FAQs about
Victory Strata and Strata Management IN NSW
If you’re new to strata living, you likely have questions about strata management and how it works. Victory Strata in NSW provides answers to common questions about strata, owner’s corporations, strata committees, building managers and more.
Strata title allows individual ownership of part of a property (called a ‘lot’ which is generally an apartment, unit or townhouse), combined with shared ownership in the remainder (called ‘common property’ e.g. foyers, driveways, gardens) through a legal entity called the owners corporation.
The key features of living in a strata scheme are:
- you own your unit or apartment as well as sharing ownership and responsibility for ‘common property’.
- if you own your unit, you are automatically a member of the ‘owners corporation’ which has responsibility for common property.
- you have to contribute to the cost of running the building by paying quarterly levies.
- you also have to pay money into a capital works fund (sinking fund), for future long-term expenses such as painting the building or replacement of guttering.
Furthermore, there are some lifestyle restrictions in a strata scheme, for example, there are rules (by-laws) that may affect you doing renovations to your unit, that state where you can and cannot park your car, where you can dry washing or whether or not you can keep pets.
A strata committee is a group of people that the Owners corporation elects at each annual general meeting (AGM) to help it make decisions for the strata scheme. There can be one to nine people on the strata committee. The owners corporation decides the total number, which cannot be more than nine. Strata committee members must also choose one or more people for the ‘office bearer’ jobs:
- Chairperson: runs meetings and oversees administration
- Secretary: arranges meetings, prepares and gives out meeting agendas and minutes, updates the strata roll, issues notices, and does other administration including correspondence
- Treasurer: keeps accounting records and issues levy notices
Building managers look after the buildings in a strata scheme.
They can help the owners corporation with:
- managing common property (for example, taking out bins and recycling)
- access to common property, including for tradespersons and non-residents, and
- maintaining and repairing common property.
A strata manager keeps everything running
A strata manager is delegated the most authority and unlike the others, they have the power to enforce the by-laws.
They are paid to keep everything in your strata running smoothly, and to help the owners corporation fulfill all their legal obligations, such as:
- co-ordinating AGMs and committee meetings
- preparing budgets and issuing levies to owners
- paying invoices and insurance
A strata manager is often the primary contact for owners.
A building manager looks after common property
A building manager looks after the common property, such as:
- keeping lawns and gardens maintained
- doing minor repairs or organising them
- managing general afety around the complex, including fire safety, and sometimes doing condition reports.
A building manager is generally the primary contact for contractors working on-site.
A property manager looks after landlords and tenants
A property manager manages the rental lease for a landlord, such as organising inspections, move outs, bonds and evictions.
If the tenant raises any strata related issues, the property manager will take these up with the strata manager or owner.
A tenant typically has no direct dealings with the strata manager, who only represents the owners.
Property managers are the primary contact for a tenant.
All owners are charged a yearly levy (sometimes called a ’contribution’ or ’fee‘). An owners corporation determines its levy contributions at each annual general meeting.
This pays for a range of costs that keep your complex (scheme) running smoothly and in good condition, such as:
- maintenance and repairs to the building/s and common property
- insurance
- administration costs (for example, management fees, insurance, or work costs)
- utilities to any common areas (for example, electricity to run elevators or lighting).
The treasurer or strata manager works out the levy amount that each owner pays. This is based on their ‘unit entitlement’. The owners corporation decides how often you need to pay levies.
‘Unit entitlement’ is a number assigned to your property that’s based on its value in the scheme when the scheme was first registered. This is usually before the first residents move in.
Not all lot owners have the same unit entitlement – it is based on the value of the property they own.
The everyday fund
An administrative fund manages the day-to-day costs of the strata scheme.
This includes maintaining common property, paying for insurance and other regular costs such as electricity, water, carpet cleaning and garden maintenance.
The fixing and maintaining fund
A capital works fund (previously called a ‘sinking fund’) is used to pay for capital expenses when they happen.
Capital expenses include:
- painting or repainting common property
- replacing or repairing the common property
- getting, renewing or replacing property of the owners corporation (for example, outdoor furniture, a table in the foyer)
- renewing or replacing fixtures and fittings that are part of common property
- project management, supervision or other related expenses for these works.
For further understanding of strata communities, please download the Strata Living Guide provided by NSW Fair Trading
SERVICES
We offer a range of strata management services to meet your needs, including:
Financial management
Administration and record-keeping
Maintenance and repairs
Emergency response
By-law management
About us
Victory Strata is a team of experienced strata managers committed to delivering exceptional service to all our clients. We take pride in our attention to detail and personalised approach, ensuring that your property is always managed to the highest standard.
Contact Us
If you’re looking for professional and reliable strata management services, contact Victory Strata today. We would be happy to discuss your needs and provide you with a tailored solution that meets your requirements.
Have more questions about strata living? Contact us today on 02 9884 8969, and we’ll be happy to help.