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
