We Helped Large Owners Corporation in Docklands to Save $4,123

In January 2021, Dennis contacted us about his building in Docklands. The building was a block of apartments that had been managed by the same management company for many years and things were getting worse rather than better.

The OC management company’s contract has already been put onto a month-to-month basis by the Committee as they knew that things had to change and they wanted the flexibility to explore their options. The Committee had concerns about the OC management, the building management (which a company aligned to the management company), and the running of their building.

We sat with the Committee Members to understand some of their concerns in detail and talk through viable, tangible solutions. The Committee after their deliberations engaged Strata Consultants to assist them through the process of changing OC Management.
 

Qualified OC Management Companies

Strata Consultants was established in early 2014 – and every OC management company we work with is carefully vetted and scrutinised by us. We look for the following 5 qualities:

  1. OC experience and relevant qualifications
  2. Service and service metrics
  3. Integrity & values
  4. Dedicated strata software platform, systems, and processes
  5. On-going professional learning and training initiatives

Our industry expertise and industry knowledge takes the guesswork out of changing management companies.
 

Changing Owners Corporation Managers
(Docklands, VIC)

We spent a number of hours at the building with the Committee in understanding their Plan of Subdivision (as it contained numerous OCs), undertaking a building walkthrough, and discussing the needs/wants/expectations of the Committee in terms of management.

We compiled a detailed RFT with information and specifications particular to their building, we conducted a tender process. We met again with the Committee and helped them to understand all the new OC management proposals in terms of their offerings, qualities, and costs.

The Committee, after review and discussions, decided on a shortlist of 2 qualified OC management companies to interview. We held discussions with them as to what questions should be on their list of interview questions and assisted in organising the interviews.

After a thorough due diligence process, the Committee appointed a new OC management company not only better in many regards but one that was also less expensive than the previous company.
 

COST COMPARISON

OLD OC MANAGEMENT CO. VS NEW OC MANAGEMENT CO.
 

Cost Comparison Previous OC
Management Company
New OC
Management Company
Management Fees $33,600 $39,260
Disbursement $9,868 $0
Software, Work Orders + Misc. $0 $0
Other Additional Charges $0 $85
Total Strata Management Costs $43,468 $39,345

 

*OC guidance for all Committees: be careful when it comes to OC management contracts and ‘open-ended, blank cheque’ disbursements sections. Some OC management companies charge for every work order, phone call, email, page of paper, printing, postage, envelope, etc.

The vast majority of OC management companies that we work with – charge a fixed, all-inclusive fee for their disbursement costs. And of these OC management companies, most will waive their disbursement fee if lot owners elect to receive OC notices electronically.

 
We helped the Committee to help save all owners in the owners corporation in Docklands $4,123 per year on their strata / OC management costs.
 

Testimonial from the Committee

“From the first contact with David Lin, I personally as the chair, and our OC Committee had a very easy and professional experience. Our aim to find an OC management company for our apartment complex was made so easy due to David’s industry experience and detailed knowledge of the complex regulations and responsibilities surrounding OC issues.

The communication was careful, and the process was explained in great detail.

We wanted independent advice, and that is what we got. David was happy to spend lots of time answering questions and explaining our options, often at all sorts of odd hours.

In the end, we achieved our goal, and have started the complex transition process of changing management companies.

This could have been much longer and unreliable without Strata’s and David’s help. I am happy to recommend Strata to anyone who needs to go through drought process.”

Chair, OC Committee

 

Thinking About Changing Strata Management Companies?

Take the first step in process of changing owners corporation management companies for your property in Docklands by speaking to a Strata Management Consultant at 1300-917-848.

Feel free to also send us an email on office@strataconsultants.com.au.

Meet the Strata Consultants Melbourne team – https://strataconsultants.com.au/our-team
 
 

The contents of this article or website are only intended to provide a general overview of the topics discussed. The author of this article makes no representations as to the accuracy or completeness of any information and the information is not intended to constitute investment, legal or professional advice. You should seek professional advice before acting or relying on any of the content. This article does not contain references to any specific company, organisation or individual, unless expressly specified.
Posted
February 20, 2023
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