Self-Managing an Owners Corporation
Self-managing an owners corporation comes with a number of complex responsibilities, which can increase in number and scale over time. However, it might be the right decision for smaller groups of owners who have an existing understanding of, or willingness to learn, the ins and outs of Victorian body corporate services.
To help you get an idea of how a self-managed owners corporation might work for you, we have outlined a list of pros and cons.
- You can control all management decisions and expenditures, and have one hundred percent transparency throughout the management process
- You avoid the additional costs of outsourcing management services
- You can develop great relationships with other owners and tenants
- As a self-managed body corporate in Victoria, you are held to complicated and ongoing compliance and legal requirements
- You are responsible for coordinating any maintenance projects that your block requires
- You are accountable for billing and insurance, and manage multiple parties in these financial obligations
- You may likely face challenges with dispute resolution within your management team