NSW Fair Trading has released a report by consultant John Trowbridge that sets out benchmarks for strata manager and broker charges, assisting consumers in assessing insurance proposals.

The indicative pricing covers small, medium and large properties and considers commission rebate/broker fee arrangements; fee-only arrangements with sharing between the strata manager and broker; and broker fee only, with no sharing.

Fair Trading requested the report to help strata owners and committees assess the fairness and competitiveness of fees and charges included in proposals presented by managers and brokers.

It builds on previous strata sector reports completed by Mr Trowbridge as part of work commissioned by Steadfast. 

The NSW government last week introduced a fourth tranche of strata reforms into parliament. 

Changes include allowing compliance action taken by Fair Trading against an owners’ corporation to be published, so prospective buyers are aware of issues with building repairs and maintenance. 

It also allows the NSW Civil and Administrative Tribunal to terminate an owners’ corporation agreement with a building manager where there is a breach of duties. 

Strata and property services commissioner Angus Abadee says work will continue to ensure benefits of the reform agenda are sustained through fair, transparent and responsive regulation. 

“These changes ensure we have the right rules for strata – backed up with more support from NSW Fair Trading to ensure strata living is fair for all,” he said. 

The Trowbridge broker report is available here.