Strata Update: Commissioners Office – Self Management Need to Knows | Insurance Valuations Explained

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Commissioners Office – Self Management Need to Knows

Article Contributed by the Commissioner for BCCM

The rising cost of living within Queensland has lot owners questioning how far their wallets can stretch. Many of our clients have been calling and asking what is involved with self-management.

Bodies corporate are not required under the legislation to engage a body corporate manager to assist with administrative services. Instead, bodies corporate have the ability to self-manage. While this may save the body corporate some money, there are many key factors the body corporate should consider when making this decision.

Below, we outline important considerations for bodies corporate contemplating self-management.

While this article scratches at the surface of self-management, a body corporate should carefully consider what other factors might be at play if they choose to self-manage...

Insurance Valuations Explained

Article Contributed by SCA

Conducting regular building valuations for your strata property is extremely important. If you haven’t had a building valuation in the past 3 years, there is a high chance your building is underinsured.

Underinsurance has long been identified as an issue for many strata communities. It occurs when the sum insured does not meet the true cost of rebuilding, leaving properties vulnerable in the event of a major claim.

Regulation in most states across Australia indicates that building valuations should be conducted every 5 years, however, with the current state of the market, rate of inflation and many other factors affecting the costs of rebuilding and the value of your property it is vital that your ‘sum insured’ matches the real cost to rebuild should disaster strike.

Insurance valuations explained...

Insurance Valuations Explained

Article Contributed by SCA

Throughout the series, the key topics of By-Laws: The Good, the Bad, and the Ugly (SEQ) and Insurance: Affordability and Accountability (NQ) inspired meaningful discussions across all regions. These engaging conversations provided valuable insights for the strata community, empowering attendees with the knowledge to navigate the unique challenges of strata living.

Review the final recap from last week here to catch all the highlights, insights, and memorable moments from each event!

Thank you to everyone who joined us, contributed to the discussions, and helped make this series such a success!

A big congratulations to our Exhibitor Passport & Feedback Form Prize Winners throughout the series! We are thrilled to announce the winners from each region's events today...

Almost every topic possible that is related to Strata is featured in our article library. Use the search tool to find articles of interest. Here are the last six articles published:

Owner Apathy in Strata – By Hynes Legal

Community Education Seminars – Series Wrap Up (PRIZE WINNER ANNOUNCED NEXT WEEK) - By Smart Strata

By-laws, The Good, The Bad and the Ugly - By Hynes Legal

Community Education Seminars – Brisbane Next Week! – Lawyer Expert Panelist Introduced! - By Smart Strata

New Seller Disclosure Regime Update - By SCA (QLD)

Community Education Seminars – Townsville & Cairns Next Week! ARPC Chief Executive Introduced! - By Smart Strata

Are you a Smart Strata supplier? Are you aware that you are able to contribute articles to Smart Strata? Find out how - Collaborate With Us | Smart Strata

Would you like to find a trade or professional service that invests in themselves? Check out our comprehensive supplier directory.

This week's Strata Update is brought to you by:

Are you a supplier that would like to be featured in Smart Strata's Supplier Directory? Find out how at List Your Business - Smart Strata | Body Corporate Management

Ongoing > Management Rights Training - ARAMA

Ongoing > Strata Basics Course, Smart Strata

Ongoing > New Strata Developments Course, Smart Strata

Ongoing > Industry Body Education and Events, Strata Community Association

Ongoing > Body Corporate Webinars, The Commissioner for BCCM

Do you have an event or educational course you would like listed at Smart Strata? Contact us to tell us about your course or list your event online at Events Upcoming in Queensland Strata | Smart Strata

Thank you to our Foundation Partners who make Smart Strata possible:

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