For many people, a body corporate is an excellent way to enter the property market while avoiding many of the traditional issues connected with home ownership. A body corporate manager is an individual or a group of people that provide management services to your body corporate committee (a group of owners who volunteer to act on behalf of all owners in the body corporate) as they oversee the common area of your building.
As a member of a body corporate, you should be able to focus on enjoying life or reaping the advantages of a rental income (if you’re an investor) while someone else handles the rest. You can use the following duties checklist to help you understand what to anticipate from your manager.
A strata system comes with a lot of documentation. Everything from reports to safety inspections and maintenance work must be carefully documented if all applicable criteria are to be met. As a property owner, you may be needed to review documentation and address relevant issues on occasion, but your owners corporation management Essendon will handle the majority of the paperwork.
A meeting may be necessary whenever concerns must be resolved, advancements must be discussed, or an agreement must be achieved. One of the most important responsibilities of a body corporate or strata management is to ensure that at least an Annual General Meeting and General Meetings are held whenever necessary. This comprises regular meetings held at certain periods during the fiscal year, as well as ad hoc meetings held as needed. These meetings will need to be properly managed to secure the best possible outcomes, and managers will also need to take minutes and save other important paperwork.
It’s a common practice to compare a body corporate to a corporation or some other kind of corporate organization. “Body corporate” This is because their operations are quite comparable to one another. As a consequence of this, a body corporate, much like any other type of commercial corporation, is obligated to maintain accurate accounts and records.
As the owner of the property, this is not something that should fall within your purview, but rather under the supervision of the management. In addition to submitting financial reports and accounting data, the body corporate must guarantee that all applicable rules and legislation are followed. As regulations and legislation change, the manager must stay on top of it, working proactively to ensure deadlines are met and that properties and policies remain compliant.
While they may speak with property owners on this, it is the manager’s responsibility to advise and resource the body corporate to ensure compliance. Strata or body corporate properties will be controlled by regulations (commonly referred to as House Rules or By-Laws) that all property owners and renters must follow.
It is the manager’s responsibility to help create and supervise these regulations, as well as to assist the body corporate committee in enforcing them appropriately. The responsibilities listed above are not exhaustive. Other obligations and criteria particular to your scenario may be included in your management agreement.