From what I have seen and read contracted strata managers only do the administrative work which with a little input from 5 owners can be done without placing too much burden on anyone.
Have a look at online services like our sponsors Stratabox.com.au. It has all the functions you need to make self-management easy, effective and compliant with the law.
Your owners will save $2500 to $3000 a year just by not having a strata manager. Lord know how much they’ll save by not having poor decisions made on their behalf.