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Jimmy commented on another thread:
‘‘Queensland caretakers are a protected species under the fundamentally corrupt system that pre-sells management rights … by virtue of a process designed with the sole intent of putting more money into developers pockets…”
Well, who Benefits from this corrupt system of selling Management Rights?
1. Owners are ‘stuck ‘with Caretakers who buy Management Rights for up to 25 years by virtue of the contract,
2. Once a few years have passed, the Caretaker seeks an ‘extension’ of another 5 years or more (a top-up),
3. Extending Management Rights gives good and bad Caretakers a ‘job for life,’
4. Owners who know diddly squat vote YES to give an extension without knowing what they are voting for,
5. Our levies continue to rise as Management Rights contracts document an annual increase for Caretakers,
6. Caretakers earn annual income off ”Owners money,” and rental commissions off ”Investor owners” properties,
7. Then Body Corp Managers (BCMs) also find ways of making a bigger income off ”Owners money,”
8. BCMs who don’t know the Act, or who turn a blind eye enable committees to develop poor decision making,
9. Poor decision making leads to disputes, which leads to adjudications, which leads to more money for BCMs, and sometimes this poor decision making is intentional because BCMs can charge for additional management fees, disbursements, legals etc,
10. BCMs in Qld work in an ‘unregulated’ industry so they aren’t accountable to anyone except Owners,
11. So, the question: Who benefits from this corrupt system of Management Rights?
Answer: Caretakers and BCMS.
12. Question: Who pays for everything?
Answer: “Owners!”
13. Question: What does the Act say about this corrupt system?
Answer: Nothing, as the Act supports the selling of Management Rights!
14. Are Caretakers and BCMs working together to rip Owners off?
CHECK YOUR EOY FINANCIALS AND BUDGETS – AND DECIDE! DO YOUR DUE DILIGENCE!
Q: Does everyone is Queensland feel peeved about this corrupt system where Owners pay for everything?
Q: Are we happy that the only benefactors are the Caretakers and Body Corp Managers?
Q: What is the solution? Is there a solution?
Q: Will the Attorney General listen to Queenslanders and change the Act?
Let’s discuss this…