Posted on: 22 May 2017
If you own property in a shared situation such as a strata community, a group of retailers in a shared space, a condo building or a similar type of arrangement, a body corporate management group will oversee a lot of aspects of your community. In most cases, this group will have regular meetings, but at least once a year, you should have a comprehensive annual meeting to which all community members are invited.
Here's what you should consider covering at that meeting.
1. Sharing Records
Ideally, the body corporate management company should put together a pamphlet that gives everyone in the community an idea of what has been happening over the last year. The paperwork should include a summary of the important meeting notes for the year. It should also include relevant financial details on property income and expenses.
2. Assessing Owner Contributions
Once you have shared that information, consider assessing how much owners contribute to the corporate body each year. Are owners contributing enough? Do you need to increase contributions? If so, what happens to excess funds?
In other cases, you may need to lower contributions, but regardless of the situation, you should reassess annually. That ensures everyone is on the same page.
3. Outlining Necessary Work and Repairs
It's also critical to talk about what needs to happen to common areas. If the facility needs a new roof, if a shared playground needs new equipment or if the walking paths through the property need to be repaired, that should all be presented and discussed at the annual meeting.
4. Reviewing Insurance
You should also take advantage of this time to review any insurance policies that the community has. Do they offer ample coverage? Are you getting a fair deal.
Quite possibly, someone should do some comparison shopping before the meeting, and then, they should present options to the community.
5. Renewing Leadership
Finally, also remember that if you have a private corporate body management company handling your property, those individuals are more or less employed by the owners in your community. That group is essential to your livelihood as they make and maintain the rules to keep your community strong. Annually, you may want to assess their role, decide if you want to keep them, and consider the possibility of hiring a new management company.
Do you have other questions on what you should cover at the annual meeting? Contact a corporate body management company today for more ideas and to help assess if your current management body is doing an effective job.Share