B/est Practices
Strata Management Practice Standard
To date there is no prescribed licensing of strata managers or strata management businesses in Western Australia. It is currently a voluntary self-regulated process to ensure professionalism. Until such time as there is a unified Australian industry approved strata management model or ideally a prescribed model of rules and regulations pertaining to strata management, B Strata has prepared and adopted a Strata Management Practice Standards (SPS) as industry best practice.
The SPS forms part of B Strata’s employee engagement contract requirements and helps ensure that our employees have a clear understanding of our business performance expectations. It also details how B Strata can support our employees when working within such challenging industry.
The primary purpose for B Strata adopting and implementing the SPS is that it gives our strata companies and clients a level of assurance that the service they receive is best practice and that it is industry leading. The SPS sets a benchmark and provides a professional, predictable and reliable level of customer service that is documented. It can be easily referred to and subsequently monitored to ensure B Strata is delivering the promised services to their strata companies and clients.
As part of implementing the business accreditation standard, there are several key policies and procedures that B Strata needs to adopt and implement, including:
- Keeps client funds in separate client accounts which are subject to an annual audit by a registered, independent accountant
- Clear education pathway for all employees, with the goal of all Strata Managers achieving a Level II SCA Accreditation within the first four years of commencing employment with B Strata and ensuring a continuing education platform is provided
- All strata companies must have a signed management agreement, with a wet signature at least every five years
- Cyber security management process
- Adheres to the SCA Code of Conduct and relevant State based legislation
- Maintains a minimum Professional Indemnity of $5mill.
Also, B Strata is an authorised representative of BCB – Body Corporate Brokers and we follow the NIBA (Code of Conduct) - Please click here
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