Watching Brief Helps Stay on Track 15/03/2008 The unsung heroes of strata titled properties are the men and women who volunteer to take a hot-seat at the owners’ corporation table. These are the people who administer the strata plan and usually do their work without pay and often with very little thanks.
Strata title living has been undergoing a tremendous upsurge. This is because residing in modern high-rise style buildings is growing in popularity, to some extend a response to sky-high prices for stand-alone single-family homes.
Many people find strata an ideal way to share costs and enjoy benefits. And the future will see many tens of thousands of new people join those already selecting to get pleasure from their individual ownership of an apartment or unit within a block or multi-unit complex.
The director of New South Wales Strata Management, Mr Richard Tooker states the case well when he says that anyone who buys a property within a strata plan buys into a community lifestyle with shared responsibilities and, yes, shared liabilities too.
Mr Tooker says the owners’ corporation is made up of representatives from amongst the buildings’ owners. And their responsibilities can be sometimes complex and consist of many highly varied tasks.
“They are asked to perform as administrators of the building, working on behalf of all the buildings’ owners. It is their job to see that the block is administered according with the Strata Schemes Management Act 1996.
“It doesn’t sound like an exciting job and it isn’t. Owners corporation members get to manage the finances of the strata scheme and administer the by-laws. They also get to look after common property and do all needed repairs.”
Mr Tooker says they also levy owners in the strata scheme to raise enough funds to carry out its duties. They record all details of notices, keep minutes and proxies, maintain accounting records and financial statements and prepare and keep a strata roll. Insurance too comes into play as doe’s myriad other duties. But there is often invaluable help not far away.
“These days most owners’ corporations employ the use of a professional strata title manager. Their role is to oversee the work of the owners’ corporation and its executive committee, to ensure that all aspects of the law are being fully met.”
He says the complexity of compliance raises the need for professional knowledge, from people who act in an oversight and advisory role.
“Importantly, the strata management team can provide the advice that can assist a strata plans’ owners’ corporation to administer the scheme in full compliance with all aspects of The Act. And because their role is advisory, the various owners can rest assured that the advice given is done so at arms-distance.”
Expecting untrained volunteers to attend to often difficult compliance regulations is an immense ask, he says, which is why specialist teams exist today.
“Professionals can be briefed these days to provide owners’ corporations with the exact level of oversight they require. The work can be tailored to suit their specific needs, and is usually found to be very cost effective.”
He notes that the need to independently interpret the details of a particular scheme can require close analysis and an experienced eye.
An owners’ corporation unsure if they are acting in complete compliance with the Strata Schemes Management Act can contact New South Wales Strata Management direct on 9890 1841 and arrange to discuss assistance.
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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