Strata Owners Services
What sort of Strata Owners Services do Strata Owners require?
Body Corporates are made up of Strata Owners or Lot Owners. There are a number of strata owners services that Body Corporates can consider to take the stress away from owning a lot in a strata titled community.
Some of these could be:
• Body Corporate Management/Strata Management – When you engage a Strata Manager, you will be provided with the following services and advice regarding;
– Financial management of your Body Corporate.
– Guidance regarding insurance matters relating to the Body Corporate.
– Administrative duties and requirements to make sure legislation needs are meet.
– Body Corporate legal requirements according to the Body Corporate Community Management Act and Regulations.
• Resident Unit Management/Caretaker & Letting – Some residential apartments contract a caretaker or resident unit manager to attend to the Body Corporates repairs and maintenance needs. They may also have a letting pool that lot owners can choose to rent their units through rather than a Real Estate Agency.
• Service contractors such as gardeners, trades people and elevator serviceman – From time to time trades people are required to service the common property areas of a Body Corporate. This may be as simple as the weekly visit from the gardener in order to keep the grounds looking good or something major like repainting of the building.
• Provision of reports such as sinking fund forecast reports or insurance reports – There are a few reports that are legally required to be obtained by a Body Corporate. These reports should be supplied by specialists such as Quantity Surveyors.
• Insurance Brokers – Making sure the Body Corporate has adequate insurance coverage is vital. Insurance Brokers are experts in providing the correct advice and gathering quotes from various insurance companies to ensure you get the best deal.
How can Strata Companies assist with these services?
Strata companies or Body Corporate Management companies can assist with all of the above services by;
• Managing all of the Body Corporates legal, administrative, and financial requirements so you don’t have to.
• Work with, administer and advise the Caretaker to make sure they abide by their contract.
• Record when reports are required and obtain them from the correct specialist.
• Liaise with Insurance Brokers regarding renewals and claims. Offer information regarding your insurance if required or direct you to an insurance expert when needed.
How to negotiate prices on Strata Services
Quite often an active Body Corporate Committee will be able to negotiate prices on strata services on behalf of the Body Corporate lot owners. A Strata Manager can assist in this area but it is really the responsibility of the committee to have the final say on quotes put forward for the Body Corporate to consider.
