Strata Management
What does it mean and what does a Strata Manager do?
Our feedback suggests there is much confusion and uncertainty about the role of a Strata Manager.
Strata Management is a technical and specialised field within the real estate industry governed by the Strata Titles Act. Unfortunately, the Strata Management profession is not yet regulated, with Strata Managers needing no formal qualification. This results in many different attitudes and methods being applied to the management practice. Invariably, this has also led to lower than acceptable standards of competency and professionalism tarnishing the industry. It has also allowed independent operators to open Strata Management businesses with very few of the controls, regulations, auditing or licenses required of a Real Estate Agency.
For many years O’Neil Real Estate has operated a dedicated Strata Management department staffed by motivated and trained professionals that are currently entrusted with the management of more than 100 residential and commercial complexes. These complexes range in size from small complexes (3-5 lots) through to large complexes (50+ lots) and mixed use developments.
Our staff receive regular education and training, utilise specialised strata management software and operate with stringent procedures to ensure we deliver an unrivalled level of service.
Strata Management involves the day-to-day operation and administration of a strata complex in accordance with the requirements of the Strata Titles Act. A Strata Manager is appointed by the Council of Owners to provide these services on behalf of all the owners in the complex.
When selecting a Strata Manager it is prudent to choose someone who is familiar with the finer points of the legislation and who is confident in applying the law. You need to choose someone who will continually strive to provide a professional, efficient and reliable service.
Over the years we’ve had the opportunity to talk to thousands of owners about their needs and experiences relating to the management of their strata complex.
We listened to these needs and experiences and have consequently developed our Strata Management service to include extensive systems and procedures aimed at consistently delivering a premium service; a management service that knows what you want and how to deliver it!
INSURANCE
Insurance of all the building structures within a strata complex is a legal requirement under the Strata Titles Act.
As part of our service as Strata Manager, and in accordance with the instructions of the Body Corporate, we obtain quotes, take out and renew insurance policies for the complex, ensuring that public liability and workers compensation requirements are also met.
We will also lodge any necessary insurance claims on behalf of the Body Corporate and follow up payment of any outstanding claims.
MEETINGS
Our Strata Management team will schedule and conduct the Annual General Meeting along with any Extraordinary General meetings in accordance with the requirements of the Strata Titles Act. Detailed financial reports (including income and expense reports) are supplied to owners prior to the meeting and documented minutes are issued within 7 days of the meeting date.
As part of our management service, O’Neil Real Estate provides use of our corporate board room including refreshments for all meetings to be conducted at no charge to the strata company.
TOOLS & TECHNOLOGY
We aim to provide a faster, more efficient and more reliable service. To aid us, we utilise Australia’s most advanced strata management software incorporating iPad meeting software, personalised internet owner portals and flexible electronic payment solutions for levies.
Our Strata Department receives ongoing professional development with industry leading consultants, regular internal training and a comprehensive procedural system streamlining the daily workings of the department.
O’Neil Real Estate is known as an agency that leads rather than follows, integrating modern techniques and technologies while maintaining our traditional values and integrity.
MAINTENANCE
The Strata Titles Act requires the Strata Company to ensure that all common property is repaired, maintained or replaced where required.
In consultation with the Council of Owners we arrange for the maintenance of common property at the complex. In doing this we only engage tradespeople who meet our office’s high standard – they must be licensed and they must have public liability insurance cover to protect the Body Corporate.
If at any time we are not satisfied with the quality of the workmanship we will instruct the tradesperson to rectify the problem immediately.
The neglect of minor repairs will always lead to major (and more costly) repairs at a later date. Our maintenance program will ensure that problems are rectified quickly at a competitive price.
ACCOUNTING & ADMINISTRATION
The sound financial management and administration of your strata complex is vital in ensuring your asset is secure and well represented.
Our accounting services include:
- Establishing annual budgets for the administrative and reserve funds
- Invoicing and collection of strata levies
- Monitoring and pursuing unpaid levies and arranging for the recovery of levy arrears
- Arranging routine maintenance of buildings and common property areas and paying invoices
- Arranging for the preparation and lodgement of BAS returns (where applicable)
- Arranging for the preparation and lodgement of annual tax returns
- Maintain the Body Corporate’s funds in our statutory trust account (which is audited in accordance with government regulations)
Our administrative services include:
- Preparing and distributing levy and reserve fund invoices
- Preparing and distributing notices for Annual General Meetings as well as any extraordinary or other meetings
- Attending all meetings and recording accurate minutes of the proceedings
- Attending to routine written and oral communications
- Maintaining the strata roll
- Maintaining the common seal
These days, many Agents promise to offer the highest level of service, give the best advice and “look after your property as though it were their own”, but how many of them actually guarantee this promise to their clients?
O’Neil Real Estate is so committed to delivering exceptional service, professionalism and Strata Management expertise that we have established a detailed service guarantee to our clients. This Service Guarantee gives you the confidence that your Strata complex will be looked after with the highest level of communication, follow up and diligence.
We guarantee to:
- To respond to your telephone calls within 24 hours
- To respond to fax and email requests within 24 hours
- To not make excuses but provide solutions
- To prepare all documentation in accordance with the Strata Titles Act
- To maintain all financial records of the Strata Company as required by the Strata Titles Act
- To ensure that all common property is maintained in good and serviceable repair
- To ensure that all building structures within a strata scheme are adequately insurance
- To control and manage common property for the benefit of all proprietors
- To enforce the by-laws of the Strata Company
- To arrange and register changes to by-laws
- To carry out an on-site review at each complex at least twice a year
- To carry out an Annual General Meeting for the complex once a year
- To monitor levy arrears on a regular basis and promptly issue the appropriate notices
- To have a thorough knowledge of the Anti-Discrimination and Privacy Act
- To administer all funds through an audited trust account
- To use a quality system with checklists to reduce human error
Our Strata Management team is focused on delivering a proactive and professional service to its clients.
Our “all inclusive” fee structure is aimed at giving you an open and transparent representation of costs associated with the management services provided.
Please arrange an appointment time with our Strata Manager to discuss the fees in further detail.
We believe that our success cannot be truly measured just by how many complexes we manage, or how low we can keep the levy arrears. Rather, our success can best be measured through the feedback of our clients. For that reason, here is what some of our clients are saying about our Strata Management service:
“The Pioneer Village Council of Owners is pleased to state that for the past ten years we have continued to utilise the services of O’Neil Real Estate in managing our strata complex. To date we have been more than satisfied with the service provided. O’Neil Real Estate has always been prompt in responding to our queries, quick to follow up any concerns and well able to offer us direction in obtaining legal support and expert strata-related guidance. Our relationship with O’Neil Real Estate has always been very positive and professional and the guidance we have received has always been beneficial in assisting us in managing our complex business strata arrangement.”
D Davies, Pioneer Village
“The Strata Management team at O’Neil’s is an experienced and effective team delivering a professional level of service. Since the move to O’Neil Real Estate our complex is in the most stable financial position it has ever been. This is due in part to the strata manager encouraging and supporting the Council of Owners to make tough, and at times unpopular, decisions for the benefit of the strata’s future. Prior to O’Neil’s management role the complex seemed to be lurching from one AGM to the next, running around responding to problems as they arose. The experience that the Strata Manager has brought to the estate has enabled the complex to be pro-active in its maintenance program putting in place systems that have allowed for a stress free role for the Council of Owners.”
M Brockhoff, Homestead Waters
“5 years ago our strata complex was in desperate need of a good Strata Manager, one of our owners saw an O’Neil plaque on another complex and we decided to contact them. We have never looked back. They are the most efficient team you could hope to find. Our complex is by far one of the best looking on the block thanks to O’Neil’s.”
J Draman, Wanaping Road
We would love the opportunity to sit down with you to demonstrate how we can help you achieve the same outstanding results that thousands of our clients have already enjoyed over the years.
Simply contact a member of our Strata Management team to arrange an appointment – they will be happy to assist in any way possible.