You’ll know that there is a myriad of administration duties involved with running an Owners Corporation.
Whether it be calling meetings, invoicing fees, paying bills or writing minutes of meetings, they are all time consuming.
Sentinel takes over these tasks in a timely manner.
The most important thing for you and your fellow members is “how much are my fees and how are they spent?”
You need to know if you are receiving good value for your money.
This can only be achieved by knowing where your money is spent, how each year’s budget is made up and then how your proportion of the budget relates to your fees.
You’ll possibly be aware that your building has Essential Services to maintain. These mainly refer to Fire Services and whilst their up keep can comprises a substantial amount of your budget they are mandatory.
Extinguishers, exit lights, hydrants and more must be regularly maintained as prescribed by law. Your Owners Corporation has a duty at law to ensure that they are.
Your Owners Corporation has a legal responsibility to insure the building(s) on your site for replacement and reinstatement value PLUS have public liability cover for a minimum of $10m. Sentinel will assist you with this decision making, obtain an insurance valuation if you choose to and obtain multiple quotes before the renewal date.
You have no doubt noticed that insurance premiums are one of the biggest expenses for your Owners Corporation.
It is important for you to know that you have adequate cover, as required by law and that the cover is placed with a reputable company that offers a competitive policy and price.
You pay your fees and once a year get invited to an Annual Meeting. But it is not enough for the money that you are paying/ Is your property being well kept?
But, is this enough for the money that you are paying? Is your property being well maintained?
The right is yours to ask questions and satisfy yourself that yes, you are getting value for your money.
When you have purchased a Strata Titled unit you automatically become a member of the Owners Corporation of your development.
Your Owners Corporation must regularly keep all members informed. As a minimum informed by publishing Annual Financial Statements, a Committee Report, a Manager’s Report, the future Budget and Owners Fees recommendations all must go with the Notice of Annual Meeting.
The Annual Meeting is the time for members to review future maintenance and services and to set a budget and fees.
The many other legal obligations include the Owners Corporation having adequate insurance cover, effective fire services that are correctly maintained and provide a safe work place.