#18715

Commissions to managing agents are, unfortunately, something we probably have to live with but to say they are currently transparent is a bit of a stretch as you really have to go looking and be a bit astute to annually check this and work out the actual dollar amount.
If it is good enough for Financial planners & the like to have to be more transparent with their fees then the Strata Management industry should also have to do the same as there is wide variation in some of the premiums and some strata managers will no doubt be inclined to go for the insurer who gives them the most.

I would accept commissions if the following was required:
a). limited to 10% with the balance coming back to owners or the insurer lowering premiums
b) the total commission paid must be more clearly shown. eg in the annual accounts presented at the AGM . Not the case at present!

From my experience with various strata managers over 25 years the industry is, at best, low quality “paper processors” and at worst, hopeless. When you get the rare good employee they end up leaving through frustration because those around them are so useless