of services, the company has a strong emphasis on customer service. They have a dedicated team of experts who strive to earn their clients’ trust. They invest heavily in technology to ensure smooth service provision. They also have an online owners’ portal for easy access to information.