The sale of common property, when possible, can be very lucrative and address short-term funding issues for major projects.The type of common property that can be sold are: car park or storage spaces facade signage locations rooftops (additional apartments, private use, utilities and signage) roof void (storage & second level in townhouses) wall space & […]
Annual budget
How to easily review your strata insurance each year
This is the single biggest invoice a strata building will pay each year, it is also the highest risk item if not done correctly. Yearly Questions/Review Items:- what is the premium being paid what are the fees being paid to the broker, strata managers, any other people involved what are the sub-limits on each policy […]
Review your Strata Expenditure
To review and optimise your expenditure you must first understand where your money is spent, what is optional, and what can be changed and when. Divide your expenses into groups (admin, insurance, utilities, repairs, capital expenses, cleaning, building management, other) Calculate the percentage of total spend for the group Select a group for closer review […]
How to review your strata capital fund forecast
Real estate is a long-term investment and requires a long-term plan, often called a capital fund forecast. To optimize your capital fund forecast take the following action steps:- Inspect your building and make a list of everything you want to be repaired & reinstated to its former glory Allocate a tradesperson to each item Have […]
Strata Contract Register & Reviews
The contract register of any building is typically never seen by the Committee and rarely reviewed. To manage running costs the Committee should implement the following steps: Document all contracts and contractors on a single register Diaries to annually review the critical maturity dates Action contract renewal 90-180days prior to maturity
Owner updates & feedback schedule
Every Committee should be proactive to share information to all owners regularly and in a useful format and medium. A simple rule to follow is, every time a project changes provide an update, the bad news is better than no news. When undertaking long projects in your building consider adding a Projects Page to your […]
TENANT WELCOME COMMUNICATIONS
A building’s community is not only built by the owners but also the tenants and their behaviour. Welcoming tenants into the building and making them aware of the rules, before they are broken, will build upon your existing community. Creating a Tenant Welcome Letter is simple and should be used to help new owners easily […]
OWNER WELCOME COMMUNICATIONS
A building’s community is often the hardest aspect to substantiate when it is neutral or good, but when it is bad it is easily identifiable. Creating an Owner Welcome Communication or letter is simple and should be used to help new owners easily become part of the building and community. Your letters should be sent […]