Strata Management Institute
The Strata Managers Institute (ACT) Incorporated was formed in November 2006 as a forum to improve professional service provided to unit owners in the ACT and to assist unit owners wherever possible. It will also lobby for improvement to the industry where necessary and with various government and associated agencies from time to time.
The Institute has now agreed on a formal Agency Agreement to be entered into between Strata Managers providers (Managing Agents) and Owners Corporations in the ACT. It is a requirement of membership of the Institute that the formal Agency Agreement is used.
The Agreement sets out the terms agreed between the parties, and the Schedules attached enable the Managing Agent and the Owners Corporation to negotiate the duties and fess as agreed between the parties.
The agreement also requires the disclosure of any commissions etc. received by the Managing Agent.
It is intended with the introduction of this Agency Agreement that the Owners Corporation is clear on the service provided by the Managing Agent and engenders a high standard of professionalism and conduct.
The ACT Strata Managers Institute requires its corporate and associate members to -
- Effect Public Liability Insurance
- Abide by the Code of Ethics of the NCTI (National Community Titles Institute) to which the Strata Managers Institute (ACT) Inc (SMI)(ACT) is an affiliate.
- Maintain their financial obligations to the SMI (ACT)
- Maintain an educational standard for all team members
- Act in a professional capacity in the best interest of the client