Firstly, it is important that owners’ management companies are run in the interest of property owners in a development. Ultimately, and the clue is in the name, these non-profit-making companies are controlled by the property owners, for the purpose of the management of the common areas, with each residential unit having one vote.
As mentioned, the election of OMC directors is one agm agenda item and, if you feel somewhat excluded by your OMC, perhaps you would consider putting your name forward. You could start by checking the company constitution to see how many directors are permitted. No director can serve a term of office of longer than three years .
In relation to your point that owners renting out their units and those who live in the development may have different interests, this can be the case to some extent but both will want the development to be well-maintained and costs actively managed. It is certainly the case that it can be good to have at least some directors who live on site as these can keep an eye on site issues, such as checking if non-domestic waste is building up in the bin shed, or if a door is not closing properly.
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: businessposthq - 🏆 8. / 71 Read more »