Why attend your Annual General Meeting?

The decisions made by your Owners Corporation can have a direct impact on the value and prosperity of what is likely your biggest investment: your property. Attending the AGM is the most important opportunity for you to actively participate in the decision making and management of your Owners Corporation. The benefits of attending the AGM include:

Understand what’s happening at your property

At the Annual General Meeting the manager and committee must present a report into what has occurred over the past financial year. If you own in a larger OC, there may also be a building manager’s report.

You will be provided the opportunity to ask any questions about what has occurred, make suggestions and provide input into any future plans. This provides greater accountability for the Owners Corporation contributing to better outcomes for all. Well maintained and well managed properties are more attractive to potential purchasers.

Be warned of any budget changes

The budget for your Owners Corporation will be discussed at each AGM. Attached to the Notice of Meeting will be a copy of the financial statements. Your Owners Corporation Manager will provide a summary of the financial performance of the OC and you will be able to ask questions. This will provide you with an understanding of the reasoning behind any budget changes and when you receive your next fee notice, you will understand the relationship between what you are paying and where that money is spent.

Meet your fellow owners

The Annual General Meeting is a time for the community to come together and collaborate in the best interests of the property. Discussing shared concerns in a meeting is a much more effective way of understanding others’ viewpoints than sending emails back and forth. AGMS are forums for respectful dialogue, and we encourage all owners to engage in constructive discussion with a focus on efficient and considerate resolution of any issues.

Understand your obligations

It’s not always clear to owners what is the responsibility of the Owners Corporation and what is a private responsibility. Owners are reminded of their personal responsibility for the maintenance and reporting on essential service requirements at each AGM.

Further each meeting will include a reminder of the recommendation that lot owners ensure they have adequate insurance to cover legal liability within their lot, landlords insurance, fixtures and private contents insurance.

Your Owners Corporation Manager will also be available to answer any specific questions you may have about what the OC’s responsibility is and what is private.

Nominate for committee

If you would like to be even more involved with the management of the Owners Corporation, you can nominate to join the committee of management. The committee can make ordinary resolutions on behalf of members and work to improve outcomes for the property throughout the year.

Attending the AGM is crucial in enhancing your understanding of your investment and empowers you to contribute to decisions that will influence the value and livability of the property. MOCS encourages all owners to attend the AGM to take part in this process. Finally, while important, the Annual General Meeting is not the only opportunity for you to raise concerns or ask questions. Your Owners Corporation Manager is available throughout the year to pass concerns on to the committee or to provide advice. Please contact MOCS should you have any questions or feedback.