Strata & Community Living Summer 2022
2022 Summer Edition
A New Hub for Strata Information
Improving Profitability in Strata
Be Alert and Ready – La Nina is Here
Security Access Control Systems and Fobs
What Do I Own and What Is Common Property?
A New Hub for Strata Information
The Strata Hub will offer a central point for strata schemes to report key information each year, along with a range of education resources and information to support strata communities. It will also provide access to the digitised Strata Building Bond & Inspection Scheme (SBBIS) for newly constructed strata developments to identify and fix early building defects.
To find out more about The Strata Hub, visit www.haveyoursay.nsw.gov.au/access-strata-information
Improving Profitability in Strata
The strata industry has seen steady growth over the last two decades, without a need to evolve business models. However, the pressure to find talent is intensifying – and it’s impacting profit.
“From speaking with our strata clients, we hear that the average profitability in the industry is down, yet higher performing firms are able to achieve higher margins,” Macquarie Business Banking’s National Head of Strata, Tim MacKenzie explains.
Be Alert and Ready – La Nina is Here
La Niña can bring higher rainfall, tropical cyclones and gale force winds, causing devastating damage and severe flooding to properties. This weather phenomenon could impact across much of Australia, affecting many communities, including strata properties.
If you are a strata property owner it’s vital you ensure you’ve done everything possible to mitigate any damage that may come about from La Niña. It’s also good practice to display the local state emergency services number in common areas so that residents can call for help in the event of a major event.
Security Access Control Systems and Fobs
The use of security fobs and cards to access strata buildings has significantly increased over the last 10 years. Residents of modern apartment buildings expect to live in a secure environment with keyless access and will often pay premium rates to live in this type of building. And while the technology is available to provide secure and protected buildings, it’s really important that these electronic systems are installed correctly and well managed by the Security Company, Owners Corporation, and Strata Manager.
What Do I Own and What Is Common Property?
The important question of who owns what needs to be established, as the answer will dictate how a strata scheme is correctly managed and who is responsible for what parts of a strata scheme. Common property is the responsibility of the owners corporation, and Lot property is the responsibility of the lot owner.
There is no ‘one size fits all’ answer so if in doubt, ask an expert to work it out.
