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Managing a strata development can be a nerve-wracking experience. It is especially so since you have to consider the opinion of each member to the development. More often than not, the owners' corporation spends sleepless nights trying to find compromises that can be accepted by all members of the owners' association. Below is an excerpt discussing how to manage a strata development. Hopefully, it will ease the work of strata managers and owners' corporations.
Promote Harmonious Living
Since members will regularly interact with each other, they must develop bylaws that encourage harmonious and peaceful co-existence. One of their concerns should be the use of the shared property. For instance, how many parking lots will each member have? When should members use the swimming pool? These bylaws will help prevent disputes among the members.
Determine The Costs Of Running Shared Amenities
Each member of the owners' association should contribute towards the maintenance of the shared property. The owners' corporation should draw management estimates and ask the members to give their views regarding the budget. Once the association is at consensus, members should decide whether the maintenance costs will be a one-off yearly payment, quarterly payments, or monthly payments.
As a rule, the owners' corporation must be transparent on how they utilise the joint funds. They should not spend the funds on irrelevant things or allocate themselves unwarranted allowances. If members think that their funds are mismanaged, they may not be willing to remit their contributions. As a result, the shared amenities will be in deplorable condition, and units in the strata development will depreciate.
Admission Of New Members
The development should also have a law on the admission of new members. For example, when should the strata manager or owners' corporation provide the seller with the association's bylaws and minutes? Since these are considered confidential strata documents, the buyer should receive them after signing the contract of sale. Besides, decide how the new member will make contributions. For example, should they make the standard annual contributions, or should they pay for the remaining part?
Determine The Need For A Manager
In some cases, members of the owners' corporation may not have the time to manage the development. If this is the case, the owners' association should consider the services of a strata manager. The manager will ensure that the common property is in excellent condition. Besides, they will distribute notices, collect levies and prepare financial documents.
Managing a strata development should be easy with the above tips. Contact a strata management company to learn more.Share