If you’re a committee member of any strata building you’re most likely making decisions on a multi million dollar asset.
While I understand the committee members are simply volunteers and everyone is busy I recommend that all owners get a little bit engaged with their property investment with this simple list of must do’s for property owners and committee members
Property Owners
- Attend the AGM – It’s only 1 to 2 hours out of your entire year
- Review the financials and budget each year
- Read the minutes of each meeting
That’s it 3 simple things every apartment owner should do each year.
Committee Members
Being a committee member in any strata block means you are making decisions of a multi-million dollar asset at all meetings
- Review monthly financials
- Review draft agenda and minutes before sending to all owners
- Walk around all parts of your building at least twice you
- Understand when major contracts mature
- Meet your insurance broker and read all the insurance information before renewing your policy (this can be done at a committee meeting)
Being part of an apartment building doesn’t need you to be deeply involved with all the workings. It just needs you to be aware of the major things.
So after you spend hundreds of thousands of dollars, spend a few minutes to keep an eye on it.
