The Importance Of The Onboarding Process Once You Change Strata Managers

The role of an owners corporation manager so much more than just maintaining buildings or handling finances, it’s about creating and facilitating well-functioning communities. A proactive manager is one who makes owners feel at ease knowing their common areas and shared spaces are in capable hands. That experience is built from day one of being appointed the manager, and it’s the building blocks for the long-term success of the relationship between the manager and the owners. Ultimately, the onboarding process once you appoint a new strata manager is the foundation for everything that follows.

Let’s take a closer look at the importance of a detailed onboarding process and the impact it can have. You’ll learn what’s involved, why it matters and how it can improve the experience for everyone.

The Administrative Work Behind Onboarding A New Owners Corporation

At its core, the onboarding process is the opportunity for the owners corporation manager to take ownership of a transition and ensure it’s handled with certainty, precision, and care. It’s about taking over all the information from a previous manager and setting up systems that make life easier.

Some key steps of a good onboarding process include:

• Confirming contact details for property owners to ensure seamless communication
• Finding and filling in missing information, like asking for mobile numbers or emails of owners, or contact details for property managers
• Notifying contractors, utility companies and other service providers so there are no interruptions to maintenance or essential services
• Sorting and organising all documentation, like past meeting minutes and financial statements so the manager can refer to this information quickly when needed
• Updating owner ledgers with accurate fee information, including arrears and credits so no one is double paying any of their fees
• Liaising and communicating with owners so they’re continuously updated on the status of the handover, ultimately providing them that support and confidence that things are being taken care of

When done right, onboarding is a demonstration of competence and care. It signals to owners that they’ve made the right choice in appointing their chosen manager.

A Detailed And Thorough Review Of The Financial Statements

A good strata manager won’t stop once the administrative tasks are done, they know it’s just the beginning. The financial statements can, unfortunately, only be taken at face value. To assume they’re accurate is to adopt the previous manager’s finances at their word, and usually a big reason for owners to change strata managers is due to poor financial management of the previous owners corporation manager.

What this means is that the new manager should be reviewing, in painstaking detail, the financial records, expenses and reconciling bank transactions where necessary. They should be questioning whether every expense and transaction was warranted and approved by the owners corporation, whether there are any expenses require reimbursement from the owner or other third party.

For example, reviewing monthly contractor invoices can uncover services that are being paid for but were no longer required. Reconciling bank transactions may reveal that the previous manager transferred themselves money they’re not entitled to.

This part of onboarding is the one that takes the longest, but also the one that makes the biggest difference. A good owners corporation manager can go to the committee or the owners with their findings, and use it as an opportunity to demonstrate why owners made the right choice in appointing a proactive manager who genuinely acts in the best interests of owners.

How To Do Onboarding Right: A Resi Success Story

Resi recently were in this position to demonstrate our proactiveness to owners, where a small detail noticed during our onboarding process saved owners nearly $1,000 a year. When we recently onboarded a townhouse estate, we went deep into the financial records. What we found was surprising: the owners corporation had been paying for council bin collection services, even though the bins were maintained by the council.

Through detailed investigation and communication with the council, we confirmed these charges were in error. By bringing this to the attention of the local council, the owners saved nearly $1,000 every year. And we didn’t stop there – because this estate was nearly eight years old, we have started working on recovering past payments, potentially returning a significant sum to the owners.

Attention to detail pays off, in this case, quite literally. But beyond the money, this process demonstrated to owners that their new Resi manager had their back.

Wrap Up

We all know that your starting point determines the journey ahead. A detailed onboarding process is that starting point: it’s an opportunity to set the tone, build trust, and create momentum.

When your owners corporation manager gets the details right from day one, all the owners benefit from financial accuracy, uninterrupted services, and better relationships. That’s the kind of manager every owners corporation deserves.