Exiting a strata agreement is easier than you think
Is it time to change your strata manager? When your strata manager no longer adds value to your property or, worse, puts your investment at risk, it’s time to look at exiting your strata agreement. For more information on the early warning signs that you need a new strata manager, read our blog Why change your strata manager here
If you’ve brought up your concerns with your existing strata manager and haven’t seen any improvement, then it’s time to switch. But, for many people, the thought of changing strata managers is daunting: who has time to do all that paperwork and running around?
The truth is, exiting a strata agreement is easier than you think.
Three simple steps
- Shop around
You need to find the right strata manager for your needs and preferences, not to mention your budget. Different strata managers may charge differently, so it’s important to read the fine print and to clearly understand what your needs are.
For example, if you have an older building with lots of maintenance issues and requirements, then you need a strata manager who’ll be proactive and responsive. You may also want to look for one that charges a set fee rather than one that charges for each interaction. Or, if you have an active and efficient committee and a building with relatively few issues, you might want a strata manager that charges a lower upfront fee.
While exiting a strata agreement, it’s important to meet the person who’ll be your primary contact. Once you’ve met them, assess whether they’re a good fit for your committee and make sure they understand your expectations.
You don’t want to change strata managers again too soon if you don’t have to, so use this time to make sure you’ve chosen the right strata manager for your building.
- Request a meeting
Once you’ve found the right strata manager, you need to call for a vote. You can do this at the AGM or you can call an extraordinary general meeting (EGM). Once you get a majority vote, you can sign the contract.
If you’re not sure how to go about this process, you can ask your new strata manager to help.
- Give notice
All you need to do is provide the minutes of the meeting to the old and new manager, and your new strata manager will do the rest to ensure a smooth transition.
For more information on how PICA Group can help you make the switch easy, contact us today.