Sandy Papalia is the General Manager of Realmark Strata and brings the wealth of her knowledge to the table to explain all things strata.
What is strata?
What is a strata company?
What is a strata council?
What is strata manager?
What are the key traits of effective strata management?
Strata title was first created under Australian property law (1961) and has been replicated around the world.
Strata title applies to developments where there is individual ownership of part of ‘the lots’, and joint ownership of ‘common property’.
Developments that are covered by strata plans include:
- Mixed use
- Serviced apartments
- Retirement villages
- Caravan parks, and
The ‘lots’ are the privately owned part of the property (such as an apartment or villa), and the ‘common property’ includes foyers, gyms, gardens, pools etc.
A strata company, or body corporate, is formed when a strata plan is registered with Landgate. The strata company comprises of all the owners of the ‘lots’ included in the strata plan.
If you own a unit, townhouse, villa, shop or warehouse in a block/building, then you automatically become a strata company member. It is a legal obligation and cannot be opted out of.
The strata company, under Section 35 Strata Titles Act 1985 (WA), is responsible for enforcing by-laws and ensuring that the common property is managed and controlled for the benefit of all the owners.
By-laws govern the conduct and responsibilities of those who reside in the strata community. In Western Australia there are Statutory By-laws which apply to every strata. The strata community can also register additional by-laws, which are applicable to that property alone.
It is important to read and understand the by-laws if you are buying into or are already a part of a strata community, as these rules dictate how the building is managed and are legally enforceable.
A strata council is a body of people who run the strata company. They must hold general meetings, enforce by-laws and follow the Act.
A strata manager is the person who works for the strata council to ensure that all legal obligations, through the Act, are complied with.
They are required to successfully regulate, direct, oversee and take care of the property in order to create an appropriate community environment.
It is important that the strata manager clearly understands their role and legal obligations.
Tasks which strata managers may be required to perform include:
- General accounting
- Preparing budgets
- Invoicing of levies/service charges
- Arrears monitoring
- Financial reporting
- Contract management
Are you in need of a strata manager?
Realmark can help you.
With more than a quarter century of working with Western Australians, we don’t just understand strata management, we live and breathe it. If you own property in a strata complex and are looking for a proficient Strata Manager who understands the importance of protecting the value of your asset, we’d love to hear from you. Talk to us now.