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Who does there own body corp management

Discussion in 'Property Management' started by Keentolearn77, 4th Sep, 2016.

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  1. Keentolearn77

    Keentolearn77 Active Member

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    Hi
    Does anyone do there own body corporate management, is it very hard, time consuming

    In reference to a splitter block - 2 house site.

    Would a body corporate service charge much for a 2 house site?
     
  2. The Y-man

    The Y-man Moderator Staff Member

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    Which state?

    The Y-man
     
  3. Ace in the Hole

    Ace in the Hole Well-Known Member Premium Member

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    I've always wondered what's involved...
    We've got body corp set up for a lot of 5 townhouses, and also for another group of 6 townhouses, few years going now.
    Don't have a Body Corp manager, yet.
    Not really sure what they would manage anyway.
    Apart from paying the insurances, haven't needed anything else that the property manager can't handle.
     
  4. Keentolearn77

    Keentolearn77 Active Member

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    Victoria
     
  5. Keentolearn77

    Keentolearn77 Active Member

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    Oh and I have discovered for a 2 unit site - there is no requirement for body corporate - yippee
     
  6. MyPropertyPro

    MyPropertyPro SE Qld Property Management & Investor Services Business Member

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    I have property where I own the majority and set up the strata management and it's not that expensive. Essentially it comes down to the complexity of the complex (that sounds weird!) and ongoing or forecast maintenance requirements, in addition to the admin levy.

    I probably could have handled it but it's not my PM's job to manage the other lot owner if the going gets tough so that's out. I also consider resale value...any future buyer may want to look at official strata records and see a sinking fund balance so it's important to consider that also.
     
  7. The Y-man

    The Y-man Moderator Staff Member

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    Correct, but it will pay to get public liability insurance if there is common property (eg shared driveway) and go halves.

    The Y-man
     
    MyPropertyPro likes this.
  8. Big Will

    Big Will Well-Known Member

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    I was speaking with someone and they own a 4 unit block, they outsource the owners corp to make sure they are compliant. However each meeting is more about showing photos of the family and where they have been travelling during the one hour meeting once a year (IIRC) and will spend maybe 5-10 minutes discussing the actual property.
     
  9. Colin Rice

    Colin Rice Mortgage Broker Australia Wide Business Member

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    I managed a BC in a complex of 16 for 6 years and was not difficult. Collected and banked strata fees, paid bills and did the books, organised trades etc. all self taught :)

    The owners decided to do it in house as was to expensive using a BC company. It helped I lived on site as well so used to pay my self an admin and caretakers fee each month.
     
    Pumpkin likes this.