A self-managed strata corporation is a type of strata property where the owners of the units within the complex take on the responsibilities of managing the property themselves, rather than hiring a professional management company or an individual manager. This can include tasks such as handling maintenance and repairs, collecting strata fees, enforcing bylaws, and communicating with owners.
A self-managed strata corporation can be a good option for smaller strata corporations with a supportive and engaged group of owners who are willing to take on the additional responsibilities. However, it can also be more time-consuming and may require a greater time commitment from the owners, particularly if the strata corporation is larger or more complex.
1. Cost savings: With a self-managed strata corporation, the costs associated with hiring a professional strata management company can be avoided, which can lead to significant cost savings for the strata corporation.
Strata living often comes with additional costs, but strata owners can take advantage of cost savings by choosing to self-manage their strata corporation. This can be a daunting task for strata owners who lack knowledge of strata-specific legislation and regulations, but those that are determined to go ahead can save significant amounts of money in the long run. By taking the responsibility of strata management into their own hands strata owners have full control over decisions and associated costs, resulting in potentially significant savings.
2. Greater control: Being self-managed allows the strata corporation to have greater control over the day-to-day operations and decision-making processes, as well as the ability to respond more quickly to any issues that may arise.
Self-managed strata living is advantageous for strata owners, as it allows strata corporations to have greater control over their decisions and operations. Since strata owners are in charge of setting up their strata council , they can tailor its structure to fit their needs and ensure that the strata operates efficiently. Additionally, self-managed strata helps strata owners manage costs since they decide when and how service providers can be used. By opting for self-management, strata owners actively partake in the decision-making process, allowing them to make well-informed choices that will most benefit their community.
3. Improved communication: A self-managed strata corporation may have better communication among the owners, as they are all actively involved in the management and decision-making process.
Strata living can be complex, as strata owners shoulder responsibility for the costs and management of the strata corporation. However, self-managed strata corporations may provide improved communication among strata owners since they are actively involved in decision-making. With strata owners taking ownership of the strata management tasks and decisions, those same owners have a better understanding of what needs to be done, and more invested in seeing it done accurately and promptly. Improved communication between strata owners is a valuable outcome of self-managed strata board involvement in decision-making and management.
4. Enhanced sense of community: Being self-managed can foster a sense of community among the owners, as they are all working together to manage and maintain their shared property.
Strata living presents an often more attractive property ownership option, despite higher strata fees, as strata owners benefit from a sense of shared community within the strata. For strata owners wishing to gain further control over their strata and reap the benefits associated with self-managed strata management, they will come to experience a renewed sense of comradery within their block; as they all work towards achieving the common goal of maintaining and improving their strata and its surrounding environment.
5. Increased accountability: With a self-managed strata corporation, the owners are directly responsible for the management of the property, which can increase accountability and ensure that things are being run efficiently and effectively.
Strata living can come with a number of costs that owners must manage to ensure common areas, insurance and strata fees are covered. One way strata owners can take full advantage of their strata management is by becoming a self-managed strata corporation. By taking on all strata management responsibilities, strata owners increase accountability and guarantee a level of efficiency that would not be available with outside strata management services. This process may require more work initially, but it is likely the long term costs for the strata corporation will be lower and those savings will go directly to the strata owners.
A self-managed strata corporation can be a great option for smaller complexes with engaged owners who are willing to take on additional responsibilities. It provides greater control over day-to-day operations and decision making processes while also reducing costs associated with hiring professional management services. Moreover, it can foster a sense of community within the complex while providing access to information that would otherwise not be available through professional management companies. If you’re considering taking on this responsibility, research your options carefully before making any decisions so you can ensure that your self-managed strata corporation will be successful!
Not Legal Advice - The material provided on the StrataPress website is for general information purposes only. It is not intended to provide legal advice or opinions of any kind and may not be used for professional or commercial purposes. No one should act, or refrain from acting, based solely upon the materials provided on this website, any hypertext links or other general information without first seeking appropriate legal or other professional advice. These materials may have no evidentiary value and should be checked against official sources before they are used for professional or commercial purposes. Your use of these materials is at your own risk.