How to get prepared for your LTMP

By: Oxygen  05-Apr-2012
Keywords: Body Corporate

So, how do you prepare for undertaking a LTMP? Firstly you’ll need to set an amount in the Annual Budget to engage a professional Facilities/Asset Management Consultant. This will probably involve obtaining a quote from a suitable service provider. Select someone you trust and talk with your preferred consultant to discuss your development’s unique requirements. A good service provider will have a range of service offerings that should suit the size and budget of your development.

For a consultant to assess and comment upon your development a fair amount of information is required. Firstly you need to understand what the Body Corporate is responsible for, where the responsibilities as a Body Corporate reside and what the owner’s responsibilities are. Generally speaking this information can be garnered from the Unit Title Plan and Body Corporate Rules. For most developments, Body Corporate responsibilities will be the common areas and amenities, including, but not always, building exterior, grounds/car park and plant and equipment that services all of the development. Individual apartments are normally excluded.

Next, details of existing maintenance plans and schedules, renewal work done and recent expenditure and costs are useful. This provides a history of the development and helps to assess cyclical maintenance and expenses. The service providers and contractors who maintain the various systems and perform the work on the development are an invaluable source of information also, and the consultant will certainly want to speak with them. Arrange for a list of key contractors including contact details to be compiled. Building plans and ‘as built’ drawings are also required to enable the consultant to enumerate the quantities and areas of the building’s features and components, which is essential for producing cost estimates. If you don’t have a copy of these plans, a quick search at the Local Authority Archives may yield them. Finally, any details of warranty information, specifications, service contracts or any other maintenance details all help get an overview of the development.
When it comes time for the property survey, be prepared by having access to all areas pre-arranged and authorised. The consultant will want to check ALL safe accessible spaces and service areas. Assign a committee member or other person whom is familiar with the development to assist if at all possible. Your consultant will appreciate it!

Hopefully the information provided above will help you to prepare and plan for undertaking a LTMP for your development. Remember, a plan is only as good as the information that goes into it, so be pro-active and get involved!

This article was prepared by Dean Ward
Managing Director, Upfront Property Maintenance Planning Ltd

Keywords: Body Corporate

Contact Oxygen

Email - none provided

Print this page

Other news and updates from Oxygen


Latest News - Oxygen

Your investment is an important part of your livelihood and choosing the right property management company to work along-side you to maximize your return and help you focus on the big picture of growth is vital. Our team has worked with our clients to ensure that they understand the new Act and are acting in compliance with it. We are four months into the new Act and it has been a very interesting four months indeed.


Good properties rent well

Whether moving out of your own home and looking to rent it out or whether you are buying another investment property to add to your portfolio, it is important to remember that good tenants want to live in good quality accommodation. Whether a one, two, three or four bedroom property, one major principle still applies to minimize vacancies: good properties that are proactively maintained will be attractive to tenants and tend to rent faster.


Four months on

The property had everything that the buyer was looking for including the ability to have a pet but because the Body Corporate was not run properly, the buyer walked away looking for a better run one. A buyer whom Oxygen referred to a real estate professional in Wellington had an interesting experience with a Body Corporate that is currently not managed by Oxygen or working towards compliance.