Want to enhance the way you protect your property asset?     READ HOW

Want to enhance the way you protect your property asset?   READ HOW
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Great governance is about the processes for making and implementing decisions.

Great decision-making processes, and therefore great governance, have a positive effect on individual property values, collective asset equity gain and the living standards of all lot owners.

The 7 elements of great governance every
Owners’ Corporation must know.

 

Great governance is about the informed creation and adherence to strata by-laws as well as efficient and effective meeting procedures. It also demands high expectations of management service, role clarification, and good working relationships between owners corporation members, strata managers and contractors.
Here are 7 elements every Owners Corporation must know.

 

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Great governance is accountable

Accountability is the fundamental requirement of great governance. Owners corporation executive committees have an obligation to report, explain and be answerable for the consequences of decisions they have made on behalf of the community they represent.

Experienced strata managers can assist executive committees with complex yet crucial decisions in order to protect the community’s collective asset.

Great governance is transparent

All lot owners must be able to follow and understand the decision-making process and actions taken to proceed. This means they will be able to clearly see how and why a decision was made – what information, advice and consultation the committee considered, and which bylaws were referenced or expert advice on enhancement, maintenance and protection were accepted.

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Great governance follows bylaws

This means decisions are consistent with relevant legislation or common law. An experienced strata manager can guide owners corporations on bylaw compliance but a working knowledge of them assists with good governance.

Great governance is responsive

Owners Corporation executive committees should always try to serve the needs of the entire community within the strata scheme in a timely, appropriate and responsive manner. Their choice of and working relationship with an experienced strata manager is a key element.

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Great governance is equitable and inclusive

A community’s well being results from all of its members believing their interests have been considered by Owners Corporation executive committees and their strata manager in the decision-making process.

This means all lot owners should be encouraged to participate in the process and implications for their failure to do so should be outlined upfront

Great governance is effective and efficient

Owners Corporations, focused on creating harmonious living or commercial environments while enhancing, protecting and maintaining their collective asset, should implement decisions and follow processes that make the best use of the available resources and time to ensure the best possible results for all lot owners .

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Great governance is participatory

Anyone affected by or interested in a decision should have the opportunity to participate in the process for making that owners corporation decision. This can happen in several ways – lot owners may be provided with information, asked for their opinion, given the opportunity to make recommendations and be part of the decision-making process.

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Information is Power

Read IUM's blog 'The Collective Asset' to find out how to enhance, manage and protect your lifestyle and property value.

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Join thousands of property owners who rely on IUM’s The Collective Asset blog to stay informed about enhancing, managing and protecting the value of their collective property asset (their entire unit complex).

It provides valuable tips from industry insiders to give you an edge when buying into or living within a strata scheme in NSW.

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STRATA OPERATORS

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Independent Unit Management is passionate about educating all unit buyers on the essential elements of creating a valuable collective asset that nurtures a safe and happy living environment.

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"I personally feel that over the years I have developed a family-like partnership with IUM, rather than a sterile, contractual service provider/client relationship”.

Diane Hacking

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