A stunning $4 million penthouse caught the eye of business consultant Stuart McLean at the weekend but when he looked into the apartment building further, he had second thoughts.
He discovered it was managed by Netstrata, the strata management company found, after an independent investigation, potentially to have charged excessive fees and not disclosed commissions and conflicts of interest. The company is contesting the allegations.
Chair Fred Tuckwell of the Owners Corporation Network (OCN) said people who live in strata were entitled to a better deal.
“This is a timely levelling of the industry,” he said. “The strata management industry needs to have more professionalism, but the bad players are making it harder for the good ones.
“So it’s excellent that bad players and bad behaviour are now being called out. Some have been charging massive hidden commissions and creating a level of mayhem in the industry, and it’s not fair to apartment owners.”
Full Article: https://www.domain.com.au/news/stuart-found-the-ideal-home-until-he-found-out-it-was-tainted-1358232/
Related article: https://ocn.org.au/watchdog-promises-report-as-netstrata-probe-continues/