Transparency: The Key to Building Trust in Body Corporate Management

Transparency is a cornerstone of building strong relationships. The body corporate management industry is increasingly recognising the importance of open communication and clear practices to foster trust between managers and unit owners. 

While the complexities of body corporate management can present challenges, there is a growing trend towards greater transparency in the industry. By providing clear information about fees, processes, and financial management, body corporate managers can enhance their reputation and build lasting relationships with their clients. 

The administrative nature of the body corporate manager’s role, which typically involves limited onsite presence, can sometimes lead to misconceptions and transparency concerns. This, along with a widespread misunderstanding of the specific responsibilities body corporate managers fulfill, can create communication gaps. 

However, there is an opportunity for improved communication about the scope and benefits of body corporate management services, regardless of geographical location. Embracing transparency can only strengthen the industry and its relationships with clients. 

The Importance of Transparency in Body Corporate Management 

Transparency in financial dealings assures unit owners that their funds are being managed responsibly. This builds trust, which is essential for long-term client relationships. Body Corporate management companies that prioritise transparency are viewed more favourably in the market as a reputation for honesty and integrity attracts more clients and retains existing ones.  

The body corporate management industry is at a pivotal moment. With increased transparency emerging as a key trend, the industry has a unique opportunity to build trust and strengthen relationships with unit owners. By openly communicating, body corporate managers can position themselves as industry leaders. The complexities of recent times, including regulatory changes and unforeseen challenges, have amplified the need for clear and effective body corporate management. Balancing this increased responsibility with fair compensation is essential for the industry’s long-term success and growth. 

“There are two critical aspects to address: unit owners need to be provided with transparency on what their fees cover to feel secure, and body corporate managers need to be able to charge effectively for their time.” said Richard Keyte, Senior Business Development Manager for Urbanise Strata.  

The Role of Technology in Enabling Transparency 

Technology can play a significant role in assisting both parties with transparency. Platforms like Urbanise provide the level of transparency needed to build and maintain long-term trusted relationships, allowing owners to see exactly how their funds are being used.  

Body Corporate management involves numerous tasks, from budgeting and maintenance to dispute resolution. Urbanise Strata provides for the recording and tracking of these tasks, providing owners with a clear history of actions taken. This transparency helps owners understand the value provided by their body corporate manager.  

“In the past, the technology to enable owners to go online and access information and financials for their body corporate wasn’t available, and many body corporate agencies still operate without an owners’ platform. Most body corporate’s operate on a fixed base fee and additional service charges for tasks not covered by the fixed based administration fee. However, many of our clients expressed that they were nervous about charging correctly for additional tasks prior to migrating to Urbanise, as they didn’t have an easy way for staff to record their time against these tasks.’ Keyte said 

“Our platform enables body corporate managers to accurately record and charge for their time, ensuring owners understand exactly what they are paying for. This transparency helps alleviate concerns about hidden fees. Furthermore, our platform provides unit owners real-time access to financial data like ledger entries and income statements. This complete visibility is key,” Keyte explained. By giving clients control and flexibility to view live transactional data, Urbanise promotes an environment of openness and accountability from day one.  

Unlike traditional systems that rely on periodic updates, Urbanise Strata provides live data updates via its owner’s portal. This ensures that the financial information available to owners is always current, reducing the chance of discrepancies and misunderstandings. Urbanise Strata can also automate the generation and distribution of financial reports. These reports can be customised to meet the specific needs of the owners, providing them with clear and concise information about their body corporate’s financial health.  

Additionally, our self-service portal, Community by Urbanise, empowers owners by giving them visibility and centralises communication where all stakeholders can access important documents, updates, and communication threads. This reduces confusion and ensures everyone is on the same page. 

Urbanise Strata’s meeting module, powered by StrataVote, enables virtual meetings and electronic voting, making it easier for owners to participate in decision-making processes. This increased involvement fosters a sense of community and ensures that decisions are made transparently. Electronic voting and virtual meeting platforms can provide audit trails, showing who voted and how decisions were reached. This transparency in the decision-making process builds confidence among owners. 

As the body corporate transparency trend continues, companies like Urbanise are hopeful an industry-wide focus on transparent conduct will emerge. “Building trust through transparency will be crucial for strengthening confidence across the entire body corporate industry moving forward,” Keyte stated. 

Are you interested in learning more about Urbanise Strata? Book a demo today.  
https://www.urbanise.com/book-a-demo