WRITTEN BY VANTAGE STRATA, SEPTEMBER 2024
Executive Summary
Exploring the untapped potential within Australia’s strata communities to utilise collective buying power, enhancing cost efficiency, service delivery, and resident experience. With strata living becoming more prevalent, the industry faces increasing scrutiny over transparency, complex ownership structures, and rising management costs. Strata managers are uniquely positioned to address these challenges through innovative, transparent, and sustainable practices.
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Key Insights
- Collective Buying Power:
- Coordinated purchasing for essential services (e.g., air conditioning maintenance, smoke detector checks) can lead to significant cost savings and operational efficiencies.
- Future-focused investments in technology (e.g., intelligent parcel lockers, energy-efficient appliances) can improve resident convenience, sustainability, and property value.
- Technological Integration:
- Mobile apps and cloud-based solutions centralise service management, streamline communication, and enhance accessibility for residents.
- Sustainability and Energy Efficiency:
- Bulk utility supply and shared investments in solar energy systems can lower costs and support sustainable living practices.
- Evolving Revenue Models:
- With traditional income sources, such as insurance commissions, under scrutiny, strata managers must innovate with “behind-the-door” services. These services address individual resident needs while creating additional revenue streams.
Strategic Recommendations
- Strata managers should actively promote collective purchasing to maximise resource utilisation and savings.
- Embrace digital transformation to streamline service coordination and foster community engagement.
- Integrate sustainable practices, leveraging government incentives to offset investment costs.
- Focus on transparent and value-driven offerings to rebuild trust and align stakeholder interests.
By leveraging collective buying power and adopting a forward-thinking approach, strata communities can transform shared living spaces into models of efficiency, collaboration, and sustainability, setting new standards for urban living.