Premium Strata, in partnership with LookUpStrata and Australian Apartment Advocacy (AAA), collectively surveyed 761 apartment owners to gain insights into their perceptions, pain points, and needs. The results deliver a clear message: owners expect more proactive service, communication, and transparency from their strata managers.
Strata Management – The Growing Scope of Services
Today’s strata managers face expanding responsibilities as owners increasingly seek help navigating complex issues like insurance, defect management, compliance, and modern challenges such as short-term rentals and sustainability initiatives. A strata manager’s role now encompasses everything from interpreting by-laws to addressing new lifestyle-driven needs like Airbnb regulations and eco-friendly building improvements.
The survey reveals that the top desire moving forward is for proactive and engaged management. Respondents want strata managers to take a more proactive role by anticipating issues, offering guidance on property maintenance, and advising on building improvements, rather than reacting only when problems arise.
Strata Survey Findings: The Shift in Consumer Expectations
The survey identified key areas for improvement in strata services:
- Enhanced Communication and Responsiveness: 59.1% of respondents emphasised frustrations with slow communication and the lack of timely updates.
- Transparency Beyond Fees: 26.5% of respondents highlighted a need for transparency not only in fees but in decision-making processes and service provider relationships, calling for strata managers to build greater trust.
- Stronger Leadership and Proactivity: 27.2% of respondents expressed a desire for guidance on complex issues and proactive advice, along with visible leadership in managing their properties.
Bridging the Gap: A New Approach to Strata Management
The survey doesn’t only reveal challenges; it points toward solutions. Many owners call for improved guidance and leadership on property improvements, legal advice, and conflict resolution. Leanne Habib, CEO of Premium Strata, explains:
The perception of the strata industry has taken a hit, driven by reports of poor practices across the field. The top priority for clients is clear: enhanced communication and faster response times. I’ve always advocated for reducing strata managers’ portfolio sizes, as a smaller portfolio allows managers to anticipate clients’ needs and deliver with responsiveness and genuine care.
We must also acknowledge that while the scope of strata management services has exponentially increased, pricing has lagged far behind. A 2024 Macquarie Report shows that the price per lot has remained nearly unchanged since 2018 and hasn’t even doubled over the last 18 years, failing to keep pace with inflation.
To deliver the proactive service and leadership that owners now expect – as highlighted in the survey – strata managers need more resources. It’s simple: equal time requires equal investment. Reform is necessary, starting with fair pricing models that support these enhanced service expectations and reflect the expanding scope of responsibilities in a strata manager’s role.
While many strata managers and businesses are doing the right thing, we can’t ignore the need for evolution to better meet growing market demands. Change begins with listening and improving where it matters most, including ensuring that strata management services are properly and fairly priced. This will enable managers to deliver on the increased scope of services now required and expected by owners.
Meeting the Future Head-On
With the rapid growth of strata schemes across Australia and emerging technologies like AI poised to reshape the industry, this survey provides an early look at how strata management can adapt to truly meet today’s demands.
Access the full survey below
Access the full survey results here.
Note: This survey was primarily promoted from 3rd July to 16th August 2024 and was issued via LookUpStrata, Australian Apartment Advocacy, and Premium Strata’s databases as an email link, as well as through social media. The survey provides insights and opinions for informational purposes only and is not a substitute for professional advice.
Leanne Habib
Premium Strata
E: info@premiumstrata.com.au
P: 02 9281 6440
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