From an Investor’s Perspective: What’s Important for Owners Corporations

From an Investor’s Perspective: What’s Important for Owners Corporations

Rosemary S. is a property investor with multiple properties across Victoria. The majority of her properties are members of owners corporations. She’s seen almost all of the issues that owners corporations encounter and over the years she has experienced first-hand the differing levels of service and professionalism of various owners corporation management companies.

Owning & Investing in Owners Corporations

Owners Corporation Management Companies could  be more upfront – open – clearer with their fee structure in the presentation of their documentation in layman’s language.

Some management companies seem to be cheaper when you compare the fees with other companies but don’t include any service/work at all to maintain the building/property in the fee structure they charge until the fine print is read and interpreted by a lawyer…

They have additional costs – meaning they charge an additional schedule 2.2 fees and or an hourly rate for service/work they do for the building/property and owners corporation. This will usually end up costing the owners more money in fees that they have to pay to the Owners Corporation Management Company.

Most Committee Members do not know or understand this and how their fee contract is set up as l have discovered with my own experience.

It is helpful if the Owners Corporation Manager is polite and easy to communicate with the committee/owners of the building/property.

Owners Corporation Managers should deal with problems in a timely manner with the correct advice in accordance with the Owners Corporations Act 2006. Therefore it is crucial they have are very knowledgeable of the Owners Corporations Act 2006 and advise the owners in a direction that keeps the building/property compliant.

Without this kept in mind, additional problems could arise which could be avoided.

The Owners Corporation Manager should be fully aware of their role when given a building/property portfolio to manage. The Owners Corporation Manager should keep in mind it is their job to keep the building/property at the – MAXIMUM PROPERTY VALUE.

Owners Corporation Managers should try to educate the Committee how to proceed forward to keep the building/property maintained according to all the regulations under the Owners Corporations Act 2006 – making it clear and easy for the committee to understand so they can follow through with owners corporation managers advice to deal with all issues that come up and need to be resolved regarding their building/property.

These are a few ideas which could possibly help us all do a better job.

The contents of this article or website are only intended to provide a general overview of the topics discussed. The author of this article makes no representations as to the accuracy or completeness of any information and the information is not intended to constitute investment, legal or professional advice. You should seek professional advice before acting or relying on any of the content. This article does not contain references to any specific company, organisation or individual, unless expressly specified.

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