Powered by MOMENTUM MEDIA
realestatebusiness logo

Breaking news and updates daily. Subscribe to our Newsletter!

Home of the REB Top 100 Agents
Breaking news and updates daily. Subscribe to our newsletter

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

rpm logo latest

3 top prevention measures for PMs in QLD as cyclone season looms

By Sasha Karen
20 February 2018 | 1 minute read
QLD as cyclone season

Cyclone season is on its way in Queensland, and property managers are gearing up in problematic areas with the necessary steps to prevent adverse weather from ruining the properties they manage. Here are three ways to ensure that prevention remains better than cure.

Some property owners are still in the process of going through repairs after Cyclone Debbie, which began forming in March last year, according to Archers the Strata Professionals partner Andrew Staehr.

“These events happen, whether they be cyclones or even severe storms, and there is very little time to prepare,” Mr Staehr said.

Advertisement
Advertisement

“So, while the weather is still relatively calm, there are some actions that strata owners can take that will help them should a natural disaster affect them. This is all about creating peace of mind for when these natural disasters strike.”

These actions are:

Look back at your disaster management plan

Mr Staehr said that disaster planning was a key lesson from Cyclone Debbie. He recommended that body corporates review their current disaster management plans or create them if they do not have any in place.

“Even if you think you have a disaster management plan in place, then it’s wise to look at it again,” the Archers director said.

Have insurance excess and a sinking fund

It never hurts to have some money squirreled away for a rainy day, and this is all the more relevant for cyclonic days. After Cyclone Debbie, some body corporates were required to raise special levies, and some excesses have seen great rises since.

Mr Staehr said that some body corporates have been building up a sinking fund since that time.

“We’ve seen some of our clients successfully build their sinking funds up slowly, which has then become a real asset for them in times of trouble,” the partner said.

Keep up property inspections

While some owners in a strata complex may have thought damage from Cyclone Debbie would be covered by insurance, they received a rude awakening when the damages were assessed to be pre-existing before the cyclone hit and as such were not covered.

One example provided by Archers the Strata Professionals saw a strata complex in Airlie Beach, Queensland, that had water damage rendering it unusable, yet assessors put the fault to a bathroom leak and not the cyclone, which resulted in a $50,000 bill for a new bathroom that was not covered by insurance.

By performing regular inspections, owners can determine when faults arise to ensure pre-existing issues are discovered when they crop up.

Archers the Strata Professionals suggested having regular inspections at least every five years, or three in natural disaster-prone areas.

“Cyclone Debbie could have been a once-in-a-lifetime event, but we really don’t know that, especially in a state like Queensland in which natural disasters can strike at any time,” Mr Staehr said.

“Queenslanders always show remarkable resilience and determination once cyclones hit, but there are preventative steps that can be taken.

“And it’s not just those in the path of cyclones who should think about it. South East Queenslanders exposed to storm bursts during summer may also be vulnerable. Peace of mind can be extremely valuable during such uncertain times.”

3 top prevention measures for PMs in QLD as cyclone season looms
storm850x400 may2017
lawyersweekly logo

 

 

Subscribe to our RPM
mailing list

 

Do you have an industry update?

top suburbs

12 month growth
Queenton
69.76%
Flying Fish Point
69.61%
Point Piper
69.17%
Glenelg South
69.02%
Pretty Beach
69.01%
Bar Beach
68.9%
Northampton
68.7%
Kembla Grange
66.91%
Gnarabup
66.67%
Boomerang Beach
66.67%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.