There’s an old joke that goes something like this:
Q. How do you eat an Elephant?
A. One bite at a time
So, how did Michael Teys eat the Strata Management Elephant in the Room in this recent podcast.
Well, he kinda did what the joke says by addressing the problem one issue at a time.
In last week’s The Elephant In The Room Property Podcast, The Most Pressing Issues in Strata Management Michael and the hosts talk about the 2024 Strata Management & Insurance Crisis and the challenges it has highlighted for the strata title sector.
And, they do a pretty good job identifying many of the challenges strata stakeholders are now facing as follows.
Strata Sector Challenges
Outdated and opaque strata management charging models
Lack of disclosure of commissions, relationships and conflicts of interest
Low market rates for strata management charges
The complexity [and stress or unpleasantness] of strata managers’ work
High strata management staff costs
Low education and training levels for strata managers
Strata owner ignorance and apathy
The lack of trust between strata owners and strata managers
The mixed bureaucracies governing the strata sector
The eight different strata law regimes around Australia
The size, value and significance [on GDP, capital asset and human bases] of the strata sector
The confused role of strata suppliers
Vested strata sector interests protecting the [or their] status quo
Greed, plain and simple
A leadership vacuum at the Strata Community Association
A more general leadership vacuum in the strata sector
The challenges of collective decision making
Volunteerism issues
Whistle blowing by insiders and outsiders
The likelihood of more media exposures
The possibility of actions against and consequences for some strata stakeholders
The strange silence from the NSW Strata Commissioner
The ‘knee jerk’ reaction of NSW Fair Trading and its Minister
Political impotence [or irrelevance] of the strata sector
Trivialisation [or demeaning] of strata title issues
In fact, you could use their issues list as a decent checklist of what to address to fix things in the strata sector.
So, very well done Michael, Veronica and Chris.
And, you can listen to the podcast for yourself here.
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