Most people are often confused about what responsibilities fall under body corporate management. The body corporate management should be specific about their duties and responsibilities. This article will explore the specific responsibilities associated with body corporate management. But let’s begin by defining body corporate management.
Body corporate management, also known as Strata management, is an expertise area of property management. It involves the daily operation and management of a property assigned by owners. Body corporate management involves common areas, many units, as well as shared facilities.
Depending on the property size, there may be loads of work involved when running the administrative tasks in an effective and timely way. It’s the job of a corporate body manager to ensure that the corporation is run in line with the ever-changing and complex requirements of the law, and they are experts in this field. These managerial abilities relieve property owners from the stress of the many pitfalls of real estate management - no risk, no stress, no time-wasting.
Now, let’s learn about some of the responsibilities of body corporate managers and see how they’re making property ownership an easy affair.
Every lot owner would like their asset value to be well maintained and increase over time.
The body corporate management should be responsible for property’s building, insurance, utility bills payments, and regular repairs and maintenance.
To meet the costs of the said expenses, the owners’ corporation should develop a sinking fund and an administrative fund to increase levies from the owners.
Additionally, late levy payments may cause delays in vital maintenance, projects, and repairs, resulting in dire consequences for everybody.
Effective levies collection, responsible cost management, and correct accounting are essential for every Body Corporate.
Community management involves maintaining peace in a community living close to each other. They mainly observe a set of rules called the Body Corporate by-laws.
These laws are made to protect communal assets common areas and maintain peace. A body corporate can make their own or structure them from the standard by-laws set out by the Qld Government.
The management is in charge of corresponding with the owners regarding property maintenance problems, notice for meetings, periodic levies, and any other information about the property.
They should handle any correspondence concerning the property, like questions asked by a tenant. Likewise, potential property buyers should handle any queries.
Aside from ensuring that the property is insured, the management handles any insurance claims and monitors the receipt of funds.
The management is also responsible for the arranging of general meetings, annual general meetings, and executive committee meetings. The minutes of every meeting, the motions passed, and the agendas discussed should be taken and kept.
Regardless of the size of the property, Australia has numerous laws and regulations that property owners require to abide by.
The laws include fire and lift safety certifications. It is the management’s responsibility to research pertinent laws and regulations. This ensures that the property is compliant.
The management should facilitate essential evaluations and make sure that the required amenities and services are accessible to the residents.
It’s the management’s role to ensure that people occupying the property are living comfortably.
The property should be kept completely functional and operating in its uppermost condition. Failing to do property maintenance may bring about serious consequences.
The body corporate management should ensure harmony among all owners. It is their duty to:
Every interest of the parties involved in the lease should be considered when making any decisions.
A trustworthy body corporate management services company is the most excellent body to run such a complex.
Body corporate management services play a key role in managing everyday property affairs with many units owned by diverse investors.
They are very specialized in the sector of property management. So, for example, if you have an apartment, or many apartments, in an apartment complex, you're required to uses body corporate management services to manage the tenants’ requirements.
Body corporate management relieves individual owners of the stress related to property ownership. From policy valuations, correspondence, reporting, advising, and many other responsibilities, these professionals ensure that owners enjoy the fruits of their investment with an assurance that their property is in good caring hands. If you need body corporate management, Capital Strata is your reputable and licensed company to talk to. To experience the difference, we can bring to your property investment life, reach out to our experts at (02) 6258 5979 or fill out our short online form today.