Future Trends in the Strata Management Industry
As we inch towards 2024, the Australian strata management industry is on the cusp of important change. Our three panellists Carrie McInerney, the CEO of Horner Management, Talia Rebettes, ASCM Senior Strata Manager at Jamesons, and Jessica Kaye, MRI Software, recently discussed some of the findings from MRI Software’s report “Voice of the Strata Manager”, including trends that indicate a shift towards inclusivity in leadership, steadfast retention, and an emphasis on high-level training, as the sector braces for a significant evolution.
This article delves into the transformative forces reshaping the landscape, such as the rising influence of women in senior roles, the benefits of enhanced retention rates, the imperative for ongoing professional development, the impact of flexible work schedules on mental health, and innovative approaches to owner communication. These factors are converging to redefine the future of strata management in Australia.
More Women in Senior Roles
Talia Rebettes kicked off the conversation by speaking about the importance of having more women in the strata industry, stating “I’d like to see more women in senior roles and having a more female dominated industry.”
As we look towards 2024, the strata management industry in Australia is set for a transformation with an increase in women occupying senior roles. This shift is expected to usher in a wave of progressiveness, with women and younger professionals injecting innovative ideas and a more personal touch to client interactions.
With a natural propensity for embracing technological solutions, these emerging leaders are poised to streamline operations and enhance the efficiency of strata management services. The infusion of their diverse perspectives promises to challenge the status quo and lead the industry towards a more inclusive and dynamic future.
Technology has become such a big part of the strata management industry, with younger generations adopting new ways to optimise their work. You can read more about the benefits of technology for strata managers in our articles The Power of Technology in Your Strata Management Portfolio and Automation: A Game Changer for the Modern Strata Manager.
Higher Retention Rates
The stability of the strata management industry in Australia is reinforced by high retention rates, as highlighted by our report. With only 15% contemplating departure, mostly due to retirement, the industry benefits from the deep expertise and continuity provided by its seasoned practitioners.
This consistency allows for the cultivation of long-term relationships with clients and the accumulation of valuable institutional knowledge, which is critical for the nuanced field of strata management. The retention of experienced strata managers ensures a legacy of quality service and a strong foundation for the industry’s ongoing growth and success.
High Level Training
For the Australian strata management industry to flourish, a commitment to high-level training is essential. The industry is in need of a standardised professional development framework to mitigate the risks posed by underqualified ‘cowboys’.
By adopting rigorous ongoing training, strata managers will stay abreast of legislative changes and maintain a high standard of advice and service. This professional elevation will not only enhance the reputation of the industry but also safeguard clients from erroneous guidance, thereby lifting the calibre of strata management nationwide.
If you’re looking for some easy to digest and informative resources on strata management, then we recommend you start by reading our article Tips for Effective Strata Committee Management: A Guide for Strata Managers.
Flexible Work Weeks
The mental well-being of strata managers is crucial for a sustainable industry. With nearly half reporting job-related mental health issues, the introduction of flexible work arrangements such as work-from-home options and four-day work weeks could be pivotal.
These measures can provide strata managers with the breathing space they need to decompress, promoting a healthier work-life balance. Such flexibility can also reduce the pressure to be perpetually on-call, thereby improving job satisfaction and, in turn, the quality of service provided to clients.
Carrie McInerney stated that “A lot of strata managers are trialling the four-day work week, so we’ll see if that has an effect on their mental load. We have been trialling this at Horner Management and our staff have indicated that having a 4-day week has improved their mental wellness. While there are days they simply cannot take the 5th day off, they do still manage to take some time off during the day to take a break from work that they need.”
If you are a strata manager struggling with your work/life balance, then we recommend you read our article Tips to Avoid Burnout in the Strata Industry.
Communication with Owners
Effective communication with owners is paramount in strata management. As we progress into 2024, there’s an opportunity for strata managers to revolutionise communication channels with committees and owners alike.
Carrie McInerney touched on the benefits of technology for strata management, stating “for me, technology introduced the ease of communications for our owners so they can access things they need.”
By implementing comprehensive communication strategies that engage with the strata committee as a collective and educate new owners, strata managers can foster a more informed and cohesive community. This proactive approach to communication can lead to more harmonious owner relations and a more streamlined decision-making process within the strata community.
MRI Software’s Commitment to Help Strata Management
MRI Software has committed our support to the Respect Pledge, designed to create harmony in the strata industry. The pledge is to foster positive behaviours and leadership that encourages respect on all sides of the strata community.
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