Dear All
We recently got an investment that is strata. First one strata in and established old set of units. Very inactive body corporate.
Anyhow the AGM is coming up and notes show the strata insurance was renewed by the strata managers for $5M cover for a fee of $5k.
OK but the Strata Managers took a 20% commission (which they declared) so $1k.
Is this common, and if so, was the price paid fair?
Seems to me to be blatant conflict of interest.
Advice.... Peter 14.7
We recently got an investment that is strata. First one strata in and established old set of units. Very inactive body corporate.
Anyhow the AGM is coming up and notes show the strata insurance was renewed by the strata managers for $5M cover for a fee of $5k.
OK but the Strata Managers took a 20% commission (which they declared) so $1k.
Is this common, and if so, was the price paid fair?
Seems to me to be blatant conflict of interest.
Advice.... Peter 14.7