Friends who buy apartments in Australia, (Apartment), units, (Unit), and townhouses, (Townhouse)-type houses, will be in touch with the property management company (Strata Management Agency), and will have to pay a property management fee, (Strata Levy). Today I would like to share with you some common sense and characteristics of Australian property management.
The scope of property management is mainly public area (Common Area) and public assets (Common Property). Common are lobby, elevator, corridor, staircase, driveway, public garden and so on. When the owner purchases the property, he can look at the property plan (Strata Plan) to see which parts belong to the public area and facilities. Strata Plan has a very clear delineation of these details. These public areas and assets are jointly owned by all owners, and property management companies are employed by the owners' committee to manage and set management standards.
Property management companies will enact a series of property management regulations (By-Laws) in accordance with the property management regulations. The By-Laws will deal with the management of garbage, parking, noise, pet keeping and other issues, and the code of conduct of residents and tenants. And the use of public areas and public assets. The owners' committee shall have the right to give appropriate warnings and punishments for violations of administrative regulations.
As the owner, you or your agent (Proxy) can attend the annual property meeting (AGM) and discuss with other owners and property managers the property management fee estimates for the coming year, the project budget, the management issues and so on.
Different from the familiar Chinese-style property management, that is to say, the property staff working on the site of the community. In Australia, these On-site Manager are just a part of property management. Many Australian property buildings do not have On-site Manager, and many professional jobs are performed by contractors appointed by property management companies, such as fire-fighting facilities inspection, roof maintenance, elevators and access control systems, according to the needs of the owners.
In Australia, property management fees are levied on a quarterly basis. Strata Levy consists of two parts: Administration Fund (day-to-day management fees) and Sinking Fund (property funds. Administration Fund is mainly used for day-to-day property maintenance, such as cleaning of public areas and conservation of grasslands. Utilities and other expenditures. Sinking Fund is mainly used to pay for long-term maintenance, the equivalent of property management reserve fund. Sometimes property management fees will also include Special Levy (special levies) for special maintenance or expenditure items.
Then, who is responsible for determining the cost of property? The property management company first submits a budget based on the day-to-day management and maintenance costs of the property (for example, actual costs of cleaning, garden lawns, elevators, firefighting, insurance, utilities, etc.). Then by the owners' committee at the annual regular meeting (AGM) review and approval. The size of the property itself and equipment facilities are also an important factor affecting the cost of property management. For example, the area of greening, whether equipped with elevators and so on.
Professional property management, for the owner of the quality of life and the value of the house has an important impact.