It's quite a journey for seasons one and two and now we're ready to take it to a higher level. And season three will be a more advisory approach on all matters that could help you enjoy the Strata life.
5 steps on how the owners corporation committee could make legal decisions- 1. Identify the items that should be decided #explain 2. Create a meeting agenda and notice #explain (include 3 days prior meeting notice) 3. Hold the meeting. (Check attendance and eligibility to vote, give brief opportunity for each member to express their views, then vote, then close the meeting) 4. Write the minutes of meeting . (only record decision NOT comments) 5. Keep minutes in custody of secretary or strata manager, then give directions to relevant parties to action decision CONCLUSION Strata enthusiasts, I hope that this episode has given you the bird’s eye view on how to … 5 steps on how the owners corporation committee could make legal decisions- Strata enthusiasts, I will speak to you in our next episode. Remember, continue upgrading yourself! This is Rochelle Castro I will speak to you next time in Strata Life podcast!
Welcome to Strata Life by Rochelle Castro The place where you should go to learn and get inspired on all matters strata In this episode I will cover... 5 collection methods so that your strata community’s cashflow is healthy 1. Send a letter of demand 7 or 14 days after the levies are due (do not wait for a final notice to be sent. You could also send another letter after the final notice is issued). 2. Charge penalty interest (punishment to those who pay on time, reward to those who pay on time). 3. Arrange a reasonable payment plan (reasonable is the keyword, so that the debt eventually catches up to their debt). 4. Inform your strata community in AGMs of consequences to their finances if members do not pay on time. 5. Pass a resolution that authorizes the strata community to automatically issue legal proceedings if a member fails to pay on time or enter into a payment plan. CONCLUSION Strata enthusiasts, I hope that this episode has given you the bird’s eye view on how to … 5 collection methods so that your strata community’s cashflow is healthy Strata enthusiasts, I will speak to you in our next episode. Life is the C between the B and the D. Life is about choices, making choices. Remember, continue upgrading yourself! This is Rochelle Castro speak to you soon on the Strata Life podcast!
5 kinds of strata levies (I previously covered 5 collection methods of strata levies. It is also important to know the 5 kinds of strata levies which contribute to maintaining and preserving one of the large investments in your life your property) 1. Insurance to reinstate and replace your property building (#it is absolution necessary to get reinstatement and replacement building insurance. This is one of the main reasons why strata levies are raised. This levy is raised on regular basis based on your strata’s insurance premium for the year.). 2. Repair and maintenance expenses of your common property (#Key in maximising or keeping a very good value of your property is through maintenance and repair of your common property. By having a healthy budget for repair and maintenance of your common property, you are able to preserve your property value. This levy is raised on regular basis based on your strata community’s regular repair and insurance requirements). 3. Large improvement projects (#An example of a large improvement project is to upgrade your common property, i.e. refurbishment the tennis court. This type of levy is raised if a budget is set by your strata community based on a large common property improvement project). 4. Once off levies (These types of levies are raised if an unexpected expense must be raised by your strata community and it was not considered at the last annual general meeting budget. These once off levies could include repair and maintenance expenses that are considered emergency or expenses to pay an expert’s advice that was not planned at the last annual general meeting. This type of levy is raised only once during the financial year to meet the unexpected expense.) 5. Levies for selected members (These levies are only raised and levied to selected strata community members who will solely benefit from those funds. An example would include burst pipe repair works that will only service selected properties and members who will solely receive those benefit. The number of times that these levies are raised depends on the quantum of the funds required and the urgency that the works are required to be carried out.) CONCLUSION Strata enthusiasts, I hope that this episode has given you the bird’s eyeview on…. These are the 5 kinds of strata levies, so that you could have a better understanding on why certain types of levies are raised in your strata community. In the next annual general meeting of your strata community, I recommend that you partake or get involved in the discussion of your strata community’s budget approval. That way, you have a better understanding of the continuous improvements being carried out to your strata community, which directly impacts your property investment. Dave Ramsey says, that “a budget is telling your money where to go, instead of wondering where it went.” Remember, continue upgrading yourself, strata enthusiasts. This is Rochelle Castro speak to you soon in Strata Life podcast!
