Are you tired of approving an increase in your strata levies every year? Are you ready to find out how you can start saving money? Here are some handy tips!
- Strata insurance. Engage a broker, or elect a savvy committee member, to put your insurance renewal to tender. You’d be surprised how much you can save on your yearly insurance.
- Lift contractor. If your not in a current agreement, ask your strata manager to put your lift contract to tender. We have saved some of our clients thousands of dollars a year on this cost.
- Electricity contract. Again, put this to tender and find out what savings are on offer for 3 or 5 year agreements. AGL currently have the best offers in the market. Also look at energy saving programs / incentives available from the government.
- Cleaning ad lawns contracts. If you are happy with your current contractor, approach them and ask for a reduction in their fees to retain them. You may be surprised with a discounted rate. If you aren’t happy with the contractor, put the contract to tender and again, you can save thousands of dollars a year (depending on the size of your building).
- Owners costs. Is your strata manager paying for items out of the administration fund or sinking fund that is an individual owners cost? This unfortunately happens frequently so it is recommended to keep an eye on all expenditure as this can add up to thousands a year!
- Fire maintenance contractor. Another contact to put to tender to save money.
- Working bee day. Get residents involved and book in a clean up of the property. You can arrange a council clean up and all chip in to move unwanted furniture to the kerbside instead of engaging a contractor to remove the rubbish from the property for you.
- Strata management contract. Do you believe your management fees are high? Is your strata manager also charging you for schedule b’s, administration costs and other hidden fees on top of your management fees? Review your financials and see just how much you are paying. Strata companies are always happy to offer a reduction in fees to retain clients or for new managements.
Why not give APC Strata and Building Management a call and start saving today!