Body Corporate Services in Canberra?

Looks like they get in at the development stage…after which it is tough to get them out. By then cosy deals are done, certain executive committee members remain entrenched when the managing agent keeps only them in the loop…and so on.Developers proxies are fed to the ex com and managing agent for not finding fault with the building …with those proxies, change is difficult in the larger complexes whilst interstate investors keep their distance. Surprised that Lj Hooker and Lutons aren’t into BC Management

Legislation requires churning the agent every three years but not the company. The agent is accountable to the ORS…which have never fined or cancelled a licence which is usually held by a high profile director.I’ve heard of complaints but little action with the ORS..wet noodle brigade. It’s even worse with contractors and their fixed terms and insurance skimming off the top. The complex I’m in has about 150 units, worth over $60 million, with body corp fees over $3 million a year. ..Perhaps we need a Body Corp Ombudsman like other states !

The cat did it said :

At what stage do they get their claws in? Does strata title legislation mean that they have to be in place with the developers at the time units are being flogged off the plan (in which case cosiness and inside deals wouldn’t surprise me)? or do they have to be appointed by the body corporate once it is up and running?

They are usually appointed by the developer prior to registration of the Units Plan (ie. before the settlement of all of the sales to the new owners). The new owners could however have a vote and kick them out if need be.

At what stage do they get their claws in? Does strata title legislation mean that they have to be in place with the developers at the time units are being flogged off the plan (in which case cosiness and inside deals wouldn’t surprise me)? or do they have to be appointed by the body corporate once it is up and running?

One more – City Strata

There are more than 3. Off the top of my head:

ACT Strata
Ray White
Independent
Capital Strata
Ian McNamee (Qbyn based but do ACT stuff)
Link Corporate Services
Raine & Horne Commercial are taking it on too and I think a few others are about to weigh in…

Let’s see. Go down the RiotAct list of usual culprits:

1. Government regulation.
2. Cyclists.
3. Speed cameras.
4. Public servants.
5. ACTION.
6. Soft-on-crime.
7. Lack of parking.
8. Public housing.
9. QIC.
10. Statistics.

Can’t quite pin it on one, so winner by default: “Cushy overpaid public servants who can’t run a business in an over-regulated nanny-state. Cyclist, no enough parking” I guess. Can never go wrong with that.

Call me a clairvoyant but my sixth sense of financial reality tells me that if it were just that easy to set up another commercially viable management firm, some bright spark, entrepreneurially cognisant, would have spotted the opportunity and dived right in.

The fact that such an opportunity to cash in on a free ride to riches remains open indicates that possibly such an opportunity does not in fact exist. But don’t let these simple facts stop you from entering the golden road to riches yourself if you can spot an opportunity!