How an Owners Corporation Manager can assist with your Build to rent project

 

With more and more Developers turning their minds to the build-to-rent (BTR) model, the question we keep getting asked is, ‘how can you help?

It might seem obvious that the need to appoint an Owners Corporation Manager (OCM) is removed, given there will either be no Owners Corporation, or an Owners Corporation owned entirely by one party, at the end of the project. However, bringing on the specialised expertise of an OCM can help set your BTR project up for success, and ensure it continues to run optimally, long after tenants have settled in.

Generally, an Owners Corporation Manager, or ‘Build to Rent Manager’ in these projects, would act as the representative of the Owner, working alongside the appointed leasing agent, property manager and/or building manager to ensure the building runs smoothly.

So, what are the key areas an OCM can provide support in? And why does it pay to appoint an OCM to your Build to rent project?

Establishing a realistic budget

Setting a budget is arguably the most important step to determine the feasibility of your project.

The budget will give you an idea of the costs of running and maintaining the property, allowing you to accurately forecast the rent you will need to charge and set realistic expectations for potential lessees.

With experience establishing and maintaining budgets for all building types, with all types of facilities, a respected Owners Corporation Manager is your best resource to ensure budgets cover all bases and set you up for success.

This is especially important in Build to rent projects, as there are no Owners to levy fees from in instance of a shortfall, meaning you will bear the brunt of an inaccurate budget. Read More…

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