013. The Keys To Effective Strata Budgets

Andrew TerrellThe Keys To Effective Strata Budgets

Links mentioned

Books / Podcasts mentioned:

Key Points/Timestamps

  • 00:24 – Introduction and Overview
  • 02:15 – Why it’s important to have a good understanding of budgets and levies for Strata residents
  • 03:09 – Investing in and improving on the value of your investment is often more important than just maintaining your investment
  • 05:27 – The two keys to creating an ideal budget for a Strata building
  • Data oriented and specific 
  • Easily explained with no ambiguity
  • 07:29 – Poorly explained budgets with lump sum figures can really create confusion in Strata corporations
  • 09:03 – Legal fees are a significant line item in the budget and it’s important that there is clarity around what those legal fees are for
  • 10:49 – Andrew Terrell shares a story on how he helped Strata buildings with his knowledge around budgeting
  • 12:45 – The process that a good strata manager uses to manage strata budget and improve savings
  • 14:35 – Challenges strata buildings face in establishing a realistic budget and calculating appropriate levies
  • 16:45 – Andrew Terrell offers some advice around how to assess a good quality building in terms of a potential investment 
  • 17:25 – Key actions / quick wins listeners can take to get started with solving strata levy problems in and budgeting in strata buildings
  • 18:40 – Books that have significant impact to Andrew Terrell and why
  • 20:43 – How do listeners find out more about Andrew Terrell
  • 21:44 – Wrap up and Thank you
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