A New Word For Strata

By February 27, 2012 Uncategorized No Comments

As a few weeks of heavy speaking commitments on work health and safety come to an end, I have invented a new word to describe how people in strataland are feeling. The word is ‘stratatired’. It means fatigued or overwhelmed by the mere thought of more compliance work for strata titled property owners and managers.

Things really have reached an absurd point. Not only are there strata laws to be complied with but there is also work, health and safety, discrimination and privacy, just to mention a few. Properly understood no one would assume the responsibilities of serving their committee. I doubt this burden was intended when strata laws were first passed 50 years ago.

In other fields where the burden of compliance has grown proportionately, new professions have emerged to deal with the work. Compliance officers and risk management professionals abound in banks, insurance companies and the financial services sector. Money has been found to pay for these services because the price for various financial products has risen.

In the strata world, the price has stayed the same (modest management fees and no fees at all for committees) but the compliance load has risen immeasurably. Something has to give. The only thing we should be contemplating in this latest round of strata law reform is this; ‘How do we make it easier for owners and managers to do the right thing?’

Any other considerations should be put aside until some common sense prevails.

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