This podcast featuring Andrew Terrell about effective strata budgets is part of Amanda Farmer’s Your Strata Property podcast series.
The Keys To Effective Strata Budgets
Key Points / Timestamps
- 00:24 – Intro 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
- Andrew Terrell LinkedIn Profile
- Strata Living Stories by Stephen Raff
- Planet Money (Podcast)
- Freakonomics (Podcast)
- StartUp (Podcast)
- Your Strata Property (Podcast)
Play the Strata Budgets Podcast
Your Strata Property – the podcast for property owners looking for reliable, accurate and bite-sized information from an experienced and authoritative source.
This post appears in Strata News #101
Are you interested in more information about strata budgets OR further information about legislation applicable to strata living in your state or territory? Visit our FactSheet: Strata Committee Concerns OR Strata FactSheets by States pages.
The photo associated with this post has been supplied by Flickr: Brad Greenlee- Building.