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
Tag: Committee
Strata Committee – Planner – Strata Meetings & Strata Projects
Strata buildings operate on the back of Committees making decisions, and having a meeting plan each year. Therefore, it is logical to understand the when Committees do not meet, decisions do not get made, and buildings fail to maintain and kept to the quality and expectations of the market. If your committee fails to plan […]
Training: 21 Things Ever Strata Committee Should Know – to avoid bad decision, angry owners, high levies and being sued
[three-fifths-first]Welcome you are about to embark on the strata committee training that addresses the most commonly asked questions about being a committee member and also the rarely shared pieces of advice and guidance that can help committee member protect themselves and make their committee run smoother. Basically, if you take on board the guidance below […]
Strata Owner Apathy or Intentional Exclusion
For the majority of time that apartment living has existed, it has operated behind closed doors. But with the development of technology, smart phones and the shift to the right now mindset this can not continue. The engagement of owners into the operations of every strata building is required, or each strata manager and committee […]
Be Engaged – Property is Expensive
If you’re a committee member of any strata building you’re most likely making decisions on a multi million dollar asset. While I understand the committee members are simply volunteers and everyone is busy I recommend that all owners get a little bit engaged with their property investment with this simple list of must do’s for […]
What is the Strata Committee’s job?
[one-half-first] [/one-half-first] [one-half] Despite everything you have heard the strata committee only has two jobs that they need to balance. Manage the expenses and levies of the strata building. Increase rental yield & market values at or above area averages. After all, if you have purchased an apartment that’s what you want. Achieve the, lowest […]
Strata Committee Members, Should they be Paid?
The performance of the strata committees is regularly questioned and challenged with little regard to the fact these committees are volunteers. While this has been the same for 50 years apartment developments & realestate values have grown dramatically. Strata committees are regularly now in control of assets with rebuild costs more that $100million and sale […]