ShelleyB – I have read that self management is not suitable for schemes larger than 4 or 5 Lots, but preferably only 2 Lots. Yours has 8 Lots.
Jimmy T has written extensively on the topic of self management. See here for an example: http://www.flatchat.com.au/diy-strata-half-dont-managers/
If your SC is not complying with the following essential elements then your OC should not be self managed.
Here is an extract from https://www.strataman.com.au/diy.html
“So, for DIY management you’ll specifically need to:
- know what existing rules and regulations to follow AND KEEP UP WITH ANY CHANGES
- learn all about insurances, fire safety and WorkHealth&Safety requirements
- learn what other legal and legislative obligations you have
- interpret and apply all new legislative and compliance requirements
- set up and maintain the Records and Accounts required by legislation
- know how to convene and run the mandatory meetings
- produce and process financial statements and budgets
- produce, issue and collect quarterly levies
- know how to deal with tradespeople from a legislative as well as operational standpoint
- put an appropriate preventative maintenance program in place for the scheme
- keep the scheme’s insurances current and correct
- ensure all the scheme’s bills are paid and on time
- manage the scheme’s RISK environments for WorkHealth&Safety and Fire Safety
- handle all owner disputes no matter what the problem
Obviously, having to do all the above will require a fair amount of time and effort (as well as knowledge) and it’s definitely not a simple ‘one or two hours per week‘ job.”