5 Worldwide Strata Trends That Present Opportunities

The current call for professionalisation of strata management comes at a difficult time for those involved in multi-owned property management worldwide.

In a speech for the strata management chapter of the REINSW I recently outlined 5 world trends I have observed in my work here and overseas that are making it harder for strata managers to do their jobs. But all problems come with opportunity for those willing to take them head-on.

 Here are the 5 trends I spoke about:

1. Owners resistance to fund and undertake repair and maintenance. Literally people are dying from buildings in disrepair. 
2. Aging buildings. Buildings, like humans, need money spent on them as they age.
3. Building defects and unsafe products – this includes a lack of building product information transparency <see here for a research paper by Dr. Nicole Johnston and I on this topic> 
4. Increasingly complex regulatory reform of strata management and building safety laws.
5. Environmentalism including renewal and redevelopment of existing building stock, sustainability retrofits, net zero targets and managing lithium-ion batteries in strata buildings. 

The great opportunity that arises from these trends is to become a specialist in one or more of these areas. Legitimate specialists demonstrate and deliver real value to clients and command greater fees. I think it takes 2 years of applied study to legitimately claim specialist knowledge in any endeavour, and this can be self-taught. 

Specialisation in strata management is wide open and fortune will favour the brave, and the first movers. 

If you would like to learn more about my thoughts on profiting from strata professionalisation, watch the video of my speech. I also cover –

• The pathway to professionalism for strata management. 
• Things that professionals don’t do (but strata managers do)