Financially measurable benefits of Building MembershipWhere do your savings lie?
Discounted insurance arrangements
Taking the management of insurance away from Body Corporate Managers, we have sought out a specialist Body Corporate Insurance Broker who is prepared to discount the brokerage charged on the insurance business they advise upon. This can be a substantial saving, given that insurance can often be the third highest cost to the body corporate after Caretaker’s costs. The added benefit of contacting an insurance broker is a higher level of professional knowledge and expertise than traditional Body Corporate Managers are able to provide. Discounted Insurance can be investigated by providing us with a copy of the insurance arrangements from your last Notice of AGM, and sign off on an authority to provide the claims experience to the nominated insurance broker (this document will be provided to you from the UOAQ upon request). This will also outline the potential savings from this initiative.
Assistance in tendering for body corporate management services
As an independent and impartial body, we provide the service to undertake the tendering process, appraisal of tenders, and recommendation to committee in respect of the engagement of Body Corporate Management Services. The incumbent Body Corporate Manager traditionally handles this process. Acting in this manner can be seen as a conflict of interest as they could potentially be appointed as a beneficiary of their own recommendation. *A full package outlining this service in detail is available upon request. **A separate fee is payable for this service.
Higher Interest rates on Bank Working Accounts
The bank working accounts of Bodies Corporate generally receive substantially lower than market interest rates on their significant funds. This is mainly due to the majority of funds being lodged with the major bank supporter of the industry. These accounts are generally seen as being a captive market; with little to no other option. Banks are able then to pay very low rates whilst retaining support via BC Managers. The UOAQ have sought higher deposit accounts from other banks paying more commercial rates. To analyse your buildings cash flow management procedures we ask for your building to provide a transactional bank statement of your working account for the last year. Using this information we carry out the analysis, which will likely confirm the very significant potential additional interest return available to your building.
Review of lift maintenance contracts
Lift maintenance contracts are not always optimised. Through our program we are able to source the analysis needed to review your arrangements for lift maintenance at member prices potentially saving your building many thousands of dollars.