The complexities of professional Victoria strata property management

A strata is a multi-faceted, sometimes combative legal creation.

Created to divide one or multiple buildings and land into separate parcels which are individually owned, and common parcels owned by all owners, there are shared and sometimes conflicting interests among strata members.

However, these owners are forced to worked together under a strata corporation – a legal entity with the capacity to sue, be sued and to enter into contracts with others and hire employees. The strata corporation is comprised of the owners of the strata lots and is run on democratic principles, including equal voting rights, majority rule and the right to introduce motions and raise issues.

It is into this sometimes-complex environment that professional Victoria property management and strata management company Cornerstone Properties steps.

Best interests of the owners and strata council

First and foremost, no matter the combative or conciliatory nature and makeup of the strata corporation, Cornerstone Properties focuses on the best interests of the individual and common components of the property and facilitates this by confirming that each strata owner obtains the proper information about, and management of their property. By working with councils and residents, Cornerstone Properties builds a professional and well-functioning environment for all parties.

To create a responsive and effective management system, there are several steps Cornerstone Properties takes when dealing with strata properties, tenants owners and councils, these include, but are not limited to:

• Establishing lines of communication with all individual unit owners. This means promptly answering questions and responding to concerns regarding the operation of the development.
• Being present and proactive. Cornerstone Properties works hard to avoid surprises by arranging for and supervising all services to the property with reputable, reliable contractors and ensuring costs are kept in check by seeking competitive proposals for services the strata council can then vote on.
• Consistent, professional financial management. Few items can create chaos in a strata council quicker than a poorly documented, formatted and presented budget. Cornerstone Properties will work hard producing accurate and transparent annual operating cost budgets which are then provided for approval by strata council and owners at annual general meetings.
• Reliable and consistent invoicing of owners for strata fees, collection and the providing regularly scheduled reports to strata council, including financial statements, bank statement and bank reconciliation.
• When Strata Council requests, Cornerstone Properties professional property managers will attend strata council and general meetings.
• Dealing with the legal minutiae which effect the strata corporation, including dealing with regulatory authorities, the Strata Property Act and then advising strata council.

By managing the real property, strata owners, council and tenants, Cornerstone Properties professional property managers aims to create a consistent and stable environment protecting the investment and value of the property. A smoothly functioning, well maintained building creates a desirable living and purchasing environment serving everyone’s best interests.