Five Reasons You Need To Attend Your Owners Corporation’s Annual General Meeting

How A Few Hours A Year Can Shape Your Owners Corporation

As we approach the end of the financial year, our Owners Corporation management team are busy working with committees and lot owners for a jam-packed Annual General Meeting season.

Each Owners Corporation is required to have an AGM every 15 months and these meetings are crucial to the operation of every Owners Corporation.

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These meetings are open to all owners or their proxies and provide owners with the opportunity to review the financials of their Owners Corporation, set a budget for the new financial year, discuss matters relating to your property’s insurance, general repairs and maintenance items and any other general business owners would like to raise.

At this meeting, a committee and/or chairperson of the Owners Corporation is also elected. This committee and/or chairperson will represent the rest of the owners throughout the year.

LEARN MORE:

Meetings can occur within or outside business hours and owners can attend in person, via phone conference or via the appointment of a proxy.

However, despite the importance of these meetings, our numbers suggest that on average only 15% of owners actually attend their building’s AGM.

That means in a building of 30 apartments, only six owners are making decisions that will affect the other 24.

Sometimes, no one turns up.

Learn more about what happens when no one attends an AGM HERE.

So, why should you make attending this year’s AGM for your Owners Corporation a priority?

The truth of the matter is that Owners Corporations are a collaborative effort. As a manager, Strata Plan can only act on the instructions of the owners as a collective and meetings are the most important and efficient vehicle for this to occur.

We firmly believe Owners Corporations are a matter of three C’s: Collaboration, Co-Creation and Cohesiveness.

We require the collaboration of lot owners and in turn trades and services to co-create solutions for your property through cohesive relationships.

We rely on the active participation of owners to effectively manage your Owners Corporation and common property to ensure we work together to deliver the outcomes you want for your property.

Here are five top reasons to ensure you attend your Owners Corporation’s Annual General Meeting.

LEARN MORE ABOUT HOW YOUR PROPERTY IS RUN AND MANAGED

We find that AGMs are terrific learning experiences for property owners, particularly those who have never owned in an Owners Corporation before or have been long-term owners but have never attended a meeting.

Attending the meeting will provide you with a chance to get a greater insight into how the financials of an Owners Corporation work, how the levies you pay are calculated and where they are used, as well as how decisions are made.

You may be shocked to learn that Strata Plan does not call all the shots!

If you have any specific questions you need to be answered, send them into our office prior to the meeting to ensure Strata Plan staff can provide a detailed response to your queries.

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.

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 the 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 is 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.

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.

The pro-active engagement of all owners in an owners corporation is crucial to ensuring it remains a viable financial investment.

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 Stata 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.

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