Strata developments are popular in Australia. Other than being cheap, the developments offer residents the comfort of living within a community. Managing a strata development can be tricky, given that you have to deal with numerous personalities. Below is an excerpt on strata management.
Create Bylaws
The immediate task of the property owners is to create bylaws detailing how they will interact with each other while at the development. Typically, the bylaws should stipulate how the residents will use the shared amenities. For example, how many parking slots does each tenant have? Who is allowed to use the rooftop? When can you access the park? The bylaws should also promote harmonious living. For example, if the development consists of families with kids, the residents could prohibit loud parties at night and the keeping of pets. These bylaws should not be static since members may wish to change them to suit changing circumstances. Therefore, the constitution should stipulate the process of changing these laws. For example, an amendment could be made if supported by 80% of the members.
Ensure Equity When Setting The Contributions
Residents will need to make contributions towards the maintenance of the common property. As a rule, these contributions must be fair to all. Start by conducting an assessment to establish how much you will spend to manage the common property. You could ask for a professional evaluation from a property manager or check the maintenance records of strata developments with similar amenities. If possible, the contributions should be made based on the floor space of each property. Simply put, people with larger properties will pay more. Besides, the payments should be made several times throughout the year. Set penalties to compel the owners to pay their contributions on time. Finally, set a mechanism to evaluate how well the funds are used.
Determine The Need For Professional Management
In some cases, the strata development may need professional management. It is especially so if the body corporate does not have the resources and expertise required to run the development. When hiring a strata manager, examine their experience, skill, and reputation. Additionally, inquire the number of hours they will spend managing the development. Besides helping with the maintenance of shared amenities, the manager will also keep the development's records and ensure the development meets safety requirements. Besides, the manager will ensure that members comply with the bylaws and manage the development's finances.
Strata management tips include setting bylaws, ensuring equity when setting the contributions, and considering the need for professional management.
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