Get Updated on What’s Happening with Strata

SCA has gathered some of the most interesting themes within the strata industry over the past few months, which have been both positively and negatively effecting the Strata industry, and the tenants/owners of the Strata properties.

AI in Strata

Artificial intelligence is being used within the strata industry, and is revolutionising property management. AI is being used to automate various tasks such as streamlining AGM’s (annual general meetings) through automation of scheduling, sending reminders and generating minute actions.

AI is also being used to forecast maintenance needs, allowing for a proactive approach rather than a reactive one which can sometimes lead to costly repairs. Invoicing and financial tracking and analysis is another aspect that AI can help with. Although AI is definitely something to consider in our ever evolving world, there are still a myriad of challenges and considerations that come with the integration of AI.

Building Defects

Building defects still remain a significant issue within the industry, ranging from minor defects such as poor paintwork to major structural problems such as water ingress and faulty cladding. The financial impact of addressing these defects can be substantial, costing strata communities time, money and hardship.

To address these issues as best possible, the government has introduced initiatives such as building bonds and cladding replacement programs although due to low take ups in some areas, these initiatives are not being carried out to the full intended extent.

To read more about the most recent industry issues, visit the link below.

Industry Issues