Palladium Apartments

Background:

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.

Challenges:

• 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.

Our Approach:

1. 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.
2. 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.
3. 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.
4. 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.

Results:

• 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.

Conclusion: