Attention Developers: Why you need a strata managing agent!

Strata Managers are trained professionals with the thorough knowledge and expertise required to ensure proper and timely compliance with a litany of legal, notice, meeting, accounting, capital works fund and administration fund monetary requirements relevant to your strata development.

One-stop-shop

With licenced strata manager, all matters relating to the scheme can be directed to one person with intimate knowledge of your building and the know-how to resolve all matters.  An Owners Corporation can delegate its functions to a licenced strata manager to assist in the running of the strata scheme.

Ethical duties

Engaging a licensed strata manager is your assurance that your strata manager will act ethically, without fear or favour, be honest and be objective and fair.

Legal compliance

A strata managing agent can assist you with legal compliance or guide you to appoint a strata legal expert to

• Assist you during the formation of the Owners Corporation, the creation of by-laws and the sale process of your development
• Keep you informed of the requirements/prohibitions during the initial period during the time before you have sold more than 1/3^rd of the aggregate unit entitlements and attendant voting rights/dilutions
• When you must inform a prospective purchaser of their requirement to remit GST on the supply directly to the ATO (rather than to you as part of the purchase price)
• Expertly manage the day-to-day functioning of the strata scheme (often in conjunction with the strata committee)
• Advise you on the strict responsibilities to repair and maintain the common property
• Keep you up-to-date with new legislation, regulations, reporting requirements
• Disclose and resolve third party conflicts of interest
• Perform debt recovery services to ensure the building has the proper cashflow
• Manage and safekeep all documents pertaining to the building in a readily accessible and catalogued fashion

Enhance your investment, minimise disharmony

A duly appointed strata managing agent may increase the value of your property given that an impartial qualified third party effectively manages your building. A strata manager may also diffuse disputes before they escalate given that they are required to be impartial and act in the best interests of the Owners Corporation.

Do you have a question relating to your property or development? Contact us!

Please note that this article is provided for information purposes only and is not a substitute for professional legal advice.