Owners Corporation
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Welcome to GL Plan
What is Owners Corporation?
Owners corporation management is a job that requires experience, time and diligence. Committee members must remain responsible and accountable because they represent the needs and interests of all owners who have properties on the piece of land. Whether they choose to outsource the management function or not, the committee has a strict duty to perform well in their roles.
The committee must maintain the common property, engage service providers, manage essential services, purchase sufficient insurance, raise levies, respond to owner requests, deal with disputes, liaise with local authorities, set expectations and rules, welcome new owners and residents and much more.
Most of the work is administrative and it requires a comprehensive understanding of local laws and regulation. For those who need help, professional OC managers exist to make compliance easy.
Why Choose GL-Plan?
We strive to offer a collaborative experience where you will be heard, understood, & impacted. Our clients can rely on us to put them at the heart of every decision we make, working continuously to ensure we increase value, sustainability and enhance community living.
People-Focused
Our relationships with customers are our priority, far exceeding transactions. Every day, we advocate tirelessly on your behalf.
Innovative Experts
We excel in our field and continuously challenge our thinking to grow. At the same time, we always ask, “How can we make this even better for you?”
Mission-Oriented
Driven by purpose, not just profit, we love what we do and dedicate ourselves wholeheartedly to serving you.
Bold Innovators
We embrace change and challenge industry norms. By blending expertise with creativity and playfulness, we redefine possibilities.
Services
The fundamental nature of owners corporation management is to perform the core duties contained in the agreement.
Financial
We cover all the essential accounting and financial owners corporation services in our annual fee.
- Opening, maintaining and operating the owners corporation bank accounts
- Preparing owners corporation budgets
- Invoicing, collecting and banking of owners corporation levy notices
- Paying of owners corporation approved invoices
- Keeping owners corporation accounting records
- Preparing financial accounts
- Arranging the audit of the financial accounts
- Lodging owners corporation tax returns (via registered tax agent)
- Actioning owners corporation levies arrears including debt recovery
Meetings & Secretarial
Arranging and holding owners corporation meeting and managing all the secretarial matters is a key service included in the annual fee.
- Keeping up to date owners corporation records including the roll and register
- Calling for nominations for positions on the committee
- Preparing and distributing notices of meetings
- Preparing agendas for meetings
- Taking submissions from anyone who is permitted to submit matters to a meeting and ensuring compliance with rules
- Arranging and attending the annual General Meeting and committee meetings
- Preparing and distributing the minutes of meetings
Administration
Keeping up to date with all the administration matters for owners corporation is essential. Again, we include all these services in our annual fee.
- Keeping all body corporate insurance up to date including paying premiums, lodging claims and getting quotes when needed
- Keeping and using the owners corporation common seal as required
- Implementing owners corporation decisions as needed
- Making the records available for inspection with reasonable notice
- Dealing with all owners corporation correspondence
Other Services
Quite a few other issues always arise with administering owners corporation. Some are included in our annual fee, whilst others may be subject to a separate fee or payment to another paryty.
- Assessing maintenance requirements as and when required
- Helping owners evaluate maintenance requirements so that your property is maintained to standard
- Providing guidance when quotes are required
- Getting emergency repairs attended to ASAP
- Answering all telephone calls and emails as soon as practical
- Dispute mediation and resolution
- Providing a sympathic ear when things go wrong
Frequently Asked Questions?
If you are unhappy with your current Owners Corporation Management, changing to GL Plan is easier than you think.
What is a maintenance fund?
A maintenance fund or a sinking fund is the regular investment of funds to meet anticipated future capital expenditure of the property.
What is an Owners Corporation?
An owners corporation (formerly body corporate) is a body of owners that manage the common property of a residential, commercial, retail, industrial or mixed-use property development. The common property is defined as any property not on title to any one particular owner include stairs, paths, elevators, lobbies, driveways, pools, common garden areas and other facilities set up for use by owners and occupiers.
What regulates an owners corporation in Victoria?
The Subdivision Act 1988, Owners Corporation Act 2006, Owners Corporation Regulations 2018, Model Rules (Schedule 2) and the Rules of the Owners Corporation regulate owners corporations in Victoria. The Owners Corporations Act 2006 and the Owners Corporations Regulations 2007 are available through Consumer Affairs Victoria link. You can also read a complete PDF of the Act and the Regulations here.
What is the role of the Owners Corporation Manager?
The Owners Corporation Manager carries out some or all of the functions, duties or powers of the owners corporation in administering and maintaining An Owners Corporation. These tasks include secretariat and administration, arranging insurance, organising maintenance works, maintaining financial records and bank accounts, advising on rules and legal matters.
What is the difference between a strata title, body corporate and an owners corporation in Victoria?
What was previously known as a ‘Body Corporate’ became an ‘Owners Corporation’ on 31 December 2007, when the Owners Corporations Act 2006 came into force. ‘Strata title’ is a more generic term for a plan of subdivision containing common property that an Owners Corporation is responsible for managing.
Who is responsible for insurance on the property?
An Owners Corporation must have public liability insurance in connection with the common property and reinstatement and replacement insurance for all buildings on the common property. It is recommended that a valuation be obtained from a qualified valuer on a periodic basis to ensure that the full value of the buildings is insured thereby reducing the risk of members in the event of a substantial loss.
It is important to note that the Owners Corporation insurance does not cover the contents of owners’ units and members should ensure that they have appropriate contents cover in place, whether a resident or landlord of a tenanted property. Members should ensure that the policy in place for their property includes public liability cover.
Want more information?
Simply fill out the form below or call 1300 914 347 to talk to us.