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Hi OldHat and Jimmy,
rest assured Stratabox is alive and well!
There are now over 300 schemes signed up. Activity on the platform is steadily increasing.
We are about to exit beta but wanted to ensure everything was running smoothly and we had the right set of features.
A few things I would like to mention:
– There are many different uses for Stratabox depending on each scheme’s specific needs.
– Stratabox is not a silver bullet. Committees need to put in place some procedures around its use to make it effective. And it may not be suitable for all schemes.
– There is an investment, mostly time, in setting it up. Once it is up and running the day to day is minimal and the time saved by being able to communicate and share documents is great. It is also an insurance policy of sorts as documents can be stored under direct ownership of the OC.
Sorry I may have missed some emails lately as things have been a little crazy. I’ll do my best to get back to you with answers.
Cheers, Paul
Hi Tony,
I would say it’s the same for cafes. If you go to a franchise you have standardisation and processes in place vs an independent which may have its own personality… I guess it all comes down to the barrista (in our case, your Strata Manager) Franchises may bring additional costs but also efficiencies: better training, knowledge management, IT capabilities… There are the good ones and the bad ones…
The SM must source 3 quotes. They may do it directly, acting as an authorised representative of various insurance companies, but it is now common for them to offload this tedious task to one or several brokers.
The SM has a duty of disclosure regarding his commissions, but the broker doesn’t. The broker will also charge a fee on top, which is usually disclosed.
It is also important to note that most brokers will only provide “general advice” (as opposed to “personal advice”). In doing so, they somewhat circumvent “the obligation to act in the best interests of the customer.”
In some cases the justification provided for not obtaining 3 quotes is that some of the insurers contacted refused to quote, which may be true, or not.
Just a couple of observations on the latest comment:
– How can it be preferable NOT to communicate? It comes with the territory if you decide to be on the SC!
– If an OC has built up savings over the years and the building is decrepit, it is clearly not performing very well…
Are the car spaces part of the single lot or are they on separate lots? That should make it easier, but in any case you’ll probably need to “own” them both simultaneously to do it. Your conveyancer should know how to proceed.
I believe any owner is entitled to a copy of the strata roll, including the names and physical addresses of all members of the OC (note: physical, not email address) This provision overrules privacy law, so if the SM uses that excuse, they either are ignorant, lazy or have a hidden interest in keeping the OC divided.
A completely disengaged OC with no active committee is on autopilot: the SM can do very little, has no scrutiny on spend, contracts etc… you get the picture!
The situation is not created by the SM, it is a result of the collective apathy, disinterest and disengagement from every owner.
Whether they like it or not, they are employed by you and have obligations which they should fulfil. Unfortunately, from the way you describe the building, if all other owners are investors and don’t care one bit about the block, you will face an uphill battle trying to get things back on track.
We are working on a transparent insurance online quoting tool. The idea is that with a single online form you can get 3 insurance quotes with the same parameters (options, amounts, excesses etc…) and access directly the insurer’s quotes, not just a digest prepared by the broker.
I’d love to get your input. Feel free to get in touch if you would like to trial it!
Check out this link, it seems they can quote for record keeping services only:
http://www.oconnorstrata.com.au/new-business/services-new-business/
Thanks Jimmy! We are always happy to help.
At the end of the day, you need to look at the value you get from your manager. For lots of schemes on the smaller side, the costs per lot can be higher yet not as profitable as a large scheme for the manager. As mentioned above, there are many aspects to consider before deciding to self manage, I would add a few to the list:
– A few organised, competent and motivated owners with a little time on their hands
– A building that is not too complex
– A good proportion of owner occupiers
– Levies paid on time
– A general consensus around the objectives for the scheme
– Good vibes, as “personalities” are a huge factor
From what we have observed, the schemes that work well all have a very active and engaged committee which already scrutinise most of the work anyway. From there it is just more admin. You can always get ad-hoc advice if you need it, and return to a professional if things don’t go to plan.
Your management agreement should have all the details of which fees apply and when. You can always ask your manager if they have different types of agreements and see if another is more suited to your needs. And yes, every few years it is always good practice to “test the market”
In the case of a low fixed-fee setup, t is also worthwhile reminding all owners regularly that contacting the manager can generate additional costs!
Hi Malcom, you may be able to achieve the same outcome by talking to a retailer instead? I know that for a while TPG was installing fibre in buildings? I’d say if there are any setup costs involved you could vote them at an AGM but then you have the benefits only for those who want the service and you don’t have to administer it. I would explain to the owners opposed to it that making fast internet possible definitely adds value, attractivity and therefore higher rents…
Furthermore, in the absence of an SC, I guess no decisions would be made, existing agreements would be rolled over without scrutiny which would invariably lead to poor outcomes and the building slowly falling into disrepair. Why would anyone let their assets rot is completely beyond me!
This seems quite excessive, both rate and time spent on this. Have you discussed this with your Committee members?
That’s becoming a serious problem, websites dying a “slow death” and remaining online when they shouldn’t.
In this specific case, it is not clear. The site seems relatively up to date, but the last content activity seems to be from late last year.
Have you tried their contact details on the site?
Let’s Talk
(02) 8078 5778Email Us
info@unlockproperty.com.auHi Waratah, you’re welcome, and thank you for the compliment!
Most management companies have some form of web portal, yet the feedback I received was that they are very limited and as a result most customers don’t use them.
We aim to develop a product that is both pleasant, useful and under the control of the OC.