Registered owners of lots in a strata company have unlimited liability for any losses or debts incurred by this legal entity. This should be an issue of concern, especially for those owners who do not occupy their premises but rent them out as an investment. They have a large vested interest in ensuring that the residential complex where their asset is located is being managed by experienced professionals.
Councils Prefer to Engage Professionals to Discharge Their Responsibilities
Although the owners are responsible, via an elected Council, for meeting their legal obligations, most elected members lack the knowledge, skills and indeed the time to meet these obligations effectively. Our company, WA Strata Management, offers the services of a professional strata manager to take over the daily operational matters and relieve the owners and the Council of the stress.
A large residential complex with multiple owners and tenants requires strong management systems to ensure that all legal obligations are fulfilled. A trained and experienced person running such a complex is required to establish and maintain good financial, administration and communication systems.
Strong Financial Systems Protect Funds
When we are contracted to manage a complex on behalf of a Council, our people prepare realistic budgets that cover all costs associated with running the facility. They review the existing accounting processes and records and if they are inadequate, they establish systems that align to modern accounting and business practices. This allows them to run regular financial reports for the Council to keep them up to date with their financial situation.
Organised Administration Prevents Lost Records
A robust and organised administration system makes clerical work a routine task. This is a vital component of this role and one that is ongoing throughout the year. Preparing and issuing notices of the annual general meeting and any extraordinary general meetings, distributing the minutes of those meetings and maintaining all necessary records are essential tasks performed by our people in this role.
Communication Skills – Both Routine and Special
Acting as a conduit for communication with the Council, the proprietors, the residents and any external service providers is also part of the duties of a strata manager. Specifically, this could be as routine as taking phone enquiries, answering emails and providing information during office hours. It could also be as unusual as delivering services that can only be performed with the authority of the Council or their representative.
Managing a large block of apartments with many proprietors and tenants is just as challenging as running a large business. The organisational skills required to do this effectively are essentially the same, and require the knowledge of current accounting and management practices.
When we are engaged by a Council to provide these services, we ensure that all our WA Strata Managementstaff members working in these roles have skills that are up to date, and experienced at taking on these demanding roles.