Building Communities Seminar: An Industry View by Rob Pitcher

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Building Communities SeminarAn Industry Viewby
Rob Pitcher
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The IBCM

• The Institute of Body Corporate Managers (Vic)
  has welcomed the opportunity to participate in
  the legislative review
• The IBCM represents 120 members, typically
  principals of firms, and through them supports up
  to 250 practitioners who manage approximately
  200,000 lots

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Key Requirements of the Review

• Improved information to the community
• Improved and extended information to prospective
  purchasers so that they
• Understand their rights
• Understand their responsibilities
• Develop awareness of the collective
  decision-making inherent in bodies corporate
• Understand what they are purchasing boundaries,
  lot entitlements and lot liabilities

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• Improved and more extensive planning and
  budgeting of maintenance of bodies corporate
  sinking funds
• Introduction of proper business principles to
  support planning a maintenance plan and
  independent survey conducted each 10 years
• Development of strategies to meet immediate but
  unforeseen expenses contingency funds

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• Ensure adequate protection of owners major
  assets appropriate insurance
• Establishment of a streamlined, accessible and
  non-legalistic dispute resolution process a
  Body Corporate Ombudsman
• Managing owner funds in interest bearing accounts
  and providing good reporting to members lack of
  need for trust accounts

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Building Good Practices

• Strengthening professional practices rather than
  licensing by the
• Development of an industry accreditation process
  the Certified Practising Body Corporate Manager
• Commitment to continuing professional development