The Annual General Meeting (AGM) is held for owners to come together and discuss topics relevant to the entire property and is a crucial tool for landlords to be able to protect and stay educated on their investments.
Better understanding of how your property is managed
As an owner who has decided to set up their property as an investment, you may not always get to see the capabilities of your body corporate management. The AGM covers everything you will need to know about your property and how it is managed. The AGM also provides an opportunity to gain a valuable insight into how the owners are engaging and utilising their strata management team. Perhaps most importantly in these meetings you will also be able to gain a better understanding of your properties budget and the breakdown of where your funds are being allocated within the body corporate. Assuring you have an understanding of the management of your property allows you to be included in discussions and help protect your investment for the long term.
Ability to be heard
AGM’s are used as an open forum for owners to be able to discuss any topics or relevant information that they believe needs to be heard regarding their property. If you have any issues or suggestions regarding your investment and the body corporate management overall, the AGM would be the ideal time to be heard by other owners and the executive committee. These annual meetings are also where a lot of crucial decisions are put to a vote, so attendance is crucial to provide your input in the big decisions regarding your investment.
Protect your investment
Investments within a body corporate require the proper care to ensure their quality and longevity, with each owner having an obligation to monitor the upkeep of the common property as well as their private lots. Participating in these annual meetings, where important choices are made, gives you the peace of mind that your investment as a whole is being thoroughly taken care of and ensures that your vote is making a difference.
If the AGM has no attendance from the owners, body corporate companies are obligated to carry over the decisions from the previous years meeting which may not cater to your properties current needs. To protect your investment in the most thorough way possible it is crucial for landlords to have an attendance at these meetings.