The benefits of dedicated Strata Management
The benefits of dedicated Strata Management
When you buy a lot in a residential development, you become part of an owners corporation. Whether you’re a first-time home buyer or investor who owns apartments in multiple buildings, the choices your owners corporation makes affect the value of your home or investment by influencing how the common areas around and within the building are handled. With legislation to be aware of and a wide range of responsibilities to cover, owners corporations often utilise the services of property experts such as Melcorp Strata. In this article we’ll explore why and how a dedicated strata specialist can be of great benefit to property owners.
What is an owners corporation?
An owners corporation administers to the needs of property owners by handling duties related to common property.
The term "common property" refers to any portions of a property that aren't lots on the plan of subdivision. This includes interior and exterior spaces such as lifts, stairs, hallways, entryways, pathways, and driveways as well as interior and exterior features such as walls, gardens, lights and amenities. Common property is jointly owned by lot owners.
Owners corporations are automatically created (be it a single or multiple OC) when any plan of subdivision that includes common property is lodged with Land Victoria.
Owners corporation duties
Aside from performing any operations outlined in legislation such as the Owners Corporations Act 2006 and Owners Corporations Regulations 2007, some of the duties of an owners corporation are:
- Management of common property
- Maintenance and repair of common property features
- Creating a process for lodging and handling grievances
- Maintaining a register
- Meeting insurance requirements and ensuring insurance is upkept
- Financial record keeping
- Staying up-to-date with legislation and enacting the requirements of new legislation
- Issuing owners corporations certificates.
Owners corporation structure
An owners corporation conducts its duties at four levels:
- The lot owners who make up the owners corporation
- The committee of elected lot owners or their intermediaries
- The owners corporation’s delegate
- The committee’s delegate
Why use a strata manager?
A strata management partner provides a wide range of benefits to lot owners. Owners corporations utilize the service of such companies to streamline processes and capitalise on the expertise of professional teams. The best way to safeguard your home or property investment is to do so with the assistance of dedicated, experienced strata management.
Benefits offered by Melcorp Strata
A quality owners corporation ensures that the building they manage is a well-kept, harmonious and enjoyable place to live. A place where things just work and problems are quickly rectified. Where residents are proud of their home and property values are protected because the building and its grounds are cared for.
Reliable and timely communication
An investment of time is required to efficiently manage all of the duties and potential issues surrounding common property. Lot owners have their own careers and lives to manage – and owner-investors likely live off-site. It’s difficult for lot owners to make such commitments and challenging to arrange compensation for their time. You can have confidence in Melcorp Strata to provide complete, accurate and timely information at every key milestone you reach.
A third party managing the property’s needs reduces potential conflict between lot owners. Corporate processes and approvals procedures provide a framework for amicable, collaborative decision making – and when actions are taken, no lot owner is responsible. Working with a dedicated business results in professional responsibility and courtesy.
Expertise and insights
Melcorp Strata have teams of professionals from various related fields whom can confidently provide lot owners with the expertise and understanding of the legislative requirements to control common property and being on the leading edge of applicable trends and technology to enhance your asset .
A strata manager will look after your property as if it was their own. With experience to match their commitment to the property, they know how to handle challenges and what to watch for. The best solution is the one that solves a problem before it happens.
A professional strata management team includes dedicated financial professionals that make sure fees and funds are handled according to best-practice accounting processes.
Melcorp Strata is made up of professionals who are entrenched in the property industry and have access to a network that ensures service and building management. Due to this, our dedicated team is able to find solutions for maintenance, repair, security and other concerns faster than individual owners – and their presence in the industry means your owners corporation will often get better rates than the public.
Choosing a strata partner
When choosing a strata management solution, it’s important to find the right team for your needs. A few things to consider when making your decision are:
- Does the team have experience with your type of property?
- Does the team’s philosophy match the needs of your owners?
- Does their track record meet your expectations?
If you’re looking for a world-class strata management team in Melbourne, Melcorp Strata is committed to maintaining and maximising our clients’ homes and investments. We are known for our expertise, efficiency and integrity – and we’d love to work with you. Contact us today by 8638 1822.