A well-run strata scheme is an asset to the Executive Committee members as well as the individual owners. It creates a pleasant residential complex to live in, and when it’s time for the owner to sell their unit, it is a big advantage to have all books and records accurately maintained, increasing the chance of a quick and profitable sale.
New South Wales Strata Management operates a separate trust account for each strata scheme within its portfolio and provide regular and transparent financial reporting.
Accurate and timely reports are vital in running a business and it's no different for a strata scheme. In fact, apart from the day-to-day contact involved in managing your property, financial reporting is probably the most vital aspect of communication between a managing agent and a strata or community scheme.
Every month, a nominated member of the Executive Committee receives a statement of all drawings from the trust account, together with a balance left in the bank. Every six months, a full report on the management of funds is sent to every owner in a format laid down by the Property, Stock and Business Agents Act, 1941.
Annual accounts are prepared for the scheme at the end of financial year together with a detailed list of all payments made. We can supply information to an owner at any time with regard to their levy payments, outstanding balances and accrued interest.
We handle all incoming and outgoing correspondence and documentation, attend all meetings of the Owners Corporation and executive committee as required, including the Annual General Meeting, and prepare and distribute meeting agendas and minutes.
We hold and supervise the use of the Common Seal, maintain the strata roll and record all notices and services served on the owners corporation. We also provide guidance on by-laws, legislation and by-law breach notices, liaise with law firms on drafting of by-laws and assist with mediation and resolution of issues.
We arrange periodic insurance valuations, provide guidance on competitive premiums, arrange quotes, assist with claims and arrange for renewals. We have relationships with a number of insurance companies and agencies, all of which offer comprehensive insurance packages for strata schemes.
One of the most important functions of a strata manager is to ensure prompt attention to repairs and maintenance of the common property. We take a proactive approach to the maintenance and repair of buildings and it is our policy to always consult with the committee before any works commence.
We will ensure that all contractors engaged on behalf of a strata scheme are licensed for the work they will be doing and that they have current Public Liability and Workers Compensation insurance policies in place. If the contractor cannot meet this basic requirement, then we will recommend an alternative contractor that does comply. This policy ensures that the owners corporation have minimal exposure to claims.
We offer a secure online portal for our clients, who provides access to information on their building details and levy payment options. A levy notice is forwarded to each owner listed on the strata roll approximately two weeks before the levy falls due.
You will have an ability to receive your future levy notices online. Once you chose to receive your levies electronically, you will also be able to view your previous statements online.
Unpaid levies are a problem for any scheme, becoming more and more serious the longer they remain unpaid. If one or more owners do not pay their levies on time, the strata scheme will not be able to pay its way, jeopardising the investment of all the owners.
New South Wales Strata Management actively monitors unpaid levies every month and commences appropriate action to recover these monies. We use automated reminder notices to issue a friendly reminder to owners.
We also have an in-house debt collection service to manage overdue accounts and recover monies owed to you as quickly and efficiently as possible.
We take pride in our company systems and information technology and continue to search for initiatives that better serve our clients. Our service offerings include the use of Community Hub, an easy-to-access web portal, which makes it easier for owners to review documents such as meeting minutes and levy information, and to update information from their home computer.
The same web portal provides committee members and building managers with access to financial information about the scheme, an Online Invoice Approval system for invoice processing and approval of invoices, information about the progress of repairs and maintenance.
Clients and residents also have access to Community After Hours, an after hours emergency common property repair service, which operates from 5.00pm to 8.30am Monday to Friday, on weekends and during public holidays.
We also provide access for our clients to Community Select, an online directory of professional and trade service providers in the property industry. This allows lot owners to quickly access properly certified contractors and professionals for maintenance and remedial works at anytime of the day.
Community Utilities is a service that we offer to all our eligible schemes. It is a service that is able to deliver significant cost savings on electricity, gas and water.
All clients also receive a free subscription to leading strata industry magazine, Community Lifestyle Magazine, which provides readers with the latest news and views on the industry.
We have recently launch an additional service called Community Health & Safety, a service that offers committee members and owners a practical solution to minimise the risks to their scheme.
So why not give us a call on 1300 185 109 for an obligation FREE quote or click here to REQUEST A QUOTE.