Forums / Property Investing / Help Needed! / Body Corporate Meetings

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  • Profile photo of LyricalLyrical
    Member
    @lyrical
    Join Date: 2003
    Post Count: 18

    Hi Everyone,

    Listen, I know I haven’t contributed much but working full-time and having four primary school age kids makes it a little time prohibitive. I have three IP’s; two are houses and one a unit; two are CF+ve the other isn’t. I am now in a quandary as to what to do about the body corporate general and extraordinary general meeting voting procedures with regard to my unit. It is in a small block of 12 sold to us by a developer (I have no problem with them by the way) simply that I suspect that the whole block has probably been sold to investors. We are being asked to vote on issues where we can only nominate another lot owner as proxy provided they do not hold more than 5% of the vote. Since we are in Sydney and the unit is in Caiorns understandably, we don’t know any other lot owner let alone know if they sympathise with our feelings regarding the best outcomes for the property. We are not allowed to nominate the Body Corporate Manager as Proxy holders. So who do we nominate? Is it reasonable to ask our property manager (understandably, at a price and what price would be reasonable?) to represent us on our behalf? I feel as if I am being negligent and irresponsible if I do not participate in these meetings, but also do not know what to do.

    Would appreciate any advice in this area,

    Lyrical

    Profile photo of MichaelYardneyMichaelYardney
    Participant
    @michaelyardney
    Join Date: 2001
    Post Count: 617

    Yes
    Its perfectly reasonable to ask your property manager to attend on your behalf.

    Get the agenda sent to you in advance and see if there are any special issues you want them to raise on your behalf and instruct them on how to vote on any proposals

    Michael Yardney
    METROPOLE PROPERTIES
    Author of Australia’s leading property e-magazine.
    Join over 10,000 readers each month.
    FREE subscription http://www.metropole.com.au

    Profile photo of LyricalLyrical
    Member
    @lyrical
    Join Date: 2003
    Post Count: 18

    Thanks Michael,

    I imagine that there would be a charge for this, do you know what I could expect to pay?

    Lyrical

    Insanity is doing the same thing and expecting a different result

    Profile photo of Jenny1Jenny1
    Member
    @jenny1
    Join Date: 2004
    Post Count: 269

    Get the agenda sent to you in advance and see if there are any special issues you want them to raise on your behalf and instruct them on how to vote on any proposals

    I agree with Michael. The agenda is always sent out for my property Body Corp meeting and I either have a neighbour go and air my views (can see if this is done when you get the minutes) or I send back to the body corporate manager to read out and to take into account. No monies are ever charged

    Jenny1

    Profile photo of LyricalLyrical
    Member
    @lyrical
    Join Date: 2003
    Post Count: 18

    Thanks Jenny

    Insanity is doing the same thing and expecting a different result

    Profile photo of MichaelYardneyMichaelYardney
    Participant
    @michaelyardney
    Join Date: 2001
    Post Count: 617
    Originally posted by Lyrical:

    Thanks Michael,

    I imagine that there would be a charge for this, do you know what I could expect to pay?

    Lyrical

    Insanity is doing the same thing and expecting a different result

    There will probabaly be an hourly charge that should be set on in the schedule of fees when you signed your management agreement

    Michael Yardney
    METROPOLE PROPERTIES
    Author of Australia’s leading property e-magazine.
    Join over 10,000 readers each month.
    FREE subscription http://www.metropole.com.au

    Profile photo of PurpleKissPurpleKiss
    Participant
    @purplekiss
    Join Date: 2003
    Post Count: 580

    It should be in your fees, otherwise you’ll need to ask. My PM charged $45 an hour to go to a meeting for me.

    Regards
    PK

    Profile photo of moolahmoolah
    Member
    @moolah
    Join Date: 2005
    Post Count: 26

    JEEEEEE..S – Are they Poperty Managers or Lawyers? I woodn’t pay a Poperty Manager that sort of money to sit around twiddling his/her thumbs at one of those meetings.

    Profile photo of MichaelYardneyMichaelYardney
    Participant
    @michaelyardney
    Join Date: 2001
    Post Count: 617
    Originally posted by moolah:

    JEEEEEE..S – Are they Poperty Managers or Lawyers? I woodn’t pay a Poperty Manager that sort of money to sit around twiddling his/her thumbs at one of those meetings.

    You’ve got things a bot out of proportion here.

    $45 per hour is a fair fee to pay for a PM. Lawyers will charge between $200 to $500 per hour.

    I pay both property managers and lawyers. Both have made me very wealthy and I am not afraid to surround myself with good professionals. I know if I am the smartest person in my team, I’m in trouble.

    Michael Yardney
    METROPOLE PROPERTIES
    Author of Australia’s leading property e-magazine.
    Join over 10,000 readers each month.
    FREE subscription http://www.metropole.com.au

    Profile photo of moolahmoolah
    Member
    @moolah
    Join Date: 2005
    Post Count: 26

    Bahhhhh !!!!! Humbug !!!!!

    Dear MY

    You say that “$45 per hour is a fair fee to pay for a PM.” and that you “pay both property managers and lawyers” and you are “not afraid to surround” yourself “with good professionals.”

    I have two points to make regarding your statement and hope that they do not offend.

    My points are as follows –

    (1) You seem to be caught up in the self promotionary hype that the real estate industry has tried to propogate over the past few decades (i.e. since the industry tried to raise its personna from that of a Lawyer, Garbologist or Car Salesman).

    To put it simply – Poperty Managers aren’t “professionals”. They’d like to think they were but they don’t possess the basic qualities of a professional i.e. education, ethics, honesty, integrity etc.

    (2) If you want to “pay a Poperty Manager that sort of money to sit around twiddling his/her thumbs at one of those meetings.” then that’s fine by me but I’d sooner get a young kid to go into a Strata meeting to represent me than one of your “professionals”. At least a kid would act honestly and with your best interests in mind.

    Another bonus is that a kid would probably stay awake during the whole meeting.

    moolah [suave3]

    Profile photo of MichaelYardneyMichaelYardney
    Participant
    @michaelyardney
    Join Date: 2001
    Post Count: 617
    Originally posted by moolah:

    Bahhhhh !!!!! Humbug !!!!!

    Dear MY

    You say that “$45 per hour is a fair fee to pay for a PM.” and that you “pay both property managers and lawyers” and you are “not afraid to surround” yourself “with good professionals.”

    I have two points to make regarding your statement and hope that they do not offend.

    moolah [suave3]

    Thanks for the response. I don’t offend easily.

    That’s one of the fun part of this forum – getting different opinions.

    You seem to have had a bad run with a property manager somewhere in the past.

    And I agree with you that most are pretty poor.

    But then I am biased….

    Pam my wife runs Metropole Property Management http://www.rentingmelbourne.com.auand I know how seriously she and her team take their responsibilities.

    The company is just 2 years old and already looks after over $100 million worth of properties for clients, so others must agree.

    Sure they may be an exception, but there are other good PM’s around and there are some great solicitors.

    Keep searching if you haven’t found them yet. They will be an importnat part of your team as you start growing your wealth. All successful investors have a good team of consultants.

    Michael Yardney
    METROPOLE PROPERTIES
    Author of Australia’s leading property e-magazine.
    Join over 10,000 readers each month.
    FREE subscription http://www.metropole.com.au

    Profile photo of moolahmoolah
    Member
    @moolah
    Join Date: 2005
    Post Count: 26

    I’m glad that you’ve decided to call Poperty Managers – “consultants” instead of “professionals” as it only serves to denegrate the true meaning of the word.

    moolah

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