Owners Corporation Saves $6,371.31 with Excel

Owners Corporation Saves $6,371.31 with Excel

Previous Owners Corporation Management Company

We were contacted by a lady who, as well being a Committee in the owners corporation, also happened to be the Managing Director of her own real estate agency. She knew something wasn’t right.

The owners were astounded at the constant increases in their body corporate levies. They repeatedly ask the strata manager (who had only recently taken over) for financial statements and breakdowns of the expenses. The owners knew that their budgeting and costs were historically correct and on par. They couldn’t fathom what was going on with their finances or understand sound reasons for these increases.

On top of which, the owners didn’t feel they were getting any tangible service or advice from the manager.

We met with the Committee to discuss their concerns and go through the documents in detail.


Changing Owners Corporation Managers (Melbourne)

We met again with the Committee to review the new body corporate management proposals.

The Committee, after due process, decided to appoint and entrust one of our experienced managers and her team to look after the Owners Corporation.

We organised the Committee Ballots and prepared the Minutes and notice papers.


One of the Best Owners Corporation Managers in Melbourne?

Most of our Strata Management Companies are pretty thorough in reviewing the books and records before they onboard the owners corporation onto their strata management system. However, the manager that the Committee choses and her team are accountants and Certified Practising Accountants at that; they went through the books with a fine-toothed comb.

They found things that didn’t make sense, they found things that didn’t have invoices, and they found excessive fees and charges that had no basis whatsoever (see below).


Owners Corporations Saves by Changing Companies

This body corporate appointed a not-so-good body corporate manager who drove up their levies… we helped them to change body corporate companies the right way and they saved over $6k!

They went back and forth with the previous owners corporation manager – he was unhelpful, rude, and unprofessional. They pushed hard and talked tough.

Ultimately, they had the smoking gun – it was clear cut that a lot of what was happening was daylight robbery.

The new manager and her team prepared a detailed Excel spreadsheet of all the payments going out of the owners corporation’s bank account. They reconciled and highlighted all the B/S (and I don’t mean ‘Balance Sheet’ on this occasion).

They wrote to previous owners corporation manager with their spreadsheet (and BSB & bank account number) and gave him a simple ultimatum – return the funds or they report him (on the owners corporation’s behalf) to Consumer Affairs Victoria.

The owners corporation had their funds back a few days later. Well done to the new manager and her team and thank you to the owners corporation for contacting us.


Thinking About Changing Strata Management Companies?

Take the first step in process of changing body corporate companies by speaking to a Strata Management Consultant at 1300 917 848. We can talk to you through the general parameters, what needs to be considered and how the change process works.

For information about owners corporation living visit https://www.consumer.vic.gov.au/housing/owners-corporations 

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.
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