Owner Liabilities Exposed without Professional Strata Management

“Why do strata title dwelling owners, after putting all that money into their property, go off and pay someone else to run everything for them when they could just as easily do it themselves!” Well, if you have to ask that question you obviously don’t know that it isn’t at all easy to manage a strata title and you’ll soon see why.

Firstly, there are all kinds of obligations imposed by state legislation, which makes sense when you consider that this is a type of communal living arrangement, and the rights of every person in it must be protected. Also, getting a group of people from all different backgrounds and circumstances to agree on everything one hundred percent of the time is impossible. Just look at our parliaments!

Secondly, to comply with all the requirements of legislation requires an immense body of knowledge to manage what is a complex process. Strata title administration needs to be performed by someone suitably experienced, as any lapse in detail could expose the owners to severe financial penalties and loss. It is not a role for an amateur, however well-meaning they are.

Handing the headaches and hassles over to a strata Western Australia company that is expert in WA strata title management is the answer. WA Strata Management will perform all aspects of regular strata management and body corporate services, and are also able to perform special services where they have been directed by the strata Council. This includes all financial management, administration of the Strata Titles Act and building maintenance, essential to protect and increase the value of the overall investment on behalf of the owners.

“I am an absentee owner of a strata unit in a large complex with both owners-in-residence and tenants occupying the building. I know little about the legislation, but I am aware of the liabilities that I carry should all statutory requirements not be met. Since the Council engaged WA Strata Management to look after everything, there have been fewer petty disputes, monies are being accounted for and a regular maintenance program is in place. I can thoroughly recommend WA Strata Management to improve every aspect of administration and I now feel that my investment is being protected,” said Clive P.

Just keeping the financial aspect of a large complex under control is a major role and requires people skilled and experienced in using computer accounting packages, setting up control systems and procedures and understanding the reporting required by legislation and how it should be presented to the Council and owners. It includes collecting and banking money, processing accounts receivable and accounts payable, following up bad debts, preparing budgets, calculating levy contributions, preparing annual accounts and arranging external audits.

“We had a couple of the owners trying to look after the accounts but it just became too big a job. When we missed paying our public liability insurance on time, it was clear that we needed professional management. WA Strata Management was recommended by a friend who lived in another unit block, and we really haven’t looked back. Their people are skilled, experienced and have set up some great systems to keep track of everything. Excellent move and highly recommended to other unit owners,” said Mel F.

This sector of the real property Australia market continues to expand on the back of demand by households for an alternative to the traditional quarter-acre suburban block. Legislation and regulations will be poked, prodded and tweaked in response to issues and the role of the professional strata manager will become essential to good order and financial control. To keep your complex ahead of the pack, contact WA Strata Management to see what they can offer. You won’t be sorry.