If the contract of the current manager is up for renewal and has a roll-over clause, it's wise to think about looking at new strata managers. How will you know you already have the best team? How can you tell that the next strata manager will be better?
Here's how to fail at choosing your next strata manager:
Failure to consider costs
When it comes to strata managers, if you choose wisely, you'll get exactly what you pay for. Is your building high-maintenance? Does it have numerous issues that tie your strata manager? If this is the case, then you're better off settling for a company that will cost you more up front but offers all-inclusive services with a few extra charges.
Is your building relatively trouble-free? Are most its issues solved competently by an active committee? If this is the case, then you need a strata manager that costs lesser up front but charges more for meetings, letters and phone calls.
Failure to consider relationships
Have you been with your strata manager for years? If yes, what's prompting you to change? If both the committee and strata manager have been working together to keep each other, then it's probably best to change them. If a strata company keeps changing your manager every few months, then it's an indication that your building isn't a priority.
Ask to meet the prospective manager in person. Avoid meeting the company principal because chances are high that you'll never meet him or her again.
Lack of expectations
Always communicate your expectations to both your existing and prospective strata managers. They should know your expectations in terms of their involvement in the daily activities of your scheme. Great strata managers always tell you if your expectations are unrealistic based on your budget. To be one the safe side, it's prudent to put all agreements in writing.
Consider being part of the Owners Corporation Network. From this platform, you can learn from other strata schemes.
Failure to consider transparency
One factor that's critical to proper administration of any strata scheme is transparency. This is especially because financial management is among the duties of a body corporate manager. Your prospective manager must be able to offer timely and accurate reporting of financial transactions. He or she must be an effective consultant in terms of engaging service providers.
You must have the right criteria if you're to land the best strata managers. Keep the above tips in mind as you and the other owners consider a new hire.Share