Is your strata management team overcharging you?

 

 

 

 

 

 

 

In an ideal situation, paying body corporate levies should feel like an investment, but too often poor performance sees property owners switching companies for price savings.

 

Often the number one reason why owners switch managers comes back to fees and charges - so it comes as no surprise that some owners in the market come to Ace after feeling they haven’t ever experienced a ‘fair price’.

 

But fear not, we have all the information you need to determine what good service looks like, and importantly, how to get more bang for your buck.

 

If you’re searching for your next strata manager right now, here are some things you should know about finding a great manager.

 

What does a good strata manager do?

A strata manager plays a crucial role in providing safe and stress-free strata living for all residents. Put simply, the reason for having a strata manager is to make owning a strata-titled property easy.

 

A great strata manager will help increase the value of your property over time by:

• controlling community funds transparently and diligently
• using licensed, reliable contractors who can respond to issues quickly and without fuss
• assisting with ensuring your property is properly insured

Strata managers can also be called upon to act as mediators in disputes between apartment owners, ensuring that mutually agreeable solutions to any potential issues can be reached.

 

Make sure to keep the following factors in mind when choosing your next strata manager:

• • Price: Like anything, in strata management, you get what you pay for. At Ace, we have an incredibly competitive price-point, but we know that a race to be the cheapest company can lead to corners being cut. We pride ourselves on finding ways to save our clients through efficient property management strategies over time.
  • How your money will be spent: Next, consider the company’s approach to financial reporting. At Ace, our managers communicate financial information and expenditure to their clients in as simple and easily digestible way. This allows owners to make informed and prudent financial decisions that benefits all owners.
  • Location: It’s important to choose a strata management company based in the same area as your property. Why? Response time for one, and second – local knowledge. At Ace, out point of difference is the fact that we only hire local managers to run our franchises. That means you’re guaranteed to have a local, with crucial local knowledge and relationships managing your property.
  • Recommendations: A recommendation from someone you trust is as good as gold when choosing a service provider. Did you know Ace franchisees have over 100 5 star reviews on Google? You can check some of them out on the home page of our website.
  • Qualifications and experience: Does the strata manager have the necessary professional qualifications? Are they a member of industry associations and do they have professional indemnity insurance cover? At Ace, it’s mandatory that our managers are members of Strata Community Association (the peak body for our industry). Ace’s strata managers receive education courses and training through their industry membership, as well as additional Ace internal training and coaching leveraging Ace’s national scale.

Bang for your buck

If body corporate fees are a concern for you, it’s important to note the features of a property that could see your levies climbing over time.

 

For example, certain fixtures, fittings and finishes are more costly to maintain than others – timber is a good example, as regular cleaning, oiling and re-staining of painting can quickly add up.

 

Automated items such as remote garage doors are certainly convenient, buy they have a tendency to malfunction often and cost a lot more to repair than the manually operated variety. Our managers can suggest best practice maintenance schedules that ensure automated systems are at a lower risk of malfunction.

 

Sometimes, smaller buildings have cheaper body corporate fees, as they have fewer common areas or facilities to maintain. However, a small complex with a pool, spa and gym could see you forking out large sums each quarter in body corporate fees, as the expense of maintaining these is split between fewer owners than it is in a high-rise block.

 

What do Ace Body Corporate Managers do differently? Watch this video to learn more.

 

Alternatively, read another article of ours about reducing your body corporate fees.