Strata Manager Help Protect Your Assett 15/01/2007 As increasing numbers of people now live in a strata titled property, more and more owners are looking for ways to ensure their bricks and mortar remain a secure investment over time.
The long term maintenance of large strata titled blocks can be an involved undertaking. So it comes as no surprise to find that a rising number of owners corporation executive committees are turning to professional strata managers for advice.
Strata owners, just like any other, whether owner-occupier or investor, can have concerns about the buildings’ long-term health. Maintaining one’s investment is smart business, and good management rests at the very heart, a major factor that will help build wealth for the owners.
The director of New South Wales Strata Management, Mr Richard Tooker, says companies like his are being used by the majority of owners corporations due to a rise in the number of procedures, often leading to more cumbersome committees who may not fully understand their obligations.
“Larger apartment complexes in particular may require continued vigilance to ensure that maintenance plans prepare well for the years ahead. When asked to, we can provide an oversight role the can ensure that a valuable asset does not fall into disrepair. No owner wants to face a major expense, and the best way to avoid spending significant lump sums is to see to the regular and scheduled maintenance to infrastructure.”
Mr Tooker is quick to note that the role of the strata manager can be large or small depending upon need.
“The reality is that we take on only those tasks as allotted by the executive committee of the owners corporation, performing an oversight role to see that things are done according to the rules and regulations of the strata act.
“As licensed professionals we are fully insured and registered, and must work to good faith obligations which act in the best interests of all owners. So in this regard we provide the arms length assistance that benefits all.”
When assigned to do so, the strata managing agent can earmark capital items for replacement or repair according to a plan, addressing such issues as concrete cancer, the maintenance of water lines, exterior cabling for electricity or other matters that may need future attention.”
Sinking funds, the monies set aside by strata titled property owners corporations, are being brought into line by recent regulations calling for the greater enforcement of ten-year plans.
Buyers, Mr Tooker says, will need to be mindful of this fact and review monies set aside, as it could be possible for a buyer to find they have purchased a property well down the track of a ten-year plan that called for monies to be expended of a capital nature.
Mr Tooker also noted that few properties are exactly alike, so each property operating under strata title may have specific needs. This is why New South Wales Strata Management carefully tailors their services.
“A small block of units would have remarkably differing needs than say a larger commercial development that might have retail premises underneath and have many residential apartments above.”
Mr Tooker says it is important for investors buying into strata titled properties to check with care to see that their property has been well administered.
“Transparency for investors buying into such properties is important as they can benefit greatly by seeing what has been planned for the future and what existing funds are available to date.
“This allows them to make decisions on facts that show what costs might be coming up and to see how the common property areas have been maintained in the past.”
Mr Tookers says the fee for using professional management services can be much less than thought. He suggests that body corporate members investigate the cost-benefit by contacting New South Wales Strata Management on 9890 1841.
New South Wales Strata Management (formerly Gilmour Strata Management) commenced business in early 1991, as a member of the highly respected J A Gilmour & Sons group of companies. Licensed solely and specialising only in strata management services, the company has steadily grown to become one of the largest such organisations in New South Wales.
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