News Formal

Addressing rising costs is vital to owners’ management companies

  • 📰 businessposthq
  • ⏱ Reading Time:
  • 8 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 7%
  • Publisher: 71%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

Inflation and the rising cost of energy, insurance, wages, building materials, professional fees and new services such as EV charging points means getting the annual budget right is crucial for Owners’ Management Companies, writes Finbar McDonnell

If owners’ management companies – the entities that manage the common areas of apartment complexes and other multi-unit developments, including duplexes or commercial units – haven’t already agreed their budget for 2023, they will need to do shortly. This is to facilitate the sending out of service charge statements.

Key stakeholders are the OMC board and the managing agent as these develop a draft budget for agreement by the property owners. Crucial inputs are:

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 8. in ZA
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Children as young as 8 viewing harmful online content as companies ‘not policing’ age restrictionsA new survey has found one in five 8-12 year-olds have seen something online that they ‘wouldn’t want their parents to know about’
Source: businessposthq - 🏆 8. / 71 Read more »

The shock of mass lay-offs is only the beginning for companiesCEOs fire workers swiftly and brutally, but such actions have destructive long-term effects for companies and staff
Source: IrishTimesBiz - 🏆 6. / 77 Read more »