Considering a switch in strata management? Whether it's common issues like slow communication, financial transparency or the ownership group just feels like it's time for a change. Follow these four steps to seamlessly transition to a new strata management service:
1. Review Existing Contract:
Obtain a copy of the final executed Strata Agency Agreement. It's more common than you may think that strata committee don't actually have a copy of this important document.
Examine the Strata Agency Agreement between your current manager and the Owners Corporation. Breaking the agreement prematurely can be costly, so understanding exit clauses is crucial.
Seek legal advice if considering termination mid-contract due to significant issues. There may be provisions in the contract that allows early termination but the appropriate steps will need to be adhered to.
2. Discuss with the Committee and Owners:
Share concerns with the strata committee, as they play a key role in decision-making.
Depending on the level of support, propose a General Meeting to vote on the termination of the current manager and appointment of a new one.
Gain support from fellow owners for a successful change.
3. Look for a New Management Team:
Begin the search for a new strata management team, exploring options before making any decisions.
Obtain quotes from various providers, considering factors beyond price, such as experience managing similar communities, availability to the committee/owners, and cultural fit.
Assess each candidate against a set of selection criteria to ensure a good fit for your community.
4. Management Handover:
Once a new manager is appointed at a General Meeting, facilitate the handover of books, records, and other assets from the outgoing manager.
Conduct a thorough review of accounts and priorities with the new strata management team.
Feeling overwhelmed? Switching strata management may seem complex, but with Compass Strata, we've mastered the process. Count on us to guide and support you from start to finish. If you're ready for a change, reach out to Compass Strata today.
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