STRATA MANAGEMENT
STRATA MANAGEMENT
We at COSTRATA are a professional owners corporation management firm that was founded on overarching principles of professionalism, honesty, integrity, openness and complete transparency, with 24/7 access online to all your property information. We strive to continually improve our people, culture, technology and processes improving our firm’s ability to provide the highest level of service possible to our clients
Experience
Our team have over 10 years of extensive strata management experience from small owners corporations through to medium density, high rise inner city buildings and master planned communities around Victoria. We are licensed professionals through the Business License Authority and carry Professional Indemnity Insurance.
Philosophy
- To provide a high level of professional and quality service
- To conduct ourselves with honesty, integrity, openness and transparency
- Continue to improve our technology and people with a clear focus to benefit the client
- To truly value our client relationships and aim to exceed expectations
- To foster a culture of collaboration, teamwork, improvement and innovate
Technology
We use Intellistrata platform which has a number of integrated, specialised tools to solve the day to day issues we are facing as strata managers.
Intellistrata has addressed all the pain points a Strata Manager faces with the result being a seamless service to owners with true engagement, honesty and transparency across all levels of management of your building.
Our operations are fully automated enhanced by a software exclusively designed for COSTRATA. The processes of maintenance/repairs, accountancy etc. are run on this software which every data is stored and reviewed.
Few of the features available on this platform
- Accounts
- Every invoice and related documents are stored and approved through the software which allows the Committee to review when they require. We can facilitate a designated Committee member to approve invoices if required.
- Operations – Maintenance/Repairs/Insurance/Compliance
- Every task, work order, quotation, task completion report is automated on the software and this is backed by a dedicated team of expertise in strata operation.
Scope of Work
The objective of this document is to provide a full scope of works included within the Standard Management Fees, Disbursement Fee and other Additional Services.
Scope of the work for the Owners corporation manager are as follows but are not limited to –
Accounting
- Establish and operate a separate bank account in the name of the Owners Corporation.
- Keep books of account covering, all income and expenditure and assets and liabilities of the Owners Corporation.
- Prepare annual financial statements of all income and expenditure and assets and liabilities of the Owners Corporation (the annual accounts).
- Comply as soon as practicable with any reasonable request made by the Owners. Corporation to provide copies of statements for accounts containing money held by the manager on trust for the Owners Corporation for any period within 3 years immediately preceding the request.
- Issue notices for fees set and special fees levied by the Owners Corp.
- Pay invoices and insurance premiums on behalf of the Owners Corporation (provided reasonable funds are held by the Owners Corporation).
- Reconciliation of bank account.
- Provide a financial statement of all income and expenditure and assets and liabilities of the owner’s corporation for each Committee meeting if applicable.
- Maintain and operate any bank accounts (with Macquarie Bank) or any additional accounts for the owners’ corporation (E.g., Maintenance fund etc.).
- Compiling records to enable preparation of accounts for audit purposes – if applicable
- Arrange for a taxation consultant to prepare and lodge income tax returns on behalf of the Owners Corporation and accept appointment as a public officer of the Owners Corporation – If required
Insurance
- Arrange insurance or renewal only with or through the authorizing licenses listed.
- Arrange a valuation of the cost of reinstatement and replacement of the building/s when requested by the Owners Corporation.
- Prepare and lodge routine insurance claims with insurers/brokers.
- Provide any other insurance services with respect to insurance products offered through the authorising licenses as listed.
Documentation
- Maintain & regularly update owners’ names and addresses on behalf of the Owners Corporation, with their preference of getting communications online or via post.
- Keep all this data available to the Owners Corporation Chairperson & Secretary and properly hand them over to a new Manager while transfer of management.
- Making the Owners Corporation’ records available for inspection.
- Making the Owners Corporation’s register available for inspection and providing copies of requested documents within;
- Maintain the Register of the Owners Corporation.
- Issue all Owners Corporation certificates and answer reasonable enquiries at the cost of the applicant/ enquirer.
- Deal with routine inwards and outward correspondence.
- Keep and supervise the use of the common seal.
- Prepare & circulate meeting agenda prior minimum of 3 business days.
- Prepare & submit the draft minutes within 3 business days to the committee that includes committee meetings etc.
- Keep records of all the Owners Corporation committee meeting minutes.
- Make all meeting minutes available on community portal website 24/7 online for all owners.
- Keeping any other records of Owners Corporation including minute’s i.e. postal ballots etc. Info session & Annual General Meeting.
- Attend the annual general meeting online after office hours (6:00 PM to 8:00 PM – at no cost)
- Convene, attend, submit a budget and financial statement to owners and record the minutes of the annual general meeting.
- Submit a report of the Manager’s activities at each Annual General Meeting in accordance to section 126 of the Act – if applicable
- Provide a secure online Community portal at no extra cost to the owners – to login and access to their financial details & other documents i.e. their own ledger, download a statement, view the Owners Corporation Register documents, meeting minutes etc.
- All reports must be in that portal including AGM/Meeting agenda/minutes.
Operations
- We have dedicated Operations team in place to handle all Maintenance related issues
- All supplier’s compliance certificates are actively monitored
- Engage with contractors to carry out the necessary quotes
- Seek multiple quotes when required for Committee to decide on
- Arrange for minor repairs ($TBA) for Maintenance, Repair or replacement of Owners Corporation property with the committee’s approval.
- Contractor/s to be engaged where appropriate, pursuant to pre-approved parameters.
- Complete task order system for all work carried out on the property
- Provide guidance to the Owners Corporation to enable the Owners Corporation to carry out and perform its duties and functions, as set out in the act.
- Prepare and distribute Notice/Agenda and Minutes of each Committee meeting held and convened in line with legislation
- Conduct Committee Electronic ballots as required.
- Electronic voting included for owners and committee members
- Other Meetings Attend, convene & arrange a special/extraordinary general meeting that may be required to be held.
Debt Recovery
- Automated SMS notification to owners with arrears with follow ups
- COSTRATA has access to a panel of law firms at competitive rates for recovery work
- Effective active management of arrears with 24/7 online access to Committee
General
- Attendance at VCAT if needed at hourly rate
- Preparation of records on transfer of management.
- Supply of keys/ fob/swipe cards – if applicable
- Notify annual general meeting & minutes of AGM, contribution notice.
- Provide answers within 24 hours of any query by the committee’s representative.
- Archive of files & records,
- Issue of compliance letters,
- Issue of breach notices
- Issue debt recovery letters
- Issue final fee notice.
- Instruct debt collector and supply copy of documents as required
- Issue Fee/Levy notices (incl. postage & stationery)
- Issue Final Fee notices (incl. postage & stationery)
- Postage of standard letters
- Postage of nonstandard letters
- Common Seal
- Obtaining up to date Copy of Plan of subdivision/Certificate of Titles from Land data
- Archive Records Storage
Meetings and Site Visits
- COSTRATA will conduct one online Committee meeting per year Free of Charge for the Owners Corporation
- One site visit per year Free of Charge if required
- AGMs are run online using Teams or Zoom Free of any charges at a time suitable for owners.
Contacts for your Strata Management
Strata Consultant
Telephone:1300 545 083
Email:info@costrata.com.au
Enquires
Email: info@costrata.com.au
Payments
Email: info@costrata.com.au
Maintenance Team
Email: info@costrata.com.au
