One of the biggest challenges with strata and facilities management today is the reliance on individual managers. At Cambridge Management Services, we do not believe that your most valued asset should be reliant on any one person. That is why we always have a team of experts on hand.
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Considering strata living?
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Purchasing a new unit
Strata is an exciting form of property ownership. It can be daunting to be a new purchaser in a scheme, particularly if this is your first experience of strata living. Let Cambridge Management Services support your journey as we’re here to help.
The first few years of a new strata plan can be hesitant and shaky as the first executive committee finds its feet. This period is often characterised by identifying and rectifying defects and establishing a sense of identity for the owners community; learning who the residents are and how the building works.
Unfortunately all too often, most schemes then fall into a state of reactive or passive management where the focus is often on minimising levies and just getting the essentials done. And yet, this is in direct contrast to the wants of most property owners, both home and apartment, who invariably look to investing in and improving their asset and lifestyle amenity after purchase.
It is important for strata owners to realise that strata schemes, just like any other property or investment, need a more proactive management approach with a vision for the future. We call this ‘sustainable strata’ which is identified by three distinct areas:
- The owners’ vision for the future in terms of creating a sense of community
- The long term protection and enhancement of the real estate asset value of the property
- The carbon footprint or energy usage of the scheme over its life cycle
Buyers today are more discerning and are looking to purchase in strata schemes that:
- Are well managed
- Have a proactive vision for their future
- Have a well developed sense of community
- Have a cooperative, harmonious and productive culture
- Are environmentally aware of their carbon footprint with a sustainable and ecologically responsible attitude
Over time, this will translate into higher demand for units in these schemes and therefore higher real estate resale values.
People are no longer just looking for a place to live but are increasingly looking for a sense of community and a place to thrive where they can relate to their neighbours in a positive and caring way, building a better future together.
Every strata scheme must learn to govern itself according to the principals of good corporate governance. At Cambridge Management Services, we are committed to working with all our owners to help make sustainable strata a reality.
Good Corporate Governance
Establishing a well-managed strata scheme
Every strata scheme is governed by its owners corporation and just like any other corporation it must be run in accordance with specific rules and regulations. This is achieved through the appointment of an executive committee and a strata managing agent.
Executive committees and strata managers work alongside each other and the scope of their powers and responsibilities are clearly defined. An executive committee member holds the same corporate responsibility and legal liability for their decisions as a company director. A strata manager’s accountability is stipulated under the Property Stock & Business Agent’s Act.
The executive committee must make decisions for the good of all stakeholders, while the strata manager’s role is to inform and guide the executive committee in its decisions and implement its instructions diligently.
What to look for
Good corporate governance requires balanced and intelligent decision making, taking into account both the long and short term interests of all residents. It requires an ability to look at the needs of the broader community and not get bogged down in detail, or factional interests.
Owners can evaluate the effectiveness of their management by its performance in the following areas:
- Day to day running of the scheme
- Financial management of owners’ funds
- Maintenance of common property
- Legislative compliance
- Protection and appreciation of the real estate value of the property
- Long term viability of the corporation
- The lifestyle enjoyment of residents
A well run strata scheme requires a great partnership between a strong and decisive executive committee and aknowledgeable and supportive strata manager and facilities manager. Together they can build a real sense of community and a peaceful place for residents to live. At Cambridge Management Services, we believe this is the very essence of good governance.
Talk to us about how we can help you today.
Suite 6, 12 Santa Barbara Road
HOPE ISLAND QLD 4212
Phone: 07 5530 9900
Fax: 07 5530 9901
PO Box 175
OXENFORD QLD 4210
8:30am - 5:00pm