Strata Managers, like managers in any Australian business sector, need to be very aware of internet usage and how it is changing the landscape of how the average Australian is using it – especially in regard to carrying out financial transactions.
The Australian Bureau of Statistics tells us that by the end of 2011, there were 10.9 million internet subscribers in Australia – household subscriptions accounted for 80% of this total. In short, internet usage is now heavily engrained within our society.
Of the 13 million people plus who accessed the internet at home in 2010-11, the top activity, predictably, was emailing (915); the second accessing news, research and general browsing (87%0; and the third was paying bills online or online banking (64%).
How exactly can strata managers benefit from the internet and new related technologies? There is no doubt that administrative time can be greatly reduced using online services that encourage self-service by lot owners. Owners will also appreciate the convenience of accessing documents or reports like financial statements, insurance schedules, and minutes of committee meetings online, at any time they like – event via their mobile devices.
One of our larger clients recently promoted these types of online services and had an overwhelming response within the first month. A total of 729 reports and documents were downloaded which represented about 7% of their total lots under management. Assuming that each request has been made by phone or email this would have equated to almost a full week of effort to fulfil. And that doesn’t account for the savings made in postage costs.
Strata managers can also build loyalty and appreciation of their services by featuring photos and news specific to their strata plans. Strata living is very much about community living – so a strata plan specific page on your owners portal could carry photos and details of the committee members, carry its own ‘News Bulletin’, welcome new residents, as well as communicating your brand values and commitment to service. When residents login they can be addressed by name, personalising and better cementing your relationship with clients.
Our figures also show that almost 60% or all owners make their levy payments over the internet – everyone recognises that convenience is one of the major factors influencing this. Having an owners portal that not only gives the current outstanding balance owed by the owner but also enables a quick on quick payment is a major plus.
Moral of the story? The landscape is shifting and we as an industry need to rise to the challenge. Our owners and committee member's demands continue to increase and it is vital that we can meet these demands in an efficient and effective manner. These types of technologies are here right now to enable your business to not only meet these challenges but to create a competitive edge.
Visit www.stratamax.com to learn how you can take advantage of technology in your business.
By Daniel Borin: Group Sales Manager - StrataMax
Back to News Home