Strata- Who do you trust?
Announcement posted by Strata Match 24 Nov 2014
If you can't trust your Strata Manager to manage your investment and finances accurately and equitably, then who can you trust?
Sydney, NSW – September 18, 2014 - The recent sentencing of Rachael Kwawegen, co-founder of The Strata Agency, for stealing more than $1 million from Apartment and Business Owners, highlights the importance for unit owners to pay close attention to what their Strata Manager is doing.
Owners put all their trust and confidence in their Strata Manager to be honest and distribute true financial statements and budgets for their building, but what happens if they take advantage of that trust? How do you choose the right Strata Manager and safe guard your biggest investment?
Over the past year, Strata Match, the leading Australian Body Corporate Advisory Service, have been seeing an increase in the amount of complaints from Unit Owners and Committee Members in regards to their dissatisfaction over their current Strata Manager.
Cameron Davis, CEO of Strata Match and Strata Industry Veteran, explains “this is why we are so committed to ensuring that our service for finding a new Strata Manager is as transparent as possible and that the Owners are made aware of all the qualities of each Strata Manager that we present to them for their decision”.
Mr. Davis has listed the following tips to help you ensure that your Building will be properly managed:
- When appointing a new Strata Manager, make sure to always conduct reference checks making sure to focus on their written financial control procedures in the interview. An absence of a written procedure can be an indication that they are not serious about financial control.
- In order to remain vigilant on how your finances are being spent and stay up to date on the decisions being made, it is important for you to become an active Committee Member and attend meetings.
- It is also a good idea to hire an independent auditor yearly to make sure that everything is in good working order. This is something that should be discussed every year at the Annual General Meeting.
Strata Managers are appointed by the Body Corporate or Owners Corporation to manage the day-to-day operation of the building- from organising meetings and minutes to collecting levies, arranging repairs and maintenance and preserving the sinking fund. Since it’s your money and your biggest investment, you should always aim to be as informed as possible on how it is being managed