If you are thinking about changing body corporate managers, you have come to the right place. Whether your complaints are usually falling on deaf ears or your fees are too high, or no one returns your calls or answer your emails, there are so many reasons for changing your strata management provider. A property is a big investment for many people in the country – probably the biggest investment one would ever make. You should immediately change your body corporate manager if they poorly manage your investment property. Here are some things to consider when you are thinking of changing body corporate managers.
There are many signs of poor management of your investment property. Some of these signs include:
- Lack of effective communication between the committee and the strata manager
- Sloppy maintenance work
- Late annual general meetings – sometimes, they may be non-existence
- Sinking maintenance funds
- Levy arrears
When you want to change your body corporate managers for any of the above reasons, the first step is to find out when the contract of appointment with the current body corporate managers expires. It’s important that you know when the current contract will expire to start planning your next move. Get a copy of the current contract and check its exit details to see what notice period should be followed to leave the contract. See if there are any special considerations in this regard.
Do a comparison shopping to find a suitable replacement for the current strata management service. The internet is the best place to do such a search. Don’t forget to obtain several quotes from qualified and experience body corporate managers out there. Ask them to send the quotes through your email so that you can study the contract terms before choosing the right strata management service that suits you. Compare the list of functions and prices they offer with your current strata management company. The right strata management service should be a member of the Strata Community Association (SCA) – which is the leading industry body in Australia for professional strata managers.
The next step is to provide the current management company with a formal termination notice according to the terms of the contract. Unless you give the current management company notice to terminate the contract in advance, the contract may automatically roll over for another 12 months. The required motion should be included in the meeting agenda at the next general meeting. A majority of members present at the general meeting should vote in favour of the notice and pass the resolution for it to be effective.
Once the resolution is passed, the next step is to advise your new strata management company of their appointment. The new manager can organise the final transfer of documents after that. The newly appointed strata manager will handle the rest of the transition. All this should be done in accordance with the relevant legislation in your area.
The aforementioned article provides information on some things to consider when you are thinking of changing body corporate managers.