In Victoria the majority of owners corporations elect to employ a professional management company – we would say that it’s an absolute imperative to employ an owners corporation manager if your building has more than 10 primary lots. Owners corporation managers oversee and assist with finances, insurance, administration, meetings and maintenance.
These core and key responsibilities are better managed when looked after professionally.
An owners corporation may appoint a manager to carry out any powers or functions it is able to delegate (i.e. matters that require an ordinary resolution and that do not require a General Meeting). The appointment must be in writing or through a written contract.
Some owners corporations may elect to self-manage. As a rule of thumb self-managing becomes more difficult when you have more than ~10 different lot owners. However there are certainly many smaller owners corporations who choose to engage a professional manager – and conversely there are larger OCs who successfully self-manage.
What are the Duties of an Owners Corporation Manager?
Professional accreditation for owners corporation managers has long been talked about but is perhaps still a few years away. The following are the prerequisites in order to be an owners corporation manager in Victoria:
- register with the Business Licensing Authority;
- be appointed by an instrument or by contract of appointment;
- act honestly and in good faith;
- have professional indemnity insurance;
- hold all owners corporation money in trust;
- account separately for money held for each owners corporation they manage;
- report to the owners corporation at each annual general meeting;
- report to the committee as required; and
- lodge an annual statement with the Business Licensing Authority.
Qualified and Approved Managers
At Strata Consultants we take it a step further – we look for quality, service-driven management companies. Every single company we work with has to satisfy the following criteria:
- Experience & Qualifications – strata management is a specialized field and requires the right set of skills, expertise and qualifications.
- People & Service – a dedicated professional knows that timely communication and prompt response are fundamental to effective management.
- Integrity & Values – buildings often accumulate substantial maintenance funds and involve sizeable annual spending budgets, trust and integrity are vital.
- Systems & Processes – strata-title inherently involves multiple owners and generate high volumes of transactions, having the proper software and processes are integral.
- Knowledge & Training – the rules and regulations governing Body Corporate are complex and ever evolving, reputable firms undertake continuous professional development and training programs.
Need Help Changing Owners Corporation Managers?
Speak to Strata Consultant on 1300 917 848, or email us at firstname.lastname@example.org
For more information about owners corporation manages in Victoria, the Consumer Affairs website has a lot of useful information and guides https://www.consumer.vic.gov.au/licensing-and-registration/owners-corporation-managers/registration/apply-for-registration