Blog

Selling of Strata Common Property

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 &… Continue reading Selling of Strata Common Property

Annual budget

The annual strata budget is often the only engagement that people have with a building (by paying levies), and it can easily get out of control if you are not aware of market movements that impact your building. A levy increase of 5%,10%, or 20% in some buildings can lead to a disaster for all… Continue reading 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… Continue reading How to easily review your strata insurance each year

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… Continue reading Review your Strata Expenditure

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… Continue reading How to review your strata capital fund forecast

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