what we do

We understand that managing a body corporate is more than just handling legal obligations and regulations—it’s about fostering a community and ensuring that every strata owner and resident feels valued and heard. Our approach to strata management is grounded in ethics, values, transparency and comprehensive disclosure, making us a trusted partner in the strata community across Tasmania.

Our Contract of Appointment sets out our comprehensive scope of works. Please reach out for a copy of the contract or a chat about what we offer.

Ethical Strata Management

Our commitment to ethical strata management means we prioritise the well-being of all residents and owners. We ensure that every decision made and every action taken is not only in compliance with the law but also aligns with the highest ethical standards.

Core Values

Our core values underpin every aspect of our operations:

• Integrity: We operate in a manner that is honest and straightforward. Every interaction with our clients and stakeholders reflects our strong moral principles.
• Respect: We acknowledge and value the diversity within our strata communities and treat every individual with dignity and respect.
• Collaboration: Recognising that the best outcomes are achieved through teamwork, we encourage open communication and cooperative problem-solving among all community members.

Fairness, Transparency and Disclosure

We pride ourselves on delivering ethical, fair and transparent services to our clients. To that end, we have undertaken the following:

• Contract of Appointment
  We have revised our Contract of Appointment to remove any unfair clause, and to include a clause requiring us to pursue defects if they are not rectified by the developer. This is important to give assurances to overcome any conflicts of interests associated with us being appointed as managers by the developer.

• Fee Structure
  We have altered our fee structure to give our clients more certainty. Our annual management fee has been increased, and now covers the additional services (see Annexure B) that previously attracted our hourly rate.

• Transparency
  We are 100% transparent about our operation, and the income we earn:

• • Insurance Commission: we unique in that we are insurance brokers as well. We earn commission paid to us by insurers, and a broker fee. Commission income gives us a conflict of interest, which we overcome with full and frank disclosure and management of the conflict. Management of the conflict entails requesting a minimum of four quotes for comparison and showing a complete breakdown of what is included in each quote.
  • Management Fee: Our management fees cover the activities set out in Annexure A and B see attached). We also charge an administration fee to cover the cost of the software system that we use to manage our bodies corporate as well as telephone, printing and postage.
  • Optional Activities Fee: We offer the option of engaging us to manage activities that fall outside the scope of Annexure A and B for our hourly rate. This is at the discretion of the body corporate or lot owner, and requires approval before we undertake the work and charge for it.
• What we Don’t Earn
  Across Australia, strata managers have several source of income. Here’s what we don’t charge:

• • Commission or kickbacks from contractors: Our approach is to build loyalty with trusted contractors with ethical and honest
  • Fees for the insurance related activities of strata managers or assistants: One of the benefits of us being insurance brokers is that we do not charge extra for insurance related activities undertaken by our strata managers or assistants.

At Terrace Strata Management, we are dedicated to redefining strata management by upholding the values of ethics, transparency, and accountability. We’re not just managing properties; we’re nurturing vibrant, harmonious communities where every voice is heard and valued. Contact us to learn more about how we can assist your strata community in thriving.