Building Better Asset Management Practices in Strata

DON'T OVERLOOK CRITICAL SYSTEMS

Across the strata industry, the management of physical assets has not advanced as quickly as other areas such as finance or administration. Many strata schemes still have limited visibility over the condition and maintenance needs of their plant and equipment. This often results in reactive maintenance, higher costs, and avoidable compliance risks.

A well structured asset register is the foundation of effective building management. Rather than being a simple list of items, a comprehensive register should outline all key assets, such as air-conditioning systems, fire protection equipment, lifts, and exhaust fans, along with their maintenance schedules, servicing history, and contractor details. The most efficient registers also provide automated reminders for when inspections or servicing are due, reducing administrative work for the strata manager.

Having clear service agreements attached to the register allows trades to access the building safely and efficiently, even outside normal working hours. This approach ensures essential equipment is maintained on schedule and prevents minor issues from escalating into costly failures.

In BCI WA's experience, certain assets such as air-conditioning systems and carbon monoxide monitoring equipment are often overlooked. These omissions can expose the council of owners to legal and safety liabilities if failures occur. As buildings become more complex, having a clear framework for asset management becomes increasingly important for compliance and safety.

By maintaining an accurate and up-to-date asset register, strata managers can minimise management fees, plan ahead for maintenance budgets, and provide transparency to owners. Ultimately, proactive asset management supports safer, more reliable, and more sustainable buildings, benefitting both residents and the professionals who manage them.

This article is bout to you by SCA (WA) sponsor BCI.