Today I give a very basic overview of what a sinking fund is.

Today I met a new onsite manager who has purchased the management rights in a body corporate scheme I am managing. I am really pumped because he has a great understanding already of how to look after tenants. He is super organised, gives tenants copies of documents that they need to live at the scheme and he’s already created a bit of a community there. I can’t wait to learn from this guy.

Today I give a basic overview of what an administrative fund is and how it’s used by a body corporate.

Today I hand out my top 5 tips for keeping your scheme secure and your items out of the hands of thieves. 5. Do not leave the common property doors open. 4. Make sure the garage door closes behind you when you drive out of the scheme. 3. So not leave mail in your letterbox as a stuffed letterbox means no one is home. 2. Do not leave items on display in your open car park in a shared garage unless you don’t mind those items being stolen. 1. Do not leave items out in your common property courtyard. They might be behind a fence but if they can be seen they will be stolen.

Today I talk about the whether it’s better to install a sign on the common property or to write letters to occupiers reminding them to keep the gates and doors shut. The simple fact is that people ignore letters from their Strata manager whilst signs are permanent. #strata #bodycorporate #property investment.

In today’s episode I ask the question “if your tenant is leaving a mess on the common property, throwing rubbish around, spilling oil in the car park and generally causing a nuisance- what are they doing to the inside of your unit?”. It’s pretty simple really. If your body corporate manager is calling you or emailing you about your tenant being a rat bag, there is a pretty good chance they are not respecting the inside of your unit. Leopards do not change their spots. So what can you do? Inspect your unit and if the tenant is a problem start managing them out.

In today’s episode I talk about the top 5 sinking fund myths: 1. When an owner sells they get all the SF levies they have paid over time back - no they fucking do not the body corporate is not a borrower of owners monies. 2. If the body corporate runs out of admin fund levies we can just use the sinking fund: wrong- it is there for future capital works. 3. We don’t need a sinking fund: yes you do. Also good luck selling if you don’t have one and the law says you have to have one. 4. But my friend only pays $x. Great. That is not even slightly relevant to what you pay or what you should pay. 5. We should only pay $200 per quarter into the SF and no more. Sure. If you want to have to find 10-15k when your roof needs replacing and also good luck selling when there’s not enough money.

Today I talk about self awareness and the importance of being self aware when you are on a committee. If you are finding: 1. Other committee members consistently do not answer your calls or emails; or 2. Everything you want is consistently voted down by the other committee members; or. 3. You are consistently the only one showing up to committee meetings; or. 4. You have to ask your body corporate manager to tell you how other committee members have voted then it might be you. The rest of your committee might think you are an asshole so it’s time to start looking at your behaviour and asking whether you have alienated them. Does not matter how great your idea is, if fellow committee members think you are an asshole, they will not vote to assist you because people are human. They make human decisions and not logic decisions. Rant over.

Next year apartments and units and town houses in Strata complexes will be required to advertise their NABERS star rating. Essentially the star rating will tell a prospective buyer or tenant how energy efficient their unit is likely to be. This will impact on the rent an owner can expect to receive and the price an owner will get when they sell. Imagine the impact when the market floods with units for sale that have no rating. How will those compete with 3 and 4 star rated buildings. It’s a scary thought.

Today I talk about electric vehicles and lesson learned from Scott @wattblock. Lots of opportunities for progressive bodies corporate to get on board and think about adding a charging station to to their visitor parks. Switch board upgrades are likely as more owners get on the EV bandwagon.