If you own a property in a strata system, you will probably be invited to attend the annual strata meetings in order to find out what is happening to the building. In this blog post, we will take a look at some of the reasons why all landlords should attend their body corporate strata meetings.
What Are Strata Meetings?
A strata system is the most common way of managing a property, such as a commercial office, an apartment, townhouses, or retail stores. It is the responsibility of the owner to maintain and manage every aspect of the owned property. Strata meetings are held to deal with the matters pertaining to the building, such as insurance, finances, remodelling, fixtures, water supply, lighting, furniture, shared facilities, etc.
Why Is It Important To Attend Strata Meetings?
As the owner of a property, you might not have enough time to attend the strata meetings. Despite this, the importance of attending these meetings should not be overlooked.
Determining Future Investments
Strata meetings generally discuss how future investments will be handled. For instance, if the building requires a new roof or a new elevator, the body corporate will take a vote of confidence from everyone. The presence of the landlord will help the body corp understand how much investment is required and what should be their first priority.
Allocating Budget
An appropriate budget needs to be allocated to different issues of the property, including light replacement, salary disbursement, water pump instalment, etc. The budget should be carefully calculated to ensure that all of the tenants residing in the building contribute a fair share. The owner can oversee the total amount to be contributed by the residents to make better decisions.
Building Maintenance
It is important for the owner to be familiar with any fixes that need urgent attention or any maintenance that needs to be made. Plus, the owner needs to know if the tenants have any complaints or suggestions regarding the overall maintenance of the building.
Record Inspection
The owner needs to go through the past records at least once a year in order to ensure that all of the operations are running smoothly. This includes minutes of committee meetings, financial statements, expenses, voting papers, signed documents, etc. Even though the owner can appoint a representative to go through these records, but it is always advisable to take a look at the important documentation once in a while to avoid any future mishaps.
The decisions that are made in the strata meetings are crucial and can have long-term effects on the owners. Thus, it is important to participate in the body corporate meetings for smooth operations. If you require any assistance in strata management or want to learn more about our services, please visit our website or contact us here so that we may help you.