Managing obligations, people and expectations

Our Services

Our managers have extensive experience in handling all facets of management, in particular the legal and financial challenges that surround managing an owners corporation. As a result, we can help ensure you are meeting your obligations to the fullest.

Managing Owners Corporations has grown more challenging in recent years due to legislative changes and ongoing maintenance responsibilities. With complex structures and evolving compliance, the task can quickly become overwhelming.

That’s where SOCM, your professional Owners Corporations Manager, comes in. SOCM offers tailored services to meet your specific needs. Experience quick and efficient communication, guidance through government and legal complexities, and a fresh perspective to resolve any issues. Choose SOCM for a harmonious living experience.

Services

Developer Services

The earlier you involve us, the better we can help you create community, set up effective structure and save future costs.

Our team can help create shared goals that embrace the constantly evolving structure of rules, laws, financial responsibilities and lifestyle aspirations of community living.

Time and again we see cases where a lack of focus on owner corporation issues during the design process has resulted in excessive costs at the time of sale and beyond.

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How we help developers

 

  • Walking you through the legal and financial challenges of establishing an owners corporation

  • Provide quick, efficient and seamless handover process

  • Assist you in preparing Owners Corporation special rules to be adopted

  • Register the rules with the Titles Office

  • Assist in the smooth operation of the property when it formally becomes an owners corporation, ensure no delays with settlements

  • Ensure you meet all legal obligations

  • Prepare Owners Corporation certificates in a timely manner to ensure settlements are kept on track

  • Consult on Plan of Subdivision prior to registration

  • Set up budgets required to advertise your properties in the early marketing stages and work with you to finalise budgets for settlement

  • Prepare and publish a resident information booklet for new residents when they move into the building

  • Ensure that the Owners Corporation maintains current insurance at an appropriate level in accordance with the act and the Owners Corporation Act and regulations

  • Keep ourselves, you and your Owners Corporation up to date with all relevant laws – such as the Owners Corporation Act 2006 and Regulations 2007; Subdivision Act 1988; Occupational Health and Safety Act 2004 and Regulations; Building Act 1993; and Building Regulations 2006

Property Maintenance

We focus on maintenance planning to minimise the chance for surprises and their unpleasant consequences.

The experts at SOCM know you don’t want to spend your time following up day-to-day owners corporation matters. As a result, we respond rapidly and effectively to your issues.

It is integral to keep the peace between lot owners. Our policy of positive outcomes extends to all – lot owners, real estate agents and third parties.

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Maintenance

 

  • It is integral to keep the peace between lot owners

  • Our policy of positive outcomes extends to all lot owners, real estate agents and third parties

  • Coordinate the repairs and maintenance of common property

  • Contract a company to create a Maintenance Plan on behalf of the Owners Corporation

  • Create a fund specifically designated for the Owners Corporation’s maintenance plan

  • Collaborate with the committee to manage items scheduled in the plan, obtain quotes, and issue work orders as instructed

AUDITING

The requirement for auditing financial statements at the end of each financial year depends on the tier level of your owners corporation. In some cases, depending on the tier, there may be no requirement for an audit. There is also a provision for the accounts of the owners corporation to be reviewed by an independent person

A Tier One Owners Corporation (annual levies over $200,000 or more than 100 lots) must have an annual financial audit conducted.

A Tier Two Owners Corporation (51 to 100 lots) only requires a financial statement review by an independent person holding a current practising certificate.

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Statements must be audited by either:

 

  • A registered company auditor

  • A firm of registered company auditors

  • A person who is a member of CPA Australia, the Institute of Public Accountants or the Institute of Chartered Accountants in Australia

  • Any other person who is approved by the Director of Consumer Affairs Victoria.

Financial Management

SOCM understands that you want your Owners Corporation to operate smoothly.

We have crafted a straight forward and easy to understand financial reporting process.

One of the most important aspects of Owners Corporation Management is the basis on which the accounts are prepared, then presented to the committee and the members in a timely and easy to understand format.

We use the software program Urbanise, to efficiently manage and streamline the operations of our properties.

Members should be able to access financial information at their convenience. Our software offers 24/7 access to real-time financial data, ensuring complete transparency.

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Our services include the following:

 

  • The invoicing, receipting and banking of all fees and levies

  • To hold all Owners Corporation funds in a separate bank account (Macquarie Bank Limited) in the name of the Owners Corporation

  • To set up an appropriate course for the authorisation of payment of the accounts

  • The payment of accounts on behalf of the Owners Corporation

  • Impose and collect interest on outstanding contributions and levies where applicable

  • Collect all outstanding monies owing to the Owners Corporation and/or arrange debt collection services where applicable

  • To maintain up to date financial records of the Owners Corporation

  • To prepare and lodge quarterly BAS statements

INSURANCE

Strata Insurance is designed to protect you and your property as a lot owner.

The premiums for strata insurance are shared amongst the lot owners as part of their strata fees and levies. The law sets out the minimum insurance required, namely reinstatement and replacement insurance of buildings on common property and public liability insurance for the common property (although not the case for two lot subdivisions).

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In addition SOCM will;

 

  • Maintain current insurance at an appropriate level in accordance with the act and the Owners Corporation regulations

  • Review the insurance annually in consultation with the committee

  • Obtain quotations annually prior to renewal to guarantee a competitive premium
  • Every three to five years arrange for an insurance valuation report

  • Assist Owners Corporation members in lodging claims

  • Ensure full insurance details are available to Owners Corporation members at all times. A comprehensive set of information, including all sums insured, premiums, and excess details, will be published annually in the notice of the Annual General Meeting.