What To Expect From Your Body Corporate Management?
A body corporate can be described as a legal entity that is made up of all the lot owners that exist in a complex. They are normally governed by their own by-laws and legislation. Body corporate management has many responsibilities, the notables are collecting levies, paying bills, affecting insurance, keeping records, convening meetings and writing the minutes. A good body corporate manager is the most important personnel in body corporate management because he or she is the super glue that binds the entire strata community together. These managers work hand in hand with the committee. It is for this reason that the selection process of a body corporate manager should be done with a very high level of diligence. If a good professional is hired, then you will know what to expect when getting body corporate management.
Body corporate manager
Some of the qualities of a good body corporate manager are empathy, compassion and a good understanding of various perspectives concerning the sharing of common property. They must have a mind that is orderly and logical. The individual should have an excellent working knowledge of best practice and law of body corporate management. It is also important for a body corporate manager to be able to tell right from wrong.
These qualities are not exhaustive, but they touch on the main ones.
Body corporate management
The following are the primary services that are provided by body corporate management:
The administrative services of body corporate management are as follows:
- Facilitating the process of dispute resolution between property owners.
- The preparation of pre-contract notices or pre-settlement disclosure notices.
- It advises all clients on body corporate issues.
- Properly maintains available records and handles all communications.
- Convenes annual general meetings and even distributes the respective minutes.
Body corporate management has a number of financial obligations, the primary ones include:
- Providing reliable trust account facilities for the purpose of performing financial transactions.
- Handling processes that involve insurance claims and this includes dealing with insurers and loss adjusters.
- Paying insurance premiums and also lodging any claim.
- Arranging for insurance after the receipt of quotations. These are then presented to members of body corporate.
- Organizing for the preparation of all annual insurance valuations.
- Preparing feasible annual budgets.
- Preparation and distribution of financial reports and statements.
- Preparation of invoices, collection of levies and making payment to accounts.
Maintenance obligations of body corporate management comprise of the following:
- Making sure that all assets are properly maintained.
- Negotiating as well as managing service contracts.
- Obtaining quotes and arranging work via independent contractors.
- Organizing for long-term maintenance plans and their respective budgets.
- Organizing all maintenance services.
The information above is some of the things to expect when getting body corporate management. It should be noted that they are not exhaustive.
The body corporate manager should have a good relationship with the committee for the entire body corporate management to succeed in its obligations. They should work in tandem to provide some practical guidance on the best way to operate.