A body corporate committee or owners corporation committee (depending on the state you are in) can make or break your journey as a resident manager – and your relationship with these stakeholders can impact the capital value of your business.
In any business, client confidence, customer expectation and long-term commercial success can only be achieved with a proactive focus on building and maintaining strong relationships. Working with a body corporate committee is no different.
Committee members, chairpersons and body corporate managers will come and go, but your relationship with them over time is ultimately what drives the success of the complex and they simply cannot be ignored.
Experienced resident managers view these stakeholders as important clients and never take them for granted. Failure to do so could result in pushback or lackluster effort when it comes time to take action or require their support, as there is no emotional investment or shared desire to achieve collectively.
To build confidence from the body corporate committee and strengthen ties with committee members, it is important to clearly demonstrate the benefits of management rights to the complex and lot owners.
It should be the resident manager’s business to know more about the complex than anybody else. This includes understanding the scheme’s by-laws and the Community Management Statement (CMS), keeping abreast of local news and developments, meeting with lot owners at least annually and even getting to know the neighbours.
A robust understanding of every part of your caretaking agreement, and perceived role, will also help to demonstrate value. Mapping out a strategy for success and timeline with key dates and milestones will allow you to anticipate stakeholder needs and plan ahead to identify ways to add value at each opportunity to do so.
The sooner a resident manager can grasp and deliver on the needs of the complex, the quicker they can work towards more efficient workflow and begin identifying cost efficiencies. There is no more effective way to highlight the beauty of management rights than to deliver a superior rental return for the letting pool or more value for money as a caretaking service contractor.