We helped this body corporate to save $16,341 per annum in body corporate management costs!
In March’17 we spoke with the Chair of a high rise tower in Melbourne’s inner north. We sat with the full Committee a few weeks later to discuss their exit options and strategies – and to review the operating costs of their building.
One of first tasks with any owners corporation we work with is to go through the financial statements – we review the operating expenses and tally-up all the fees and charges that go into the manager’s pocket. This gives us a sound basis to understand what the current costs, what the service levels are, and what the OC might expect through a tender process.
Given that we look at a lot of financial statements (of owners corporations across Melbourne) – we also flag any costs that we deem might be a bit on the high side… (i.e. if you have one lift that has 4 stops and you’re paying $9k for annual servicing you might want to explore your options).
The Committee made the decision to proceed. It wasn’t necessarily a straightforward process – there was the developer signed owners corporation management contract in place and break costs to consider.
After going through our thorough process and after presenting the Committee with this options, the Committee shortlisted and interviewed 2 of the Qualified & Approved Management Companies.
The owners corporation management company they appointed assumed management of the building in mid-June. The Committee to date is pretty happy with the service and professionalism of their new OCM – and top it off, they saved $16,341 in management costs (!).
Time to Body Corporate Management Companies But Not Sure How to?
Strata Consultants Melbourne has been helping and guiding Committees on how to change owners corporation management companies since January 2014. We guide you through the process of changing body corporate management company and everything is done according to the body corporate rules and regulations. Speak to a Strata Consultant about changing owners corporation managers on 1300 917 848.