Across the board, the average turnout of lot owners for an Annual General Meeting within our portfolio hovers somewhere between 10% and 20%, however, when it comes to smaller developments (usually up to 10 or so lots) it is not uncommon for no one to show up at all.
So, what happens when no one shows up?
What is the opportunity being missed by property owners in these developments?
We address some of these questions below.
What is a ‘no-show’ AGM?
A ‘no-show’ AGM is when no lot owners of their proxies attend the Annual General Meeting for their property.
When no one attends the meeting, the meeting is still recorded, minutes are completed and the meeting will still fulfil the legislative requirement for the Owners Corporation to have an AGM within the legislated 15-month time-frame.
However, when no one attends the meeting no new resolutions can be made and a committee and/or chairperson of the Owners Corporation cannot be elected.
Effectively, that means the Owners Corporation budget will stay the same – which means no changes to fees – and all previously resolved resolutions at previous AGMs will remain standing.
The big problem a no-show AGM has moving forward is that it leaves your Owners Corporations without any chairperson or committee to oversee things and/or authorise works throughout the year.
The committee and chairperson have a vital role in the ongoing operation of your Owners Corporation and play an important role in providing your Owners Corporation manager with instructions throughout the year.
Of course, this does not mean that if something happens over the course of the year, nothing can be done about it. As always you can still report things to the manager, however, if the issue is a particularly big one and may require the raising of additional funds, it is likely that a Special General Meeting may need to be called.
Why should your AGM be a priority?
The AGM is the one chance per year all owners get to check in with their Owners Corporation manager to discuss and review the Owners Corporations finances, set budgets for the financial year, report general repairs and maintenance items and other general business items.
While these issues can be reported on an ad-hoc basis throughout the year, the AGM is the one time per year where all owners are invited to discuss these items and get a consensus on what owners would like to do about certain issues.
Your manager can provide guidance and advice in these meetings which can also help owners better understand how to solve any problems they may be facing.
While it’s true that many AGMs occur during business hours, these meetings for smaller properties rarely go for more than an hour.
Think of it as a quick health check for the property you’ve invested hundreds of thousands of dollars in.
How can I be more involved?
Becoming more involved is really as simple as picking up the phone or sending in an email and asking about when your property’s next AGM is.
To start an enquiry, you could even use our general enquiry form at the bottom of the page.
While many AGMs do occur during business hours, it may be possible to bring the AGM to a suitable venue closer to your property, or even after business hours.
If your Owners Corporation is managed by Strata Plan, get in touch today to inquire about your property’s next Annual General Meeting.
Please keep in mind that scheduling meetings to suit several people is not always easy.
If you absolutely cannot attend a meeting, there are other options you may consider. Learn more about those HERE.
If you would like to contact us with any queries please complete the form below and we will respond to you within 2 business days.