434. What about the dodgy building managers?
Podcast: Play in new window | Download
Subscribe: RSS
In our final episode for 2024, Reena Van Aalst is pulling back the curtain on poor building management practices and asking the question: why aren’t building managers held to the same standard as strata managers?
We also debate section 55 in the NSW strata legislation. What does it mean and is anyone complying with it?
Links mentioned:
- Get the transcript here!
- Section 55 | Strata managing agent to record exercise of functions | Strata Schemes Management Act 2015 (NSW)
- The Strata Schemes Legislation Amendment Bill 2024
- Trust from Transparency Webinar
- Section 22 | Notice to be given to owners corporation of right to cast vote at meeting | Strata Schemes Management Act 2015 (NSW)
2 Responses
Post a Comment
© Your Strata Property Pty Ltd ACN 611 675 837
Level 5, 203-233 New South Head Road
EDGECLIFF NSW 2027
Ph: (02) 8262 6100
Email: enquiries@yourstrataproperty.com.au
Menu
Do You Want to Know the One Thing That Dramatically Improves Apartment Living?
This eBook Shares the Secret of the One Thing With You
Great comments on building managers Reena, The roll a building manager takes in larger schemes is that of a strata manager in smaller schemes so the same rules apply
One of the most vulnerable areas is invoices. All invoices should be sent to the SM and then to the BM for actioning as this way they are recorded. Invoices sent to the BM then to the SM for payment opens strata up for invisible issues around payments to be easily hidden from the OC
I have experienced where this is decided by the BM and not the OC
What business allows invoices to be sent to staff then that staff member send it to his business owner
A requirement for Strata Managers or Building Managers to “work in the interest of the Owners” is laughable. It will not have any effect on kick-backs, overcharging, creating unnecessary overprices work, etc.
I was thinking about it and believe that the only method is to make all contracts run on rolling on basis, without any fixed term, so that an OC can terminate them at any time with relatively short notice and without any reason.
Of course, financial “insecurity” will cause average management fees generally increase, but the mangers will strive to be “good”, cooperative, saving (not wasting) OC’s funds rather than playing tricks to lock the owners into long contracts with fine print.
Those who can earn deserved reputation, will survive and thrive due to word of mouth. Crooks will little by little be out business. No need to disclose anything, declare commissions, pound chests, etc. The owners will see very quickly…