In 2020, Keystone Strata Group took on the management of Waverley Road’s Palladium Apartments after a frustrating experience with the developer-appointed manager. The strata committee had grown disillusioned with the existing management and decided it was time for a change. The community was facing significant financial challenges, including owner arrears, outstanding supplier debts, and an underfunded annual budget.
- Thousands of dollars in owner arrears.
- Outstanding supplier debts amounting to $17,000.
- An annual budget that was $30,000 underfunded.
- A disheartened strata committee looking to turn things around.
- Supplier Debt Resolution: One of the first priorities was addressing the outstanding supplier debts. Keystone Strata Group immediately initiated communication with suppliers, negotiated favorable payment plans, and took steps to clear the $17,000 owed.
- Owner Arrears Recovery: To resolve the owner arrears issue, Keystone Strata Group adopted a proactive approach. Through effective communication and negotiation, most of the arrears were recovered without the need for extensive legal intervention.
- Committee Collaboration: Keystone Strata Group collaborated closely with the strata committee. Together, they identified the community’s goals and prepared a comprehensive “wish list” for the building’s improvements. This served as a foundation for building a realistic budget aligned with the committee’s vision.
- Budget Realignment: At the Annual General Meeting (AGM), Keystone Strata Group presented the committee’s vision and the necessity of increasing the budget to achieve their goals. Through transparent communication and a clear presentation, the budget adjustment received unanimous support from all owners.
- Financial Stability: Keystone Strata Group successfully resolved outstanding debts, bringing financial stability to Palladium Apartments.
- Arrears Recovery: The majority of owner arrears were recovered without resorting to legal actions, saving both time and resources.
- Budget Approval: The adjusted budget, designed to meet the community’s aspirations, was approved with unanimous owner support.
- Committee Empowerment: The strata committee was empowered to pursue necessary improvements for the building, enhancing overall resident satisfaction.