Transparency: The Key to Building Trust in Strata Management
Recent transparency concerns have shaken the strata management industry in New South Wales, with reports of undisclosed commissions prompting an independent inquiry. In response, the Minister for Fair Trading, Anoulack Chanthivong, announced reforms aimed at addressing these transparency issues.
While the controversy originated in NSW, it highlights a broader challenge for the strata industry across the Asia-Pacific region. Limited onsite presence and misunderstandings about strata managers’ responsibilities often lead to communication gaps and trust issues.
Why Transparency Matters
Financial transparency is essential for strata property owners. Clear communication about fees, commissions, and accessible financial records ensures owners understand how their funds are managed. OCX prioritises transparent business practices with no hidden costs, commissions, or other benefits received. Our management fee is simply our fee.
Technology as a Solution
OCX also utilises the Urbanise Strata platform, which helps bridge the transparency gap by providing real-time access to financial data and tracking manager activities to all our clients. This level of visibility reassures owners, reduces disputes, and strengthens trust. Features like live financial updates, self-service portals, and virtual meeting tools streamline communication and enhance accountability.