How owner’s committees increase community value
We’re all aware of the harsh climatic conditions in the UAE. Over time, the sporadic rain fall and consistent sandstorms can take a toll on your estate property. From causing leaks and seepage, to electrical malfunctions within the building. As a developer, it is essential to appoint the proper owner association management company to carry out the tasks and duties that a jointly owned property (JOP) entails to secure the upkeep of the property.
What is an owner’s committee?
Appointed by the Real Estate Regulatory Agency (RERA), it is a committee composed of 9 owners who represent the collective ownership of the property. Their job is to play an advisory role in the management of the project. While the responsibility for the upkeep and primary administration of the property remains with the management agency appointed by RERA, the owner’s committee still performs tasks such as: advisory, budget review, submitting recommendations to the management agency and other duties concerning the property.
We know a management agency is responsible for keeping the building’s amenities operational and functional, along with securing an adequate living standard for residents. So how does an owner’s committee add value to the property and community?
Here are five ways how an owner’s committee increases value in the community:
1. Budget review
No one knows the property better than the owner’s themselves. Management agencies are responsible for preparing the budget and suggesting its allocation, however, it is the responsibility of the owner’s committee to review it and advise which areas need higher spending to ensure quality maintenance, without compromising the living standards for other owners or tenants. An owner’s committee advisory is essential for the successful management of the building provided by the agency. It is important to note that such recommendations are submitted to a vote between all owners in the committee.
2. Project oversight
The owner’s committee is also responsible for making recommendations to the management agency in case any environmental anomaly within the building arises, putting residents and visitors at risk. They submit such observations and recommendations pertaining to the safety of the property to the management agency. This entity later takes matters into their own hands to seek a viable and effective solution. In case the appointed agency fails to act or find said solution, it is within the power of the owner’s committee to address RERA with a complaint and seek a different management agency.
3. Complaint management
They also play an essential role handling complaints originating from residents and other members of the JOP. Filtering what is worth addressing and prioritizing the needs of the property, the owner’s committee provides the management with a clear guide which they can navigate and solve the issues at hand, giving the meticulous attention each one deserves. If the management agency fails to act on the issues brought up by the committee, they can coordinate with RERA and request for a change in management.
They are responsible for keeping track of and providing reports to the JOP about the work carried out by the management company. The owner’s association committee oversees their work and assesses if it is up to the standards they set or envisioned during the development stage.
5. Appointing the right management agency
A task of high importance. The right agency can play a pivotal role in the preservation of the property and constructing a legacy, depending on the service level the building requires. The owner’s committee is mostly concerned with their current benchmarks, seeking to surpass or improve them in case they’re not content with the current ones. The selection and appointment of management is conducted by RERA, finding the correct fit with an agency that can meet the demands of the building. As previously stated in the points addressed above, if the management agency fails to meet the standards or requests of the owner’s committee, they’re fully authorized to address the issue with RERA and change the management company.
The agency and the owner’s committee compliment one another
The owner’s committee and the management agency harmonize to secure the proper functionality of the building amenities and guarantee the safe upkeep of the common areas for residents to enjoy!