In our video series Michael Vumbaca, General Manager at Jamesons Strata discusses how the role of a strata manager has changed.
At Jamesons, we believe it’s important to note that a lot of people are dissatisfied with their strata managers. They feel there’s a lack of transparency and often feel like the service they’re providing isn’t meeting their needs. From these criticisms, the legislative review took it upon itself to enforce some new obligations around strata managers and the way that they provide information, as well as the duration of the contracts that they can hold.
These changes include:
A strata manager’s contract can be no longer than three years at any one time.
- They also have to provide three months notice of the expiration of the contract so that the committee and the owners corporation can go out and review that contract and possibly change if they want to.
- The strata committee can extend a managing agent’s contract by three months at any one time via a resolution of the committee. This provides them with some more time to review their current arrangements should they wish to possibly change.
- While also trying to make the role of the strata managers more transparent, they now have new obligations to outline any commissions and gifts that they receive. They’ll have to do this by putting a notation on the AGM agenda annually that lists any gifts or commissions they have received last year and any they may receive next year.
At Jamesons, we believe the changes to managing agents is an overwhelmingly positive one. Our business has always been geared towards providing a transparent, honest, and open style of communication, and if this can occur across the entire industry, we believe we will all benefit from this.
Jamesons are a family run business that have provided Sydney residents with strata management services for over 50 years. If you would like more information regarding strata management, please contact Jamesons Strata Management on (02) 8969 3400.