If you own a property that features an owner’s corporation, you’ll soon learn that it holds an annual general meeting (AGM).
An owners corporation will discuss many matters from maintaining surplus cash to covering costs such as building insurance premiums, garden, and waste management to name a few. They are required when a property features common property areas such as driveways or a car basement.
An owners corporation will hold an annual AGM where lot owners convene and discuss a series of topics related to the shared spaces or common property.
Here we discuss the top reasons to attend your AGM
Remain updated on how the property is being managed
In an annual AGM, the meeting will discuss many areas relating to the maintenance and management of your shared property. When attending you will learn how the property is being looked after and what’s involved in keeping the property clean and safe. You will also gain a better understanding of how much each of these items cost. As a homeowner, you want to make sure that the owner’s corporation is managing the common areas appropriately and cost effectively as you are jointly paying the cost with the other lot owners.
Meet your owner’s corporation Manager
Meeting your owner’s corporation manager in person at your annual AGM is a great way to learn what you’ll expect from your owner’s corporation each year. The better your relationship the more effective your input will be. If you have any financial issues, your manager may help extend your payment due dates.
Create an opportunity to have your say
During the course of a year, you may identify issues with the common areas that require improvements. You may feel the landscapers are charging too much for the work they do. You may also learn that the building insurance policy is out of date or underinsured as the properties have increased in value.
Attending the AGM offers the chance to voice your opinion and create an opportunity to ensure your property is being managed appropriately and cost effectively.
If you have concerns or want to provide input for the next year ahead, it is really important to attend the AGM. You can request the owner’s corporation to get an insurance quote or compare costs with other landscapers.
Contribute to the important decisions
An owners corporation will address many important areas with an aim to implement changes or to keep things unchanged. Attending the AGM will offer you the chance to contribute to those important decisions. If you aren’t at the meeting, you’ll have to accept what’s been implemented regardless if you aren’t satisfied.
Secure your investment
A property well managed and well maintained will influence high tenant demand or rent. A well-presented property will also improve your chances of generating capital growth.
The better it cares for the longer the property will last while reducing the need to attend to damages. Keeping an active role in your owner’s corporation ensures your investment is well managed.
Introduction to other lot owners
Attending an AGM will provide you with the chance of meeting other lot owners. You may share similar opinions which may allow you to team up and vote for certain changes. Another lot owner may bring other things to your attention that you may have overlooked.
It can be easier to share options in person than in email. Creating relationships with other lot owners will establish a strong internal community. This will increase the productivity with your AGMs and all year round.
Attending your annual general meeting (AGM) offers great value to everyone
There are many advantages of attending your AGM. You will become more familiar with your lot owners, learn why you pay an owners corporation fee and appreciate the services they offer. An AGM can be held on webinars or in an office environment. The schedule times are not always convenient, but they are worth your time.
If you are wanting to buy a property and want to learn more about common areas and owners corporation, please feel free to contact us. We source brand new and off the plan properties for buyers. We welcome the opportunity to help.
While we have taken care to ensure the information above is true and correct at the time of publication, changes in circumstances and legislation after the displayed date may impact the accuracy of this article. If you want to learn more please contact us. We welcome the opportunity to assist you.
April 2021
