President and CEO Report – Spring 2024

Reflecting on Challenges and Preparing for the Future

As strata managers, you know better than anyone that strata living has become a cornerstone of urban life in Australia. From modest strata complexes to large-scale community schemes, high-rises, and mixed-use developments, the properties you manage are increasingly complex. These challenges demand your specialised knowledge, precise management skills, and deep understanding of ever-evolving legislation.

Without your expertise, these properties and their communities face significant risks – financial strain, legal exposure, and discord among residents. As the year comes to a close, it’s an opportune moment to reflect on the value you bring to strata communities and to look forward to how we can continue advancing our profession in 2025 and beyond.

Navigating complexity and overcoming challenges

The past year has brought increased legislative reforms and scrutiny, particularly around fees and commissions in states like New South Wales. These debates often overlook the immense value you deliver, leaving managers to defend not only their business models but also their contributions to community wellbeing.

Adding to these pressures, you’ve had to manage rising owner expectations in an environment where cost-of-living pressures and misconceptions about strata finances are common. Balancing compliance requirements, financial demands, and interpersonal challenges is no easy task, but strata managers have shown exceptional resilience in maintaining harmony and order within communities.

Protecting communities through expertise

Your work underpins the efficient functioning of strata schemes, ensuring compliance, financial security, and preparedness for the unexpected.

With strata legislation varying across states and territories, understanding and applying the law requires specialised expertise. From fire safety certifications to environmental regulations, your knowledge ensures strata schemes avoid the fines, penalties, and reputational damage that can result from non-compliance.

Managing significant budgets is no small feat. Your role in overseeing sinking funds, setting levies, and ensuring funds are appropriately allocated is critical for a scheme’s longterm health.

One of the greatest risks for any strata scheme is underinsurance. Without accurate and regular valuations, properties may find themselves catastrophically underinsured. As a strata manager, you ensure insurance policies are current and adequate, protecting communities from disasters like fires or floods that could otherwise lead to devastating financial losses.

Complex properties have intricate systems, from elevators to embedded networks, that must be maintained to preserve value and safety. Your oversight ensures that maintenance is prioritised, preventing minor issues from becoming costly crises.

Facing the future with confidence

While the challenges strata managers face are significant, they also present opportunities to shape a stronger, more innovative profession.

Technology is transforming strata management. Automating administrative tasks, improving communication tools, and adopting digital solutions will help you deliver faster, more efficient service.

Building trust through transparent fee structures, robust complaint processes, and compliance with ethical standards will further cement the professionalism of the industry.

Ensuring policymakers and the public understand the complexities of your role is vital. Advocacy efforts should highlight the value strata managers provide, particularly in maintaining the financial, legal, and operational health of communities.

The mental toll of strata management is real, and supporting each other with resources for self-care and resilience will benefit both your wellbeing and the communities you serve.

Preparing for a growing role

The future of strata management is one of growing importance. With urbanisation and housing affordability challenges leading more Australians into strata living, demand for skilled managers will only increase. This trajectory underscores the need for continued professionalisation through national qualifications, best practice resources, and ongoing training.

The challenges of 2024 have tested your resilience and highlighted your essential role in creating and sustaining thriving communities. As trusted advisers, problem-solvers, and community builders, strata managers are at the heart of Australia’s evolving urban landscape.

As we move into 2025, our collective focus must remain on showcasing the immense value of professional strata management, embracing technological advancements, and fostering collaboration between managers, committees, and stakeholders.

Together, we can ensure that strata managers remain leaders in building harmonious, sustainable communities for years to come.

Thank you for your dedication, expertise, and commitment to shaping a brighter future for all those who call strata living home.

ALISHA FISHER, AUSTRALASIA CEO

JOSHUA BALDWIN, AUSTRALASIA PRESIDENT