In today’s fast-paced world, consumers increasingly demand more value for lower costs and quicker service. This trend extends to strata building management, which faces unique challenges due to the need for uncompromising attention to detail. With the world’s growing population, the demand for strata-titled properties in Australia and around the globe has raised concerns about building-related issues that often make headlines.
In Australia, a significant portion of the population lives in strata buildings, with over 356,000 strata schemes valued at approximately $1.3 trillion. Each Australian state and territory, along with New Zealand, experienced growth in strata lots over the last two years with more than 200,000 new lots (units, townhouses, etc.) Given that our homes are among the most valuable and important assets we own, it’s essential to adopt proactive approaches to address today’s challenges and prepare for tomorrow’s. While traditional methods have their merits, it’s equally crucial to embrace new technologies and adopt innovative strategies.
Strata building considerations
Incorporating technology and innovation into strata building management can revolutionise how data is collected and utilised. When managing strata buildings, several key factors need to be considered:
- Day-to-day running expenses
- Defect identification and remediation
- Placement and the rising cost of insurance
- Capital works and maintenance plans
- Environmental factors, such as the increasing cost of energy
- The financial implications of all the above
To address these challenges and promote societal change, environmental sustainability, and the construction of safer, higher-quality buildings, Sedgwick is now utilising one of the most advanced artificial intelligence (AI) solutions for the strata market. This innovative solution focuses on identifying issues and defects in building façades.
Artificial intelligence (AI)
No matter the age of the building, a digitalised commercial building façade survey and assessment system can help owners pinpoint underlying issues and the necessary remedial actions. AI technology not only identifies defects but also classifies and digitally represents them, all while offering a more cost-effective and accurate solution compared to traditional building inspections. After capturing façade images, the system provides geotagged images in both white light and the thermal spectrum for algorithmic analysis. The resulting data is presented in a detailed yet user-friendly report, which can be used by owners and other stakeholders.
For newer buildings still within their defect liability or warranty period, AI technology ensures early detection and management of issues, allowing builders sufficient time to rectify them. In the case of older buildings, it offers insights into underlying issues — such as water ingress, concrete spalling and structural cracking — that, if left unaddressed, could lead to further deterioration and increased remedial repair costs. Owner corporations and body corporates can then implement maintenance regimes and prepare budgets for capital works programs, facilitating insurance considerations and maintaining the building’s value for future sale or investment.
It’s inevitable that buildings will require remedial repairs over time, but the way these issues are handled makes the most significant impact. By embracing an alternative approach driven by innovative thinking and supported by technology, strata communities can enjoy the holistic benefits of higher-quality buildings. This approach gives consumers a voice, encourages behavioural change, and provides financial security.
The demands of modern consumers for efficiency and cost-effectiveness have led to a re-evaluation of how strata buildings are managed. Innovations in technology, such as artificial intelligence, are offering solutions to long-standing challenges. By proactively addressing these issues and adopting forward-thinking approaches, strata communities can ensure the longevity, quality, and value of their buildings. Sedgwick’s AI technology inclusion represents a step in the right direction toward building a sustainable and prosperous future for strata-titled properties.
Building consultancy services
For two decades, Sedgwick has been at the forefront of providing expert building consultancy services. As the largest home warranty consultancy specialist team in Australia, Sedgwick has extensive expertise in forensic building consultancy, preparation of scopes of work, tender management processes, construction risk management, and most recently, delivery of technical inspection services (TIS) for resilience insurance’s defect liability insurance. Our specialisation lies in managing remediation work within residential, multi-storey residential and mixed-use strata complexes.
Learn more > Explore the strata process and how we can help here or contact me at [email protected].