@Cosmo said:
Strata Mangers are required to inform of any commission they receive and that is usually done as an addendum to the management agreement they enter with the OC. From what we saw the ‘level’ of commission is negotiated between an Insurance Company and the Strata Manager, usually it is between 15% and 20%.
Beware here because our Strata Manager keeps claiming that they receive no commission from the insurance supplier (they even state it on their AGM agenda).
But I’ve since discovered that some agents don’t charge commissions they charge Broker and admin fee instead and so by claiming they don’t charge commissions they might be correct, but are they charging this fee instead. Are they required to declare if they receive fee’s instead of commission.??
Awaiting a suitable time to challenge our SM about this.