Property developers often forget the importance of engaging a professional strata management company early. They tend to leave this decision, and the strata manager’s engagement, to the very last minute which means the strata manager’s experience and skills have not been used.
Many property developers fail to realise the benefits of having a strata manager on board to help with legal and regulatory compliance, enhance the value of the development and to ensure the interests of all parties, including owners, are appropriately managed.
We have experience helping property developers before completion and settlement, and successfully transitioning our services to the newly formed owners’ corporation. By partnering with property developers from inception helps us intimately know the property so that we can successfully add value to the developer’s operations and goals.
We offer professional strata management services for property developers. To help property developers understand the benefits of engaging a strata management service provider early, here are six important points.
When a property developer engages us to provide strata management services, we hold various initial meetings to understand the property and the developer’s expectations. At this stage, we act for the developer and take great interest in making sure we maximise the value of their investment.
During these meetings, we will seek more information about:
- The building plans and plans of subdivision
- Common services and amenities
- The building manager
- Whether there are multiple owners’ corporations
- The developer’s requirements and expectations
- The developer’s legal and advisory team and
- How we can add value to the developer’s investment.
It is our aim to partner with the property developer so that we complement the developer’s skills and expertise with superior strata management services that developers can trust. Following our meetings, we will prepare a proposal to the developer for their consideration.
Once the developer has onboarded us, we work closely with the property development team to understand the property in terms of its features, budget and maintenance plans. While property developers have years of experience developing properties, we bring the knowledge of having serviced many property developments following completion.
We understand what residents wants, how buildings fare and what an appropriate and adequate budget and maintenance plan looks like. Before the sales team commence selling the lots, we can help identify cost-saving measures that make the budget and maintenance plan more attractive. This will ultimately affect how much owners pay to the fund the owners’ corporation.
We understand the legal and regulatory matters affecting a property development. To ensure the property developer appropriately and adequately complies with all its obligations, we can help them navigate through the various processes.
We can, among others:
- Assist property developers create the by-laws / rules
- Expertly manage the daily operations of the strata scheme
- Provide timely updates on legal and regulatory matters
- Advise on repair and maintenance responsibilities
- Hold discussions with various stakeholders
- Perform debt recovery services from service providers to ensure positive cashflow
- Conduct inspections with qualified personnel and
- Store important documentation safely and securely.
Property development involves many stakeholders. In addition to the property development team and its advisors, the property developer will need to liaise with local councils, surveyors, technical advisors and the community. We understand the dynamics required to effectively manage all stakeholders to ensure the property development operates smoothly without the negative press.
We can help liaise with these stakeholders so that there is a central point of contact and consistency in communications. We understand property developers are busy and to ensure communications are timely and effective, our strata management team are experienced and equipped with resources to help manage daily affairs.
As the property developer prepares to start marketing the development and selling the lots, we can help the property developer effectively manage this process with various types of support. We can assist with preparing marketing material, attending presentation nights, liaising with prospective purchasers, dealing with the media, and working actively and effectively with the property developer’s sales team.
It is critical that the marketing and sales process runs effectively to ensure prospective purchasers are engaged. While we ensure matters are not over-complicated, we take time to work closely with the property development team to achieve the best result possible. We leverage our industry contacts and professional relationships to enhance the sales process and maximise value to the developer.
Setting up the owners’ corporation is important so that it is designed in a manner that is attractive to owners, sustainable for future change and growth and effective when it commences operation. We have experience assisting many owners’ corporations and understand the positives and the negatives. We help property developers understand that the right balance is required between allowing the owners’ corporation to take control while enabling owners to have a voice.
In addition, we can also help with the following:
- Registering the owner’ corporation
- Setting up owners’ corporation trust accounts
- Conducting preliminary meetings
- Managing financial accounts
- Sending preliminary communications and welcome packs to residents
- Liaising with real estate agents and property managers
- Improving investor confidence
- Attending to residents’ queries regarding the property and its rules
- Mediating any disputes that might arise
- Submitting owners’ corporation fee invoices to residents
- Helping with settlement
- Attending on-site inspections and
- Liaising with all stakeholders.
At Our Body Corp, we believe in providing professional strata management services that is tailored to our client, the type of property and the needs of all stakeholders involved. We understand the complexities of strata management and ensure we help the property developer successfully sell all properties and then transition management liaison to the newly formed body corporate.
Our Body Corp is committed to helping property developers set up an owner’s corporations and complying with other legal obligations with expert guidance, professional support and on-demand customer service. Get in touch with us today on 1300 848 343 for more information.