Strata Quote

Strata management, sometimes known as “corporate body management,” is a subset of property management that deals with the day-to-day operation and management of a collectively owned property with many apartments, common areas, and shared facilities. It is based on an Australian property law concept known as strata title, which manages common ownership in apartment complexes with many levels or strata. The Australian system has been adopted by emerging economies such as Dubai, Abu Dhabi, the Philippines, and India.

It is comparable to common-interest development (CID), which includes planned unit developments of single-family homes, known as homeowner associations (HOAs), condominiums, and cooperative apartments. It is one of the fastest expanding housing types in the United States today. Federally funded finance provided by Fannie Mae and Freddie Mac, two government-sponsored corporations, using uniform financial instruments—mortgages that bind the borrower to the collective-property regime’s covenant restrictions with PUD or condo riders. However, such conditions are only enforceable if statutes recognize their legality. In bankruptcy court, joint expenditure liabilities are frequently subordinated as junior liens, with the bank holding senior title.

The construction of a strata title system to offer a framework for ownership and guidelines to govern developments with numerous users and owners is required to manage such stories successfully. The concept of jointly owned property is widely adopted in many jurisdictions. These schemes’ owners are automatically members of an owners’ or community association. These organizations are ultimately responsible for the upkeep and management of common areas like lobbies and corridors and shared recreational amenities like swimming pools and gyms. They are also in charge of the property’s administrative and financial operations.

The strata manager’s job description includes activities such as: working with the owners’ corporation and executive committee to regulate successfully, manage, maintain, and administer the property, and create a suitable community atmosphere.

• Accounting in general
• Budgeting
• Levies and service costs are invoiced.
• Collections of arrears
• Reporting on finances
• Contract administration
• Preparation for the meeting
• Communication between property owners and tenants
• Maintenance job coordination
• Rules and bylaws are enforced.
• Notices, orders, and certificates are issued.
• Secretarial duties in general