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The “Arab Women Forum” will be held on Friday, August 28, in conjunction with the UAE’s celebration of “Emirati Women's Day,” and the conference will honor a group of Emirati female personalities, in appreciation of their generous role in supporting the process of the UAE development.
Metamorphosis of an Owners Association
Considering that jointly owned property is a relatively new concept in the UAE, owners have been readily embracing information like gypsum soaks up condensation. There are visible stages which owners and especially elected board members experience once they obtain insight. The initial pupae stage is usually fairly abrasive as there is a lack of trust and transparency inherent in the UAE development industry, which is why the regulation has been implemented.
However, as the owners start to understand the difficulties faced by developers coping with a regulation being placed on top of an existing industry and they are seeing that in the main the developer has maintained standards and bank balances verified through audit, there is a sudden lowering of arms or shall we say opening of wings.
Some Boards unwittingly remain in the chrysalis concentrating on arguments but due to little leverage make little progress. There is a point in time when it is realized the leaf is bare or has been squeezed sufficiently, a mature OA can table the past misdemeanors and seek satisfaction through the regulation should the OA decide it is worthwhile upon registration. The next stage concentrates itself on the important issue of how the OA fends for itself and how it gets the best from their investment.
All the above stages the determining factor of how well an Association fares is the selection of an experienced and well resourced Association Management Company. The selection of the right Association Manager is the most important decision an Owner or Developer can make in order to coordinate the transition.
The final metamorphosis of an OA is illustrated by the Owners’ transition from debating perceived high service charges to asking if their reserve funds can be increased to achieve more financial safety and investment value for the future. It will not be long before the buyer of a property looks first at the property’s funds rather than the fake butterflies in the reception.
By Nick White
Association Manager
Published in Gulf News on 4 June 2012
