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Property Management | 2 min read

Strata Management 101

Published by:

The Rockend Team

Strata management is a growing industry, especially given the recent surge in apartments in Australia’s capital cities. We’ve put together a strata management guide providing you with information regarding strata schemes and what to look for when deciding on strata management software.

 

What is a strata scheme?

A strata scheme is essentially its own community and has its own rules and regulations that occupants must adhere to. A strata scheme can consist of either single or multiple buildings, where owners purchase a single lot (a townhouse or apartment, for example) and have joint ownership of the common areas of the property.

What do owners actually purchase?

In the majority of strata schemes, the property owner is purchasing all the internal structures (floor coverings, fixtures, internal walls) of their lot, as well as private external areas including balconies or courtyards.

There are a number of common areas within a strata property. Individual owners cannot make any changes to the appearance or function of these areas without prior approval from the owners corporation or committee. Common areas often include driveways, gardens, lobbies and recreation areas such as swimming pools, BBQ facilities and tennis courts.

What are owners’ corporations and committees?

An owners corporation manages the common property of a strata building. A vital role of the owners corporation is to ensure funds are available for ongoing costs, including:

  • Building and public liability insurance
  • Rates and water bills
  • Electricity charges for common areas
  • Costs associated with maintaining common areas

The owners corporation will also plan and budget for future expenses.

The owners committee is also responsible for the implementation and monitoring of the strata’s by-laws. By-laws are the rules and regulations the occupants of a building must adhere to. They can cover anything from the safety and security of the property and its inhabitants, to the keeping of pets and guidelines on the use of common property areas.

How strata management software can assist you?

There can be many different parties and priorities to be juggled when managing a strata building. A strata software system can assist you in keeping on top of your varied workload and help you to effectively manage and streamline the operations of your strata business. Implementing a software solution can help you improve the service to your clients, and grow your business.

What to look for in strata management software

There are a number of key features to look for in strata management software. A good system will include functionality for accounting, reporting, maintenance reports, communication, online accessibility, record-keeping and day-to-day management of everything from debt recovery to insurance claims.

Why choose Strata Master?

Rockend’s Strata Master offers a seamless management system. You can do everything from setting reminders for everyday tasks, to invoicing creditors and managing quotes for maintenance. Strata Master also enables your owners to access a wealth of information - including live reports, work orders, quotes and building financial information - help which reduces the number of calls and emails you receive!

If you manage strata properties and would like to learn more about how Rockend’s software solutions can assist you, contact us today.

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