How healthy is your strata community?
Just like having a healthy diet and exercise in your personal life is important, maintaining a healthy strata community is essential for the continued well being of your investment.
How well is your community managing ……….
Work Health and Safety. Are you aware that there is a new Work Health and Safety Act? Is your strata meeting it’s obligations under this new National Act?
Asbestos. If your building was built prior to 2003 you only have until 1 July to comply with the requirements for Asbestos inspections and recording.
Insurance. Have you reviewed the terms of your strata policy to ensure adequate protection for you and your fellow owners?
Sinking Fund. Has your sinking fund been assessed recently? Do you have enough saved for future capital expenses or are you going to have to burden owners with a special levy to meet your requirements?
Maintenance. Does your strata community have a maintenance program and is your maintenance proactive or is everything being managed reactively as the next drama erupts?
Leadership. Do your Committee Meetings run effectively and do decisions get made and actioned in a timely manner?
Advice. Are you receiving proactive advice and strategies from your community strata manager to help you deal with the issues facing strata communities?
Contributions. How do your contributions compare with similar strata properties?
Arrears. Are your strata’s contribution arrears managed quickly and professionally or are you in a position where your strata is struggling to pay the bills? Do you have many owners in arrears?
By-laws. Do your by-laws reflect the needs and issues facing your community, are they specific enough and are they enforceable?
Financial Performance. Are your contractor’s invoices getting paid quickly so that they will come back and do work for you again in the future? Do you really understand your strata’s financial position or are your strata’s financial statements look like they’re printed in another language to you? Are all the invoices your community pays quality checked to ensure they are fully compliant with GST and taxation requirements? Are your tax returns lodged on time each year?
Communication. Are you being kept up to date on what’s happening in your community? Do you receive Twitter and Facebook updates? Can you read your strata Minutes and understand what decisions your committee are making? Do you understand what you’re being asked to vote on when your meeting notices arrive in the mail?