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Why asset performance?
Asset performance has a direct impact on how value is perceived. For example, real estate agents adopt benchmarks for levies which impact sales; new buyers will discount an old property if it’s overly expense to maintain; banks will reject mortgage applications when there are defects evident; and, insurance quotes for old buildings are increasingly being declined or becoming very expensive.
The purpose of this website is to build a narrative for 13 Manning Road around asset performance. Old buildings are perceived as decrepit, deliver a sub-standard living environment and are expensive to maintain and upgrade. These perceptions are often misplaced. Targeted engineering solutions to old buildings can not only enhance the building’s performance to match the standards applied to modern structures, but also maintain a charm beyond the reach of any new build.
Does strata include asset performance?
Unfortunately, the Strata Schemes Management Act is not a performance standard. It provides no performance indicators, benchmarks or governance standards against which current and future owners can measure the performance of an asset. The Act only provides the basic rules for shared ownership as a form of lowest common denominator. International standards for asset management exist but these are beyond the scope of this initiative. Likewise, governance standards exist for corporations but these have yet to be adapted for the oversight role within strata schemes. Asset performance is therefore not a requirement placed on any owners corporation and will only happen through the proactive behaviour of owners.