Owners Corporation

Owners Corporation Meeting Attendance Service

16-Jan-2019

Dear Owners,

Thank you for your trust and support in Ironfish Real Estate. We are always committed to providing more detailed services to our clients. Ironfish Real Estate have once again, become the pioneer in the industry by successfully representing the owners of the properties in Owners Corporation Meetings, elected to be the committee members of the Owners Corporation in building such as Lighthouse, North, Lacrosse and other buildings, in order to supervise the management of the buildings whilst protecting the interests of our clients.

In order to be able to better understand the operation of the owners corporation, supervise the OC funds allocation and budgeting, we have decided to invest heavily in 2019 by allocating human resources in participating in selected buildings’ annual general meetings or special meetings on behalf of the owners. (Currently limited to larger buildings that we manage). Please take note that this particular service is an additional service beyond our current property management services. Attending these meetings is a lengthy process which takes the property managers away from their working space in the office for a couple of hours to prepare and attend. Not forgetting these meetings are usually and commonly held after-hours which your property managers are required to spend their personal family time to attend.

Starting from 1 February 2019, we will be charging a service fee of $10.00 from your rent each time our office represent you at the meeting in order to ensure this service can provide the better value in the long run. On average, your investment in this service is between $10.00-$20.00 per year. In rare cases when there are major or serious matters to be discussed, your owners corporation will call for special meetings. As this is a new service, we may, at any time, and at our sole discretion, modify these term and conditions of use with or without notice in the future. Please contact your property manager to discuss the possibility of running for the committee for your buildings.

Please find the below for the frequent asked questions below:

1. What is owners corporation levies?

Annual costs for these levies can range from $3,500-$6,000 and generally increased each year. This fee is collected by owners corporation from the owners. The allocation and budgeting of these funds to maintain the building are decided by the owners corporation and committee.

2. Why is it essential to be elected as the committee?

We have attended a numerous of meetings by requests from the owners whenever there are major events or special circumstances that greatly affect the interests of the owners. What we have done is to be elected in the committee so that major decisions are made based on owners’ best interests first. From our experience, we found that the frequency of decisions making or operational issues occurred which can cause losses to the owners because the committee lacks of decision making or problem solving skills. This is important step to protect the rights and ensures the best interests of our clients are looked after. The benefits from this can also ensure that the funds that you have invested in these levies will bring the true value to the building and especially for your properties in terms of the building maintenance, image of the building, preservation and appreciation of the building.

3. What do I need to do?

You are not required to do anything at the moment. We will be in touch with you before and after each meeting to complete the proxy forms. If you have questions, suggestions or requests, please inform us before the meeting so that we can ensure your queries are addressed in the meetings.

4. Which buildings IRE will represent in 2019?

– EQ Tower

– Lacrosse

– Lighthouse

– North

– Upper West Side

Should you have further questions to the matter above, please feel free to contact your property manager to discuss.

Thank you.

Yours sincerely,

Ironfish Real Estate

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