People often ask a lot of questions about strata management. Today, we decided to answer a few of these questions. In this article, you will find the answers to questions like what is strata scheme, what should you do when it comes to investing in a strata scheme, and even list the responsibilities of committee members. So, let’s begin by answering some frequently asked questions about strata management.
Frequently asked questions people ask about strata management
Let’s jump right into answering some common questions about strata management.
Question 1 – What is strata management?
Answer – Strata is something that was introduced in the property law by Australians which other countries all over the world copied. Strata refer to a law that enables individual ownership of a part of a property. In addition to this, it also includes the rule that allows shared ownership of the property. There are some places like Sydney where strata now account for more than half of all the residential properties along with leases.
Question 2 – What are the different responsibilities of committee members?
Answer – There are several different responsibilities of committee members which you must know. These responsibilities include –
- Authorization of the minutes of all the meetings that occur between the committee.
- Approving the insurance quotes.
- Authorization of the budget to operate the building.
Question 3 – Can strata be managed by an individual?
Answer – Wondering if strata can be managed by an individual? If yes, the answer is yes. An individual can easily manage strata and when a person decides to manage it by himself it refers to self-managed strata, DIY strata, and even DIY body corporate. Where some believe that self-managing strata are not managing at all. Before you decide make sure you understand what you are putting at risk.
Question 4 – Who can take the decisions in the strata community?
Answer – If you want to know who makes the decision in the strata community, the answer is very simple. The basic concept of a strata community is that every owner gets a vote on every decision that needs to be made. This happens every year at AGM which is the annual general meeting. There are many different strata schemes that do not have any committees but if you have a strata committee, it is the responsibility of every member of the committee to make a decision.
In the end, we would like to say that there are several things that one must consider when it comes to strata management. Here, in this piece of article, we have shared your answers to some common questions about strata. In case you are looking for a company that can help you with strata management, you must check out Capital Strata. This is one of the best strata management companies that provide different services including accounting services, insurance services, secretarial services, and even governance services. So, wait for no more and enjoy professional strata management services for your property.