Be ready at a moments notice to provide building information
Lenders are opting to take a hard-hitting approach on lending to borrowers who want to buy in a risky building. There are hundreds of thousands of buildings across Victoria, NSW and Queensland that are considered at risk and the value of buildings identified as having combustible cladding have dropped and are harder to sell, according to real estate agents.
As a result of this crackdown, requests from lenders and buyers for transparent information to prove that the building is ‘risk-free’, ‘cladding approved’, is now more important than ever.
As a strata business owner, you will be required to provide this information quickly and you’re going to find it that much harder to manage the Owners Corporation building if documentation is not organised and readily available to provide when required for a strata inspection.
The recent evacuations and defects at Mascot Towers in Sydney is only one example of the problems that can lie buried under piles of disorganised documentation. So don’t let this happen to you and avoid putting yourself in the situation where you struggle to manage an Owners Corporation because you can’t provide the transparency required in 2019.
Worst case scenario buyers will opt to look at investing in alternative buildings where information is available, which will impact your chances of continuing to manage the strata scheme going forward.
I’ve seen this firsthand working as a Strata Manager in Sydney, how multiple forms of data storage (on and offline), outdated technology and lack of security are creating massive inefficiencies and the inability to access information and data quickly.
Prepare and protect your buildings assets, so you’re ready at a moment’s notice to provide building information and not scrambling to put it together to meet your obligations to the Owners Corporation.
Here is how:
Implement an accessible, organised and efficient platform that will enable:
transparency
access to information to all stakeholders
seamless communication
secure information storage in one place
“StrataVault is so easy to use and became necessary when we couldn’t obtain access to our records due to our strata managers and building managers multiple ways of handling our buildings information”.
Peter, Owner and Committee Member, Queensland