We helped this body corporate 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 the first tasks with any body corporate we work with is to review 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 are, 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 bodies corporate 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 decided to proceed. It wasn’t necessarily a straightforward process – there was the developer-signed bodies corporate management contract in place and break costs to consider.
After going through our thorough process and presenting the Committee with these options, the Committee shortlisted and interviewed 2 of the qualified and approved management companies.
The body corporate 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 $16,341in management costs (!).
Time to Body Corporate Management Companies But Not Sure How?
Don’t settle for overpriced or inadequate body corporate management. Many body corporate managers in Victoria are unvetted and untrustworthy. Change Body Corporate Victoria can help you find a solution that delivers exceptional value and prioritizes your community’s best interests.
Contact us today for a free consultation. We’ll help you find a management company that prioritizes your needs.
