For many homeowners, apartment complexes, or other types of developments, there is a need to manage the building and its shared facilities. This is where body corporate management comes in. Body corporate management is a form of property management that ensures the smooth running of a development by taking care of administrative tasks such as rectifying complaints from tenants and dealing with insurance claims. In this article, we will provide a comprehensive guide on how body corporate management works and why it’s important for any development to have an effective body corporate manager in place. Read on to find out more!
What is Body Corporate Management?
Body corporate management is the process of governing and maintaining common property in a strata scheme. This includes everything from financial planning and record-keeping to organising repairs and maintenance.
The body corporate is responsible for managing the common property on behalf of all the owners in the strata scheme. This means that they need to have a good understanding of the legislation that applies to strata schemes, as well as the day-to-day running of the property.
A body corporate manager is usually appointed by the owners corporation. They can be an individual, company or organisation. The manager is responsible for carrying out the decisions of the owners corporation, and they report back to them on a regular basis.
The body corporate manager should have a good working knowledge of:
The Strata Schemes Management Act 2015 (the Act)
The Strata Schemes Management Regulation 2016 (the Regulation)
The model rules for strata schemes
The by-laws for your particular strata scheme
Any other relevant legislation that applies to your situation
They should also be familiar with:
How to run meetings
How to keep financial records
Strata insurance requirements
and be able to provide advice on:
Maintenance and repairs
Body corporate management can seem like a daunting task, but it is essential for keeping a strata scheme running smoothly. A good body corporate manager will make sure that all the necessary paperwork is
What Does a Body Corporate Manager Do?
A Body Corporate Manager is responsible for the overall management of a body corporate. This includes managing finances, property maintenance, and providing support to owners and residents.
Body Corporate Managers play an important role in ensuring that a body corporate runs smoothly and efficiently. They are responsible for keeping track of finances, maintaining property, and providing support to owners and residents. By doing so, they help to ensure that the body corporate is able to function properly and meet the needs of its members.
The Different Types of Body Corporate Management
Body corporate management covers a wide range of services, from managing the common property to providing support and advice to owners. Here we take a look at the different types of body corporate management services available:
-Common Property Management: This type of body corporate management covers the day-to-day upkeep of common areas, such as gardens, pools and gyms. It also includes maintaining common facilities, such as lifts and air conditioning units.
-Financial Management: Financial management covers everything from preparing the annual budget to collecting owner contributions and paying bills. This type of body corporate management is essential for keeping the strata scheme running smoothly and ensuring that owners are up-to-date with their financial obligations.
-Administrative Management: Administrative management covers a range of tasks, from preparing meeting minutes to dealing with enquiries from owners. This type of body corporate management is important for ensuring that the strata scheme is run efficiently and effectively.
-Strata Title Conversion: If you’re thinking about converting your property from strata title to freehold title, you’ll need to engage a body corporate manager with experience in this area. They will be able to advise you on the process and handle all the paperwork involved.
How to Choose a Body Corporate Manager
The first step in choosing a body corporate manager is to identify your specific needs. There are many different types of managers, each with their own strengths and weaknesses. For example, some managers specialise in handling finances, while others may be better at handling maintenance and repairs. Once you know what you need from a manager, you can start looking for one that meets your criteria.
Another important factor to consider is the size of the building or complex that you live in. Body corporate managers typically charge fees based on the number of units in the building, so a smaller building will generally cost less to manage than a larger one. Additionally, body corporate managers may offer discounts for longer-term contracts, so if you’re planning on living in your unit for a long time, it’s worth asking about this before signing any agreements.
Finally, make sure to ask around for recommendations. Talk to friends, family, and neighbours who have experience with body corporate management, and see if they have any suggestions for good managers in your area. We recommend you to visit West Vic Strata, where you should be able to find a body corporate management that’s perfect for your needs.
Pros and Cons of Body Corporate Management
Body corporate management is the process of managing the common areas and facilities of a strata scheme. It involves maintaining the property, dealing with repairs and improvements, and ensuring that the common areas are safe and comfortable for residents.
There are both pros and cons to body corporate management. On the plus side, it ensures that the common areas of a strata scheme are well-maintained and safe for residents. It can also make life easier for residents by taking care of repairs and improvements. On the downside, body corporate management can be expensive, and some residents may feel that they are not getting value for money.
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