Queensland body corporate case study of expenses in a small scheme

Queensland body corporate case study

Tracsafe specialises in providing an efficient administration service for bodies corporate.  Our approach is to keep everything very simple and very transparent.  Our experience is that other body corporate managers can sometimes over complicate the reporting and processing of administrative and financial transactions.

Body corporate manager fees and charges

Here is an example of fees and charges imposed by a body corporate manager for a three lot body corporate located in Brisbane that we began managing in 2014.  Nearly all of the charges below represent direct income of the body corporate manager.  The income that is not direct income could have been avoided and would not occur under our administration.

Bank charges - processing fee$9
Bank charges - other$25
Body Corporate Administration$476
Disbursement charges$230
Fees, permits, reports$46
Meeting expenses$15
Management Fees$330
Repairs and Maintenance emergency fee$202
Management software fee$82
Telephone calls$98
Actual expenses

The body corporate had only one yearly expense (after excluding all the Body Corporate Manager charges described above) – Insurance!

Tracsafe’s approach

Tracsafe has a fixed price invoice.  In the example above, our fixed fee is about half of the total above and there would have been no other charges.

We keep our price low through the following techniques –

  • Minmising unnecessary financial transactions
  • Reduced overheads by maximising use of online and electronic technologies
  • Use of Tracsafe’s efficient and comprehensive software DIY-BC system that is tailored for small lots
  • Avoiding paper transactions through electronic alternatives
  • Use of a smart help desk and workflow system to track and process all manager tasks

The considerable administration costs of recording, tracking, invoicing, and managing all the variable charges (as in the example above) is avoided.  Additionally, this simplified approach provides transparency for the body corporate’s understanding of all expenses.  Body corporate managers are very likely to quote a low fixed price fee with additional variable costs.  Unfortunately, the additional variable costs are often larger than the fixed price fee!!

Tracsafe can help

Get an online quote for our full service Tracsafe body corporate manager or review the alternatives.