Every committee and owners corporation has the responsibility to maintain and increase the return on investment if each owner. Every strata building or body corporate should be considered as a small business after all the smallest of buildings is worth a couple of million dollars.
In the same way that a successful small business operates with a strategy and a plan, I believe every strata building should have a 2-4 year strategy of what they want to achieve, and improve with the building.
I suggest a 3 years timeline to evaluate and implement the initiatives of the owners corporation executive committee. When creating your building’s strategy all your projects can easily be catalogued into four groups:
- Communications
- Financial Management
- Capital Works & Repairs
- Upgrades & Initiatives
By utilising these four categories for projects it will ensure the committee reduces the risk and optimised the upside by making balanced decisions that:
- Engage and notify all owners,
- Are mindful of the financial impact on the short and long-term
- The strata building’s current condition is maintained, and
- The long-term future of the building is planned and optimised reading
Creating your Strata Building Strategy is easy and quick, just fill out the questions below and you will have your detailed Building Strategy created in less that 15 seconds.
This strategy document can also double as a checklist and the first update to be provided to all owners.
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Implementing a building strategy is a step towards making your building a professional operation you may also want to read Should your company be paid?
