Strategy In Strata
A strategy is a plan of action designed to achieve a long term aim. The long term aim in any strata scheme would have to be to protect and increase the investment for all owners and to have a community that is a desirable place to live – wouldn’t it?
So why don’t more strata schemes have strategies in place? Because the owners on the committee are volunteers and in many instances they have been coaxed in to being on the committee. Let’s face it, there is no glory and there is no reward for being on the committee. Like most of us, the committee members are time poor and generally reactive to situations as they arise.
Here’s where strata managers may add value and have influence. Strategic plans for your strata schemes.
Strategy typically involves formulating and then implementing a plan. Don’t forget the implementing part, it’s surprising how often a strategic plan is formulated but the steps required to implement the plan are never taken.
What should a strategic plan for a strata scheme include? Considering the long term goal is to protect and increase the value of the investment, maintenance and improvements would have to be a key feature of any strategic plan. What improvements and maintenance will need to be carried out to the building and common facilities in the future to assist in competing against newer developments.
Then there is desirability and liveability, what makes a strata scheme a place that everyone wants to live in? When I tell some people I own and live in an apartment they cringe, they ask about noise, pets, parking, by-laws and the like. Strata schemes have reputations, some good and some bad. Word gets around town if somewhere is not a pleasant place to live. Strategies can combat this. If everyone knows what is and isn’t accepted and exactly how issues will be dealt with, there is a sense of confidence that this will be a great place to live.
Setting strategies with your committees and where practical communicating those to owners and residents, can influence future behaviour and save everyone, including the strata manager, a lot of grief.
Contact Strata Influence to learn how we share our knowledge to help you to influence your clients with strategic plans.