Welcome to Strata Life by Rochelle Castro. The place where you should go to learn and get inspired on all matters strata.

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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!

5 responsibilities of your strata community (You probably wonder the purpose of your strata community aside from collect money from you. Well, in exchange of the monies collected from you are the benefits of services and value that you receive from your strata community. These benefits and services come from the responsibilities that your strata community has to take care of your common property so that the value of your real estate property is protected. Here are the 5 responsibilities of your strata community 1. They are responsible to repair and maintain your common property. (Examples of these are your common lobby or driveway, the exterior of your building, if that is common property or if you live in an apartment, your common pool or gym for example).

2. They are responsible to protect your security and safety when you, your family or guests are using the common property. (Your strata community must make sure that all those entitled to use the common property is safe and secure. They take reasonable measures to make sure you and your loved ones safety are safe and secure.

3. They must obtain the reinstatement and replacement building insurance of the common property and your private dwelling (where applicable). (One of the main benefits of living in a strata community is that you enjoy bulk purchase of reinstatement and replacement building insurance which covers you should unfortunate accidents occur to your property and the common property).

4. Your strata community is responsible to enforce the rules against persons whose misbehaviour affect your enjoyment and use of your property AND the common property. (Aside from referring to external resources like the police, fire brigade and other external resources, you could also revert to your strata community to enforce the rules so that the persons hinder your enjoyment of your property and the common property could be compelled to stop).

5. Finally, your strata community is responsible to make sure that your property value is maintained or increases. Your strata community achieves this by making sure they continuously maintain and improve the common property including the exterior face of our property. One model behaviour of the strata community is continuously assessing and measuring (through its members, your co-owners) how it could maintain and increase the value of your real estate investment. There you have it – 5 responsibilities of your strata community I hope that you now have a better understanding of your strata community’s responsibilities and how it helps you better enjoy your real estate investment.

CONCLUSION Strata enthusiasts, I will speak to you in our next podcast. If you like what you hear, please reach out to us and let us know which episode has caused you to further appreciate living in a strata community Remember - continue upgrading yourself! I am Rochelle Castro, I will speak to you soon in Strata Life podcast!

5 items that strata insurance covers One of the benefits of being in a strata community is enjoying the benefits of a bulk buy of strata insurance cover. It means that each and every lot or unit property, including common property purchases strata insurance cover so that their investment is protected. You will notice that I used the word “bulk buy” of strata insurance. “Bulk buy” refers to the owners, who are also members of the strata community to jointly purchase strata insurance cover. By jointly buying strata insurance, through a specialist strata insurance provider, your strata community will be able to get the appropriate cover that suits your community’s needs. Here are the 5 items that strata insurance covers- 1. Building replacement and or reinstatement cover – in the event that your building needs to be repaired or replaced, if it experiences impact damages (accident that is not excluded from the cover) you will be covered by insurance.

2. Public liability cover – Your common property is open for use by you, your family, your guests, your tenant, their guests. The common property is also open to contractors and service provider who visit the site. Should any safety or harm is caused to them or their belongings that are left on the common property, or the damage originated from the common property, there is a likelihood that they will make a claim against your strata community. To transfer that risk, your strata community could make a public liability claim.

3. Office bearer cover – Committee or board members of your strata community are volunteers. They also make the daily decision on the operations of your strata community. It is prudent that your strata community obtains office bearer cover to protect the committee or board members from third party claims of allegations of making wrongful decisions on behalf of your strata community. There is no issue of an approved office bearer claim, as long as your committee or board members could demonstrate to the insurer that their decisions were made in the best interest of the strata community.

4. Machinery breakdown cover – If your development has a special machinery (like lifts, car stackers, car lifts or carpark roller doors) it is prudent for your strata community to get machinery breakdown cover. You should note that you can only be covered by insurance for machinery breakdown if the strata community carries out regular maintenance to the machine. Remember, that insurance will not cover you if you do not conduct regular maintenance of your asset.

5. Legal defence costs cover – Although you may think that your strata community has not had an legal issue in the past year or so, it is prudent that your strata community is covered for legal defence costs in the event that a third party makes a claim and it is necessary to defend it. Trust me, your strata community will not regret getting this cover and will be able to avoid raising a lot of funds for legal fees, that were not projected in the budget for the current financial year. There you have it strata enthusiasts – the 5 items that strata insurance covers. I hope I have inspired you to review your strata insurance cover to find out if you need that extra protection.

CONCLUSION Strata enthusiasts, I will speak to you in our next episode. Remember, continue upgrading yourself! This is Rochelle Castro speak to you next time in Strata Life podcast!

5 techniques on how to hold a productive committee meeting

Of all the meetings that your strata community holds, it is the committee meetings that you will hold the most. This is because committees make the decisions on daily operations of your strata community. So, it is important to know effective techniques on how to hold your committee meetings. Here we go.. 1. Set an agenda

It’s not only crucial but also a compliance requirement for your committee to set an agenda before calling the meeting. The agenda will allow the other committee members notice to prepare for the items to be discussed at the meeting. It will also allow them to research about the agenda items so as to achieve a robust discussion and informed decision making of the committee.

2. Invite the right people in the committee meeting

Obviously, all committee members should be invited to the meeting. I don’t mean that. I mean, the committee should determine if they should be inviting experts to the meeting so that they could be better guided on crucial matters, prior to making a vote.

3. Prior to calling the meeting, seek the other members’ views, if they are available for the meeting or if they intend to appoint a proxy.

The worst thing in a meeting, is if most of the committee members cannot attend. Enquire with the committee members if they could make the scheduled meeting so that it could be determined if another time and date should be set or if proxy appointment is appropriate.

4. Determine the appropriate platform for the meeting (depending on the agenda items and attendees)

There are different platforms (like face to face, video conference, phone conference, ballot).

Your committee should carefully consider which platform best suits your next meeting, which should also depend on the agenda items. Ofcourse, should you also consider if your committee members could access that platform on the set date and time of the meeting.

5. At the meeting, set a table for list of actions

The purpose of your committee meeting, is to make decisions. Ofcourse, you expect that, that particular committee meeting will not be the last meeting that your committee will hold. To make sure that there is a follow through, your committee should create a table for list of actions, so that at the next committee meeting, your committee tracks which agenda item is complete, ongoing or requires further assessment and determination. CONCLUSION Strata enthusiasts, with these 5 techniques that I have shared on how to hold a productive committee meeting, I have no doubt that your committee will be very accomplished, which ultimately helps protect and increase the value of your real estate investment. Strata enthusiasts, I will speak to you in our next episode. I will keep encouraging you to - continue upgrading yourself! This is Rochelle Castro, speak to you soon in Strata Life podcast!