Five reasons you should attend you Owners Corporation’s Annual General Meeting

Owners Corporations and Annual General Meetings: A couple of hours to make a real difference to your investment

Owners Corporation Manager MelbourneAt Strata Plan, it is that time of year once again.

It is Annual General Meeting (AGM) season.

If your Owners Corporation is managed by Strata Plan, you should expect, if you have not already received, notification of your upcoming AGM, along with the minutes from last year’s meeting, an agenda for this year’s meeting and all the pertinent financial details.

DID YOU KNOW: You can access all of your Owners Corporation’s latest Annual General Meeting minutes via your online customer portal. Update your contact details and provide an email address to register!

I know, you are probably thinking, “Why do I have to go to this? I pay my levies, everything should be taken care of. I’m too busy to attend anyway!”

While we all lead busy lives, an AGM can take as little as 30 minutes of your time and at most will take two hours out of your whole year. Really, this is a small amount of time to play a big part in securing the future of your home or investment.

Trust me, we hear you, but here are five reasons why you should endeavour to attend your Owners Corporation’s AGM this year.

YOUR BEST CHANCE TO BE HEARD

If you have any niggling concerns about the building you live in or have invested in, then the AGM is the perfect opportunity to raise these in front of your fellow owners and your Owners Corporation committee and management.

These meetings are a legal obligation for your Owners Corporation and run for benefit of you, the owner. They are also a great opportunity to meet fellow owners, discuss issues that may be affecting a number of different lots and work towards a speedy solution.

Strata Plan is there to run the meeting and record all the minutes, so not only will your concerns be heard – they will be recorded and discussed with the aim of finding a resolution.

At the end of the day, any major changes or works on common property require the approval of the Owners Corporation – and the best time to get this done is at the AGM.

TAKE CONTROL

“No one ever attends the meetings for my Owners Corporation,” we hear you say. Unfortunately, that can be true.

Too often, no one shows up to the AGM and, as a result, Strata Plan is forced to carry over the same budget from the previous year and effectively, as your Owners Corporation manager, we are powerless to make the necessary changes to your buildings budgets which could mean your Owners Corporation could find itself in arrears and unable to pay for routine maintenance work and upkeep.

This is ultimately to the detriment of the owners but, if this is what is happening to your Owners Corporation, this is an excellent opportunity for you to show up and play a leading role in making your strata community an amazing life space.

SAVE YOURSELF POTENTIAL HEADACHES

The AGM is your one-stop shop to get all the facts on your building’s financial position, defects and any other issues that might affect the property and those who live in it.

Save yourself some nasty surprises in the mail and ensure you have played your role in proactively seeking solutions by attending your AGM and putting yourself back in control.

SECURE YOUR INVESTMENT

As a general rule, our experience is that investors are less likely to attend an AGM than owner-occupiers.

As an investor, you might feel that as long as your investment is bringing in rent and your tenants are not giving you or your property manager too many headaches, you are happy to let others run your owners corporation. While ideally your owners corporation will be running smoothly, Strata Plan still encourages investors – or at least their representative – to take an active role in their owners corporation.

MEET YOUR FELLOW OWNERS

It is important that you view your Owners Corporation as something of a team effort. Like any team, it is important that members are familiar with one another and do their best to form a good working relationship.

An Owners Corporation is no different.

If you have never met any of your fellow owners, then the AGM is a great opportunity to meet some of them. If you are not an owner-occupier, meeting people that do live in the lots they own might give you a better sense of the day-to-day issues affecting the property and your tenants.

At Strata Plan, our experience shows that Owners Corporations that are filled with owners who work together are far more functional and deliver much better outcomes and a big part of that is getting to know your fellow owners.

We strive to inspire amazing life spaces for you and your Owners Corporations, and your interest and involvement plays a massive part in that.

If you would like to learn more about your Owners Corporation and any upcoming meetings, get in touch using the Enquiries form below, or head to our Contact Us page to choose your best way of getting in touch.

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