Body corporate management oversees the management of property owned by a group of people who have mutually agreed to use the building or other property. It is a specialised area of property management.
Strata management is a specialist area of property management.
Strata management is the day-to-day management of a building or complex of buildings owned by a group of owners. Unlike a real estate agent concerned with private property, the manager is involved with common property.
Whether you live in a large apartment complex or a single-family home, your manager is responsible for maintaining and repairing the building and its common areas. Your manager can access local contractors and tradespeople to help you with necessary repairs.
Adelaide body corporate management also helps to market the property. In addition, they are responsible for all upkeep and maintenance of the property, enforcing by-laws and maintaining owners’ records.
Typically, the Property Manager is a licensed professional specialising in managing private or investment properties. They also provide advice on asset management, insurance claims and maintenance.
Unlike a real estate agent, your manager is the person who has the legal authority to make certain decisions. For example, you can ask your manager to pay for levies on behalf of your apartment complex. You can also contact your local tribunal if there is a problem.
The Strata Manager’s role is to oversees a building’s operation, ensuring that it complies with all state and federal laws. They also act as a critical mediator in disputes between residents. In addition, they handle the financial aspects of the building and ensure that all of its levies are paid on time.
Strata managers are well-informed about the various laws that protect the interests of the lot owners. In addition, they are licensed and have a thorough knowledge of the complexities of state-based legislation.
The primary purpose of a Strata Manager is to act in the best interest of the lot owners. In addition, they handle the maintenance and monetary issues of the building cost-effectively.
A general meeting is required for body corporate management.
A corporate body must hold an annual general meeting at least once yearly. It is a chance for all owners to vote on significant issues. Some examples include setting the yearly budget, levy and insurance, and entering into an agreement for services.
Adelaide body corporate management may also hold an extraordinary general meeting, often called a direct meeting. A notice is sent to all owners at least 21 days before the meeting. It must contain a list of motions, supporting documents and explanatory material.
A general meeting is a chance for all lot owners to discuss and vote on important issues. Depending on the type of body corporate, there are various ways to vote. Some allow electronic voting, while others require that you use a voting paper.
The quorum rule states that at least two people must be present to hold a valid General Meeting. In addition, the corporate body must give owners a copy of the AGM minutes within 21 days of the meeting.
A body corporate committee is responsible for managing the corporation’s day-to-day operations. It is made up of a Chairperson, Secretary and Treasurer. The committee must also decide on the annual budget and set each lot’s contribution and levy levels.
A committee can have a maximum of seven members. The committee is responsible for handling general reports, complaints and owner requests. It is also charged with the day-to-day maintenance of the common areas.
Maintaining accurate accounts and records.
Keeping accurate accounting records and ensuring your body corporate has a healthy sinking fund should be top of mind for any self-respecting body corporate scalawag. The most efficient way to achieve this feat is to enlist the services of a competent and qualified accounting firm. It is not as expensive as it sounds, and the rewards are all too real.
A qualified accountant will be happy to make your life a little easier. The biggest challenge is selecting a reputable firm. It pays to do your research first. You might even come across a firm willing to offer a free audit. Having a solid CPA can do wonders for your financial health. A proper accountant will not only be on hand to handle your accounting woes, but they will also be in a better position to recommend a suitable insurance policy should something unfortunate occur.