It can be a daunting time when changing strata managers. Knowing what to look for or avoid can feel overwhelming, especially if you have had a bad experience with your previous strata manager and want to avoid a repeat of the situation. A good strata management company will partner with the committee to offer advice and guidance to ensure all needs of the strata community are being met, creating a relaxing living environment for all residents. Listed below are essential steps to take when changing strata managers.
Re-assess your current strata management
Revaluating your current provider’s performance is a crucial step in deciding to change management providers. A strata manager should ensure that everything related to the maintenance and management of the property is running smoothly. This includes compliance with safety regulations, insuring common property, dealing with disputes and managing the payment of invoices. Strata managers should also be easily contactable and responsive. Issues that arise should be dealt with promptly.
If your current strata manager is failing to achieve any of the above, it may be time for a change.
Try our 10-Point Check List, designed to help you identify current gaps and what to look for in a new strata manager.
Review the terms of the existing strata management contract
It is important that the committee has read and understood the terms of the contract with the current strata manager. Typically, these contracts will specify when and how a contract can be ended, and the steps to undertake a termination process before changing strata management providers. If you find out there are another 12-18 months to run on your current contract, that doesn’t always mean you’re stuck for another 12-18 months. Whilst the specific situation is different for all communities, More Than Strata is more than happy to review your contract and help lay out the options available to you.
Determine which provider is likely to best suit your needs
Once the committee has come to an agreement within themselves, the next step is to research potential providers and seek quotes for their services. Before seeking quotes, you must determine whether specific expertise is required for your property to address your current needs. Next, compile a list of services available and their respective prices for comparison. From each shortlisted provider, ask for a copy of the proposed contract to determine how they will manage the relationship. It’s also important to request a meeting with the potential strata manager who will likely be managing your property.
Seek committee agreement regarding changing your strata management provider
To terminate the existing strata manager and appoint a new one, motions must be raised and passed at a General Meeting. Sometimes the expiration of a contract may coincide with the Annual General Meeting, but not always. There are different ways to call a General Meeting depending on your situation.
Once you have followed the above steps, you may appoint a new strata manager and commence handover. If you are looking for a strata manager that excels above the rest and will project manage the transition end-to-end, then contact More Than Strata today.