Effective management is the cornerstone of a successful strata scheme. This is because by its very nature, strata living is all about using shared resources to create a great place to live. A bad strata manager might neglect their obligations, leading to expensive and urgent repairs that put financial strain on the owners within the strata scheme. Alternatively, a good manager will put time and energy into maintaining a property well, with a long-term plan for any major works that are likely to be needed.
The value of the maintenance plan and maintenance fund
While unexpected home repairs are a typical part of property ownership, a lot of maintenance can be anticipated and planned ahead of time. Peeling paint or hairline cracks could be a sign of problems down the road, for example.
Every strata scheme in NSW is required to have a 10-year capital works plan that sets out plans for any major repairs or maintenance needed – this might cover works such as replacing the roof, or repainting an apartment building’s exterior walls. Smaller repairs and maintenance will either be voted on at a meeting of the owners corporation, or implemented by the strata manager or strata committee if they are minor expenses.
Keeping costs down for owners
In the case that major unavoidable or unexpected repairs arise and they can’t be covered by the capital works fund, the owners corporation may vote in special levies. These are calculated according to the lot entitlement of each owner. While special levies are sometimes unavoidable, good management can help to minimise the need for these additional costs in many cases. A good manager can also ensure that your administrative fund is being put to good use and obtaining good value from contractors such as gardeners, cleaners, plumbers and electricians. And put simply – every good decision is one that can help keep money in your own pocket as a strata owner!
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Finding a strata manager who looks ahead
Great strata management doesn’t just keep things ‘ticking along’ – it proactively plans for the future. And a great strata manager will provide value in other aspects of strata life too. Here at Jamesons Strata Management we regularly post about new legislation and the changing rules around COVID-19 as they relate to strata schemes. With services ranging from compliance to contract management, from taxation expertise to the management of complex strata issues, you can be confident that whatever the question or problem may be you’ll have an expert team on the other end of the phone.
If you’re spotting issues with the management of your strata scheme, the best time to take action is now and request a free quote.