Strata Management Australia: Trending Issues In 2024
The strata management industry in Australia is experiencing significant changes and trends as we move into 2024. These trends are expected to shape the way strata properties are managed and operated. In this blog post, we will explore the key issues and developments that are currently trending in the strata management industry.
Inclusivity in Leadership
One noticeable trend is the shift towards more inclusive leadership in the strata management industry. There is an increase in women occupying senior roles, bringing greater diversity to the industry. This inclusivity is expected to challenge the status quo and lead to more streamlined operations and enhanced efficiency.
Technology has become an integral part of the strata management industry. Younger generations, in particular, are adopting new ways to optimize their work processes, which is expected to bring significant benefits for strata managers. From using software for maintenance requests and financial management to implementing smart devices for enhanced security and energy efficiency, technology is transforming the way strata properties are managed.
High Retention Rates
The stability of the strata management industry in Australia is reinforced by high retention rates. This trend indicates a robust industry with a committed workforce. Strata managers and staff members are finding value in their work and choosing to stay in the industry, which ultimately contributes to the overall efficiency and professionalism of the sector.
The ongoing COVID-19 pandemic continues to present challenges for strata stakeholders. Strata buildings, like other businesses and organizations, are now required to make their own decisions about managing risk based on the shift towards “personal responsibility.” This means that strata managers and committees must adapt to changing guidelines and regulations to ensure the safety and well-being of residents.
Issues related to building defects remain a concern in the strata management industry. Despite various initiatives and reforms, such as building bonds, cladding replacement programs, class actions, and new civil rights laws, significant progress in addressing building defects is not expected in the near future. Strata managers need to remain vigilant in identifying and addressing building defects to protect the interests of owners and residents.
Strata Law Reforms
There are ongoing discussions and proposals for changes to strata laws. However, given the history of past strata law reforms, implementing significant changes may take time. Strata managers should stay informed about any proposed reforms and adapt their operations accordingly to comply with any new regulations that may be introduced.
Increased Strata Levies Arrears
With mortgage interest rates not expected to decrease significantly in 2024, there may be an increase in the number and size of strata levies arrears. Strata managers need to effectively communicate the importance of timely levy payments to owners and implement strategies to ensure arrears are minimized. This may include offering convenient payment methods, providing clear communication about levy obligations, and implementing stricter enforcement measures when necessary.
Greater Demands from Owners
Owners are becoming more sophisticated in their expectations from strata management. They are demanding greater transparency, efficiency, and professionalism in the management of their properties. Strata managers must continuously evolve to meet these increasing expectations and provide exceptional customer service to owners.
Management Efficiency & Staff Retention
Staffing challenges and a tighter employment market are impacting the optimal running of strata management. Strata managers need to implement strategies to attract and retain skilled staff members. This could involve staying up-to-date with the latest technologies, providing opportunities for career growth and development, and fostering a positive and supportive work environment.
Emerging Trends in Building Maintenance
Strata management companies are implementing new measures to ensure strata committee members are well-equipped to handle their responsibilities. This includes providing training and resources to enhance their knowledge and skills in building maintenance and management. The use of energy-efficient tools and technology-focused strata management is also on the rise, as strata committees aim to create more sustainable and cost-effective living environments.
In conclusion, the strata management industry in Australia is undergoing significant changes and trends in 2024. From inclusivity in leadership and technology adoption to managing the challenges of COVID-19 and addressing building defects, strata managers need to stay informed and adapt to ensure the efficient and effective management of strata properties. By embracing these trends and implementing best practices, strata managers can navigate the evolving landscape and provide exceptional service to owners and residents.