Can You Manage Your Strata Yourself? Know here

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Can You Manage Your Strata Yourself? Know here

When managing a strata, property owners face a choice: hire a professional strata management service or take matters into their own hands. The question is, can you manage your strata yourself effectively? While it seems daunting, managing your strata, also known as owners corporation management, can be a viable option. Depending on the size of your building and the commitment of the owners involved. This approach can save money, foster community, and offer direct control over your property’s maintenance and decision-making processes.

This article guides you through a detailed understanding of strata management including self-management, advantages, and challenges. Can You Manage Your Strata Yourself? Know here

Understanding Strata Management

Strata title refers to a system of property ownership where an individual owns a unit or apartment within a complex. In contrast, the common areas (like hallways, gardens, and parking) are owned collectively by the other unit owners. An owner corporation, sometimes called a body corporation, is responsible for managing these shared spaces and ensuring the property runs smoothly.

Strata management involves organising maintenance, insurance, financial management, and resolving resident disputes. While many owners opt for professional strata management, others prefer a more hands-on approach by managing their strata themselves.

Can You Manage Your Strata Yourself?

Many smaller strata schemes with fewer units successfully self-manage their properties. In Australia, there is no legal requirement for property owners to hire a professional strata manager. You can manage the day-to-day operations of your strata, provided you meet the legal requirements and ensure the smooth functioning of your owner’s corporation.

It’s important to consider whether you have the time, skills, and commitment required for owner-corporation management. While it’s feasible for small to medium-sized buildings, larger schemes might find it challenging due to the complexities involved in managing a larger number of owners, maintenance tasks, and financial matters.

Advantages of Self-Managing Your Strata

  1. Cost Savings: The most attractive aspect of self-managing your strata is the potential to save money. Self-management allows you to allocate funds towards other priorities, such as maintenance or improvements to the property.
  1. Direct Control: When you manage your strata, you have direct control over every decision. This includes choosing contractors, setting budgets, and handling issues arising within the owner’s corporation. For owners who want to be hands-on and involved in the decision-making process, this level of control can be very appealing.
  1. Community Engagement: Self-managing your strata allows residents to work together to solve problems, keep the property in good condition, and maintain a harmonious living environment. By involving everyone in the decision-making process, you can create a stronger sense of ownership and pride in the property.

Challenges of Self-Managing Your Strata

  1. Time Commitment: Managing a strata requires a significant amount of time. From regular maintenance to dealing with disputes and ensuring compliance with legal requirements, self-management can be a full-time job. If you or other owners aren’t willing or able to dedicate this time, the effectiveness of your self-management efforts will be compromised.
  1. Complexity of Tasks: Owners corporation management involves much more than collecting fees and overseeing repairs. There are legal responsibilities, financial management tasks (like preparing budgets and managing funds), and ensuring compliance with local regulations. While smaller buildings may find this manageable, larger complexes with multiple issues may require professional assistance.
  1. Potential for Disputes: With multiple owners involved in decision-making, disagreements are inevitable. Self-managing a strata means you’ll need to mediate between owners and resolve conflicts. If disputes become frequent or unmanageable, they can strain relationships and cause tension within the community.

How to Self-Manage Your Strata Effectively

If you decide to take on the responsibility of owner corporation management, several strategies make the process smoother:

  1. Use Strata Management Software: Many software solutions are available to help self-manage your strata. These platforms simplify tasks such as fee collection, financial management, and maintenance tracking.
  1. Set Clear Expectations and Guidelines: Establish clear guidelines for the operation of your strata from the start. Define roles, responsibilities, and the processes for decision-making. This will help prevent misunderstandings and ensure everyone is on the same page when managing the property.
  1. Get Legal Advice When Needed: While you might be managing the property yourself, seek legal advice if you encounter complex issues or disputes. Access to legal support will ensure you comply with relevant laws and regulations, avoiding costly mistakes.

Conclusion

It is possible to manage your strata yourself if you have a small building with a committed group of owners. While it requires a time investment and a willingness to learn, self-managing can offer financial savings, direct control, and a stronger sense of community. Be realistic about the challenges involved with owners corporation management, when it comes to the time commitment, complexity of tasks, and potential for disputes.

For those who find self-management daunting, there are also hybrid options, such as using strata management software or seeking professional advice when needed. The decision to self-manage your strata should be made with careful consideration of your building’s needs and the capabilities of your owner’s corporation.

Featured photo by Vlada Karpovich from Pexels
Daniel Clark

Daniel Clark is a professional blogger who loves to write on numerous topics for fashion, shopping, beauty accessory and lifestyle inventions, etc.

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