Living in a strata scheme is the type of accommodation arrangement that is becoming increasingly attractive to Australians, especially younger people who are busy with careers and other pursuits. However, the key to enjoying unit or apartment living is occupying a building complex that is well-managed, with clear rules for the use of common areas.
Group Living Creates Many Benefits for Residents
There are a great many positives attached to these types of properties, both from a lifestyle point of view for residents and also as part of an investment portfolio. Residents experience a heightened sense of security being surrounded by other people and they can enjoy the facilities without having to physically do any of the work. Investors enjoy the financial returns while leaving all the administration to someone else.
Professional Expertise Needed for Smoothly Run Schemes
The key to unlocking all the great things about strata living, as already mentioned, is first-class management. Properties that are not well-managed are rife with issues that create disharmony. They are prone to disputes between residents that can only be resolved with outside mediation. The council or body corporate may be in conflict and financial decision-making is poor.
This is never the situation when WA Strata Management is engaged by client councils to assist them with the running of their facilities. Each building complex has its own unique set of challenges so managing such a facility is not a “one-size-fits-all” proposition. When we help clients develop their strata scheme management plan, we design it to suit that particular building and that particular council.
Inexperience and Lack of Knowledge Causes Major Problems
Some councils, typically in situations where many of the members are on-site residents, try to cut costs by running their scheme themselves, without the benefit of professional and independent expertise. Others use inexperienced managers just starting out in the industry. Either way, lack of knowledge of the relevant legislation leads to problems in keeping proper financial and administration records. We are often called in to these situations to sort out the problems and put in place professional people who know how to run an apartment complex.
Accurate Record Keeping and Reporting Best Left to Professionals
A properly functioning strata scheme has administration systems that keep accurate financial records, and provide reports on expenditure and income as and when required to council meetings and the relevant authorities. In the case of our staff, they are trained to know the legislative requirements, including changes that affect their operations.
The benefits of professional management far outweigh the associated costs. The lot owners are still in control as the people they engage can only exercise the responsibilities that have been delegated to them by the council. This allows the lot owners the freedom to enjoy their properties, without any of the associated day-to-day operational problems and responsibilities.