May 1, 2023Blogs

The Savings Strata-lution: Strata-Savvy Strategies To Navigate High Cost of Living

In today’s world, the high cost of living has become a common issue that affects many people. This challenge has made it harder for individuals and families to enjoy the benefits of a comfortable and convenient lifestyle. Fortunately, strata living is a solution that can help people navigate the high cost of living by offering a community-focused way of life and shared spaces. Strata living provides residents with shared resources such as amenities, services, and facilities which help to cut down individual expenses and maximise lifestyle benefits.

Navigating strata living can be a daunting task without the right guidance from a professional strata management provider. Well, Bright & Duggan has the “Strata-lution”. Using our Strata-lutions, strata-savvy strategies, that maximise the distribution, and consumption of resources we aim to help individuals of strata-living overcome the challenges of high costs of living while still enjoying the benefits of a community-focused lifestyle.

But our Strata-lutions aren’t just about saving money. It’s about creating a better quality of life for you and your community. By working together with your strata management company, you can create a more sustainable and enjoyable community environment that meets your evolving needs. So, if you’re ready to take control of your strata-living experience and start enjoying the benefits of the strata-savvy strategies included below, it’s time to embrace Strata-lution.


Monitoring Levy Payment: Value-Driven Strata Levies for a Stress-Free Property Ownership Experience.


The first step towards a stress-free strata experience is understanding the value of levy payments. These payments can cover the expenses of maintaining and improving the common areas, including but not limited to insurance, commos services including power and water, gardens, cleaning, lifts, and security systems. The timely payment of these levies helps to ensure that the property remains in good condition, enhancing its overall value. It is crucial to have an effective quality and levy monitoring system in place. This system should include regular reminders to owners or agents about levy payments and any overdue amounts. The strata management provider should also keep residents informed about the budget, upcoming maintenance or repair requirements, and any significant proposed changes to the levies. This ensures that residents are aware of their financial obligations and can plan accordingly.

Another aspect of a value-driven strata levy review is ensuring that the levies are fair and reasonable. Bright & Duggan effectively review individual levies on an ongoing basis to ensure they are in line with the property’s needs and are not placing undue financial burden on residents. This can be a challenging exercise to balance the need to maintain the property adequately and ensure compliance, with a sensitivity to cost of living pressures. As a result, by understanding the value of levy payments, implementing an effective payment monitoring system, ensuring effective communication, and reviewing levies regularly, individuals can ensure their investment is safeguarded and protected. This results in a well-maintained property that increases in value, providing a stress-free and more enjoyable strata living experience.


Safeguarding Your Investment: Strategic Claims Processes and Reducing Insurance Premium Costs.


As a strata manager, it’s one of the essential roles to ensure adequate insurance coverage to meet minimum compulsory strata insurance and to protect against unexpected events including water ingress from weather events, fire, damage, or other natural disasters. This means reviewing insurance policies regularly to ensure that they cover the property and common areas adequately. It’s also important to ensure that the coverage is up to date and reflects any changes in the property or its use.

To maintain adequate coverage, strata managers need to manage claims effectively. Prompt and accurate reporting of claims is crucial to minimising the impact on premiums and ensuring that the scheme can mitigate any losses. Late or incomplete claims can result in increased premiums or even denial of coverage.

To further reduce insurance premiums, strata managers can implement risk management strategies. This involves identifying potential risks and hazards, such as common property maintenance and hazardous areas, and taking steps to address them. This can include regular inspections of the property and common areas, as well as the implementation of safety protocols and risk management plans

Finally, strata managers within communities can negotiate bulk renewals with insurance providers to secure lower premiums for the entire community. By pooling resources and aligning renewal dates, strata owners and residents can benefit from discounted rates and reduced administrative costs. This requires careful negotiation and collaboration between the strata manager and insurance provider, that can result in significant cost savings and efficiency for the community.


Powering Up Your Savings: Innovative Solutions for Reducing Power Bill Expenses.


As electricity prices continue to rise, it’s becoming more important for strata communities to find innovative solutions to reduce their power bill expenses. According to the Australian Energy Regulator, electricity prices in Australia have increased by around 40% in the past decade. Strata managers can help by supporting the review of initiatives to reduce energy consumption and save residents money on their utility bills by implementing energy-efficient measures such as installing LED lighting, upgrading heating and cooling systems, or switching to smart technology.

Implementing energy-efficient measures can not only save residents money on their utility bills but also contribute to a more sustainable and environmentally conscious community. One of the most effective energy-efficient measures that strata managers can implement is upgrading lighting systems to LED bulbs. LED bulbs consume up to 80% less energy than traditional bulbs and have a much longer lifespan, resulting in significant cost savings over time. Additionally, LED bulbs emit less heat, making them safer and more comfortable to use.

Another energy-efficient measure that strata managers can consider is upgrading heating and cooling systems. Older systems can be inefficient and consume a significant amount of energy, resulting in high utility bills plus, their industry experience and large purchasing power can result in larger savings per property. Similarly, implementing smart technologies can also reduce energy consumption in strata communities. Motion-sensor lighting and smart thermostats can automatically adjust settings based on occupancy and environmental conditions, resulting in less energy usage and cost savings.
Finally, at Bright & Duggan we constantly review utility contacts for the best value and will ensure the lowest available rates and charges are leveraged from our significant portfolio influence to deliver real savings.


Maximising Your Maintenance Budget: Regulated Contractor Maintenance Charges for Efficient Property Management.

Consistent and budgeted strata common property maintenance can provide several benefits to strata communities. Strata management providers, such as Bright & Duggan, can ensure that only qualified and licensed contractors are employed to carry out maintenance work, reducing the risk of inexperienced workmanship or safety hazards occur. Additionally, regulated maintenance management provides transparency in pricing, helping to prevent overcharging or price scoring by contractors.

Another way to maximise your maintenance budget is to prioritise preventive maintenance over reactive repairs. Preventive maintenance includes tasks such as routine inspections and maintenance tasks, while reactive maintenance involves addressing problems only after they occur. Prioritising preventive maintenance can help identify and address potential issues before they become more costly and time-consuming to fix.

It’s also important to have a planned maintenance schedule in place. This schedule should include regular maintenance tasks and inspections of all common areas of the property, including the roof, plumbing, electrical systems, and building structure. Regular inspections are also essential for maximising your maintenance budget. These inspections can identify potential maintenance issues before they become costly problems, saving residents money in the long run. By having a planned maintenance schedule, residents can avoid costly emergency repairs and ensure that the property is well-maintained year-round.

Future-Proofing Your Property: Exploring Sustainable Upgrades for Efficient and Cost-Effective Property Management.


For good reason, there has been a greater emphasis on sustainability in recent years. It is not only beneficial to the environment, but it also increases the value of strata properties and reduces ongoing costs. Sustainable buildings have a lower environmental effect, which is becoming more essential to prospective purchasers. Strata homes with ecologically friendly features such as rainwater collection and solar panels may drastically lower their carbon footprint. This may be a significant selling feature for environmentally aware purchasers who are ready to pay a premium for residences that reflect their ideals.

Likewise, sustainable strata properties have lower operating costs. Buildings that implement energy-efficient measures and use renewable energy sources can reduce utility bills significantly. This, in turn, can result in lower maintenance fees for strata owners, making these properties more attractive to potential buyers. Furthermore, sustainability measures can also enhance the overall living experience of residents. Features like green roofs, community gardens, and recycling facilities provide residents with access to natural environments and promote a sense of community. This can increase the perceived value of a strata property and make it a more desirable place to live.

Finally, sustainable properties are future-proof. With the world becoming increasingly aware of the importance of sustainability, properties that meet these standards are likely to become more valuable over time. By investing in sustainable strata properties, owners can future-proof their investments and ensure they hold their value for years to come.

FREE Financial Health Check With Bright & Duggan:


Strata living has become a popular solution to help people navigate the high cost of living while enjoying the benefits of a community-focused way of life. However, managing a strata building can be a challenging task without the right guidance from a professional strata management provider. At Bright & Duggan, we pride ourselves on being leaders and innovators in the strata management industry. Our expertise in best practices and innovative solutions can help you save money and maximise your resources. We invite you to take control of your strata-living experience and let us work together to create a better future for strata-living.