Our number one belief is that we’re in this together. With many Australians being adversely impacted by COVID-19, we’re not applying this year’s annual fee increase for services in the hope of alleviating our customers from added financial pressure.
As on 1 July each year, or the anniversary date of your agreement, you usually receive a fee increase to account for items such as base management fees, additional services, and disbursements.
However, to minimise the impacts of COVID-19, we won’t be applying a fee increase for the next six months to help alleviate any financial burden at this time.
We won’t be applying an annual fee increase for a period of six months from 1 May 2020. When any fee increase is applied, it will not be made retrospective, but instead will be applied to the balance of the period left until the next contracted adjustment date.
In addition to deferring our fee increases, our strata managers are supported by a COVID-19 financial toolkit. These toolkits are designed to identify various straightforward options to help guide your building through cashflow challenges and COVID-19 impacts.
We want you to stay in touch, have your meetings, and look after your building and community.
What’s more, because community living can be hard to navigate in a world of physical distancing, we are supporting our customers by providing access to electronic voting systems, and video or phone conferencing systems without passing on any third-party costs.
For Wayne Walker, PICA Group’s Chief Executive Officer, supporting our customers through such tough and unprecedented times is critical. “We are one of a few strata management providers deferring this year’s scheduled fee increases for a period of six-months to help lessen the impact of COVID-19 on our customers.
“Because we are in this together, we’ll bounce back from this together too. If we want to enhance community living, we must take action to support our customers when the going gets tough,” said Wayne.
With COVID-19 impacting so many parts of community living, such as how to reduce transmission in common areas, what the committee needs to do, and managing mental health, PICA Group has put together a comprehensive toolkit. To check out the PICA Group COVID-19 community living toolkit and sign up for updates, visit here.If you’d like to find out more on managing the financials for your strata property, download our FREE strata financials guide. Or for a consultation to review your common property insurance by our CommunitySure insurance team, click here.