Functions Of A Strata Company!

General accounting: People hold a vast portfolio of properties in Sydney. Some of them individually while others jointly. Strata management company holds responsibility of maintaining all the records including properties sold or held during the year and overall accounts of owners corporation.

Budgeting: When it comes to maintenance and upgradation requirement, NSW strata Parramatta managers formulate periodical budgets for maintenance of all strata properties held by a person.

Invoicing of levies/service charges: Owners corporation in a way is run by strata management services in Sydney. For expenditure on common areas they raise individual invoices to charge each strata holder in the building or area for common expenditure.

Arrears collections: To avoid any kind of dispute, it is the responsibility of strata manager to collect arrears such as pending electricity dues, elevator service charge etc.

Financial reporting: For owners corporation records are maintained to ensure transparency. Strata managers formulate various financial reports and statements into summarised form accessible to public.

Contract management: Any kind of contract such as annual maintenance of elevators and landscape, other contract with strata title holders are all maintained by strata managers.

Meeting preparation: It is statutorily mandatory for owners corporation to hold annual general meeting and in case of any dispute, other general meetings. These meetings and minutes have to be prepared by strata managers.

Communication with property stakeholders: Property stakeholders include individual strata title holders having stake in common property. Strata company facilitates any type of communication among them.

Coordination of maintenance tasks: Responsibility of maintenance tasks lie with strata company who normally have their own workforce undertaking the tasks for nominal charges.

Enforcement of rules/by-laws: By laws are governing rules and guidelines. Strata companies formulate by laws and regulations mandatory to every stakeholder.

Issuance of notices, orders and certificates: Strata companies issues orders and notices for any type of non compliance.

General secretarial tasks: Other general secretarial tasks are also undertaken by strata management concerns such as resolving disputes, arranging gathering and much more.

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