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Five ways to get your strata building in shape so it goes up in value

iStock 000014378598XSmall 1 400x300 1 - Five ways to get your strata building in shape so it goes up in value

So your strata building is aging but that doesn’t mean your investment is depreciating too. Maintaining the value of your strata property is extremely important but you’re savvy enough to know that already.

Using a Facilities Management Professional can be a great way to stay on top of the maintenance side of things and ensure everything is in working order. It’s also an easy way for you to get some peace of mind too.

If you haven’t procured a Facilities Management Professional supplier, check out our helpful guide of how to get started here

But great strata building management is more than just maintenance. Did you know it’s actually possible to improve the value of your strata property?

That’s right, with a structured approach, some sound advice and guidance from a professional it’s actually possible to get your building into top shape.

In fact, there are five simple steps that you can do to increase your property’s value and make it more appealing to prospective residents.

Step 1: Ducks in a row

Every building has a Strata Committee but are the members aligned on your future goals? Ensuring the committee members have time to commit to improvements as well as the passion to deliver what is needed in your building is a vital first step. Make sure your fellow committee members see the value in building improvement projects. Improvement projects can take time so ensure all members are aware of the investment from the beginning. There is value in making a sub-committee too – just make sure you have the right to make decisions on behalf of the other members otherwise this can slow things down.

Step 2: Write a list

It may take some time to agree on this step but ensuring the committee members agree on the projects list is critical to your future success. Simple improvements from landscaping, replacing carpets, painting, installing decking, modernising tiles or fixtures, refreshing shared spaces, upgrading lifts or security systems are all great projects but you need to prioritise based on value. Do your research, add in some site visits of new buildings so you can identify current trends and choose improvements projects that prospective tenants are likely to be interested in. Make a long list, then a short list. Don’t worry, the long list will come in handy in the future!

Step 3: Money, money, money

It’s budget time! You’ve got your wish list of projects so let’s find out what these improvements will cost you. Once you have an idea on the services and supplies costs you can set budgets alongside your strata manager. Be prepared for your wish list to get a little bit smaller here. It’s very important to only implement appropriate and cost-effective improvements. Be ruthless!

Step 4: Make a plan

It’s time to put your project manager hat on. You need your list, budgets, timelines and prospective suppliers and their availability as well as a communication plan for your tenants. Ensure your current suppliers are up to the task and be sure to come up with a process to track the progress of each of the projects. The Strata Committee will need to be kept up to date on a regular basis too. Remember, if the committee feel invested and involved in the project, you will more likely gain their support for future projects.

Step 5: Go for it!

It’s time to get your hands dirty and get stuck into the projects. Be sure to allow time for repairs, alternations and reviews towards the end of each improvement project. This will be an important step in keep the Strata Committee members happy.

But if this simple five step list sounds overwhelming then you might need some assistance.

Accord have vast experience in everything from ongoing maintenance projects to full service building facilities management which can include advice on improvement projects. They know how to build a tailored solution and how to provide you with helpful tips and hints to ensure your investment works harder over time.

To get started simply call 1300 122 267, head to www.accordproperty.com.au/contact/ or email: service@accordproperty.com.au to get the conversation started.

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