Repairing your investment
In 2016, MBCM was appointed to take over management of a 12 unit complex that presented with some major challenges. The owners were very concerned as they had received a written confirmation from the building insurer stating that their policy renewal terms would not be met unless the long-term major repair issues were resolved. In other words, under previous OC management, the building had fallen into disrepair and major structural works were now required.
The OC Committee needed both a sound solution and a guiding hand through this serious situation and Drew was up to the task, “first up, I reviewed the situation, then contacted my extensive network to seek quotes. I obtained an instruction to engage an engineer to devise both a strategy and a timeline that would work for the owners, their tenants and most importantly for the insurer, to provide continuity of cover while the works were being undertaken.”
The next step was financing and facilitating these works. Drew was particularly empathetic to the financial implications, especially for retirees, so to assist the owners with their budgeting he worked together to devise a plan to collect the funds across two special levies.
Over a three-year period Drew engaged contractors from his network, coordinated and oversaw the major works which included - underpinning the rear of the building, replacing the roof, relining the sewer and painting the external façade. The works were staged with the most urgent and potentially dangerous structural works completed first.
Throughout the process Drew always kept in mind his MBCM training that “communication is key in OC Management.” He provided numerous updates and correspondence to the owners, to keep them well informed at every stage.
Drew not only expertly managed these substantial works but he has also saved the owners money on several fronts; by appointing trusted MBCM contractors he was able to keep repair costs down, the day-to-day running of the property has reduced saving OC Management fees, owners have been able to secure long term leases and receive a substantial increase in rents, two owners have easily sold their properties and overall, the residents are very happy with the improvements.
“I have received very positive feedback since the works were completed, with owners saying it was a breath of fresh air having MBCM come onboard. The overall street appeal of the property has improved dramatically and I’m proud to have the MBCM name badge on the front wall” - Drew Parry, MBCM