Self Managed Body Corp

Hi all,
I am a beginner in property investing. Have been dissatisfied with current body corporate manager (Owner Corp this is in VIC ) of my unit ( in a block of 3) bought last year.
Garden maintenance is substandard, weeds are growing. Have requested manager to produce break down of the body corporate fees ( i.e. Insurance, gardening, management fees etc) and had no luck yet.

Greatly appreciate if someone can share experience of how can I go about dismissing current manager and what are resources I can find if I would like to self manage.
 
All of the budget figures are presented prior to and voted at the agm. They are in your records.

Ask the other owners when the contract with the strata managers expires.

Are all of the owners on the executive committee?
 
Thanks Scott.
I have retrieved the minutes of meeting, apart from agreement on increase in body corp fees, there is no budget breakdown provided.
I am not sure whether all the owners executive committee. Being ignorant here , what authorities do exec committee possess.
My initial idea is to get permission from other owners via their real estate managers permission to replace the strata managers. Any potential issues?
 
Owners Corporation Resources

Perhaps a letter to the Owners Corporation manager, warning that you will seek legal advice and lodge a formal complaint with Consumer Affairs Victoria if they don't produce all the OC's financial records within one week, should get their attention.

OC Managers are licensed under the OC Act and are accountable to CAV. You could also complain to the OC Management peak body if the management company is a member: http://www.vic.stratacommunity.org.au/

CAV is a great resource to seek assistance from: http://m.consumer.vic.gov.au/housing-and-accommodation

Self-management is an option. Familiarise yourself with the OC Act to see if this is something you'd like to take on: http://www.austlii.edu.au/au/legis/vic/consol_act/oca2006260/

Good luck! :)

~

Note: the above is general information and should not be considered as legal advice.
 
Lot of buyers stay away from properties managed by a 'self managed body corp', hence can impact your potential resale value. I have come across few self managed blocks with a 'zero' balance in the sinking fund, and funds regularly collected through 'special levys', another headache at selling time.

Consult a Strata lawyer for direction..

best of luck

Jay

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