Well run vs poorly managed strata buildings key record keeping signs and warning indicators for owners

To start with, let's talk about the well run buildings. What stands out to us when looking at the records from a well run building is greater transparency and good communication.

When we look at the AGM, we see that the strata committee includes an annual summary with the minutes. The summary tells the owners what's happened, about any issues and what the committee's proposals are to solve those issues. In other words, we get good vibes.

On the other hand, we get the opposite vibes from the records when decisions are deferred or the owners corporation doesn't want to spend money they should be spending. We get the feeling that this building will perhaps gradually fall behind.

We're making an assessment based only on the records without actually seeing the building. When we talk to buyers about what they've seen at the building, there's often a correlation between the good and bad vibes we get from the records, and that's a really important thing.