The strata industry in New South Wales is booming.
"In the first 40 years 1 million lots were professionally managed; that number doubled in the next twenty years, and is on track to double again in the following ten years," said Tim Mackenzie, National Segment Head of Strata, Macquarie Business.
How can technology be adopted to support the booming industry, enhance sales, increase customer engagement, mitigate risk and create a sustainable future?
More than 100 industry leaders and advisers explored the future of the strata industry at Colin Biggers & Paisley's Property Think Tank in Sydney.
The Property Think Tank Series brings together industry leaders and trusted advisers across the end-to-end property development lifecycle. The forum promotes innovative ideas and opportunities to support the Australian property industry. This year's Sydney Think Tank was supported by CHU Services, Macquarie Bank, RSM and Strata Plus.
Macquarie Bank's latest report into the sector, The strata industry has reached an inflection point. How will you plot a new trajectory of sustainable and profitable growth, highlights that the outlook for the industry is strong as overall revenue continues to increase however like any industry there are some challenges that need to be addressed including the indication that profit margins are declining.
The discussion at the Think Tank revolved around how technology is driving the industry and if leveraged correctly can significantly help businesses increase sales, meet customer expectations and improve efficiency. There are plenty of ways in which businesses can adopt and use the technology available and there were some insightful and compelling examples provided by the expert panellists.
The discussion was led by panellists Tim MacKenzie, National Segment Head of Strata, Macquarie Business Banking, Chris Frazer, General Manager at CHU Services, Danny Crane, Chief Operating Officer at StrataSphere Software, Susan Hancock, Developer Services Manager at Strata Plus and moderated by Brendan Maier, property and development partner at Colin Biggers & Paisley.
Brendan Maier commented:
"For me one of the great attractions of strata living is it generally provides people with more in terms of location, security, shared facilities and purchasing power. It was great hearing from our panel how professionally Australian strata schemes are managed and how developers, insurers and government are using technology to secure this reputation."
Chris Frazer commented:
Technology can have a real impact in reducing costs by removing inefficiencies in management and repair issues. Virtual building inspection with AI learning will save money, time and the environment from unnecessary carbon."
Tim Mackenzie commented:
"Strata living is all about the ease of living and communication plays a huge role. Using technology and focusing on human centred design approach is critical when looking to the future of strata."
Danny Crane commented:
"There is enormous opportunity in using technology in business and management areas of strata, for example using IOT sensors to gain a better idea of the utilisation of spaces in a building."
Susan Hancock commented:
"Education is critical when transferring lots from construction to owners. Technology that provides automatic translation to assist buyers to understand what they are buying into will reduce distrust between owners and strata managers and result in a more positive experience."
The final Property Think Tank for the year will be held in Melbourne on Wednesday 23 August, where our expert panel will discuss the topic of 'Road to recovery? Navigating current challenges and opportunities facing the property industry'. If you would like to attend, please contact firstname.lastname@example.org.
This is commentary published by Colin Biggers & Paisley for general information purposes only. This should not be relied on as specific advice. You should seek your own legal and other advice for any question, or for any specific situation or proposal, before making any final decision. The content also is subject to change. A person listed may not be admitted as a lawyer in all States and Territories. © Colin Biggers & Paisley, Australia 2024.