Body corporate management is the day-to-day operation and management of a strata scheme. It involves the formation of a committee to represent property owners who share common property on a piece of land. These groups are governed by State based legislation.

It is why many committees outsource their management function to a professional. Here are a few of the critical industry functions that a sound body corporate manager performs:

Strata Management

The responsibilities of a strata manager involve a wide range of tasks, from collecting and banking levies to arranging property maintenance, advising on asset management and arranging insurance as required by law. They are also involved in dealing with the daily affairs of lot owners, including responding to correspondence, answering queries and addressing issues arising. They have the experience and professional skills necessary to ensure that a strata scheme is managed correctly and by State based legislation. For more information about the body corporate management solutions Adelaide, check this out.

They have connections to expert tradespeople specialising in property renovation, repair and maintenance. Consequently, they can negotiate lower prices for their clients and save the cost of paying an arm’s length contractor. Additionally, they can quickly arrange essential services such as cleaning, rubbish removal and security.

When evaluating body corporate management solutions, look for a company that has internal financial management teams led by chartered accountants and follows rigorous review and accounting protocols to promote the long-term health of your corporation’s finances. It will make it easier to understand your corporation’s current financial position and make informed decisions for the future.

A good strata management company will also be transparent and ethical in business practices. Ask whether they have an ethics hotline for associates to report unethical behaviour and what procedures they have to record and investigate such behaviour. They should also be open to constructive criticism from council members and have a collaborative approach to managing their clients’ strata schemes.

A company must have a solid local presence to provide quality strata management services. Look for a company with experience managing strata communities across all states and territories and a track record of successful and productive partnerships. Look for a company that is an active member of Strata Community Australia (SCA) and clearly understands the industry, its regulatory environment and best practice. For more information about the body corporate management solutions Adelaide, check this out.

The most successful strata management companies are forward-thinking and are constantly looking for ways to improve their services. They have systems and processes to back up their industry experience and use them to run their clients’ strata schemes better. An excellent company will have a clear set of duties and responsibilities for its relationship with the owner’s corporation, and it should highlight these clearly to avoid confusion, miscommunication or disputes.

Property Management

Body corporate management companies offer property solutions for complexes governed by state-based legislation. The services include maintenance of common areas, engagement of service providers, managing essential services, purchasing sufficient insurance, raising levies, addressing owner requests and disputes, welcoming new owners and residents, meeting set deadlines, and much more. The body’s corporate committee (comprised of owners) is responsible for performing well in these roles.

The committee members are appointed through a resolution-based decision at the annual general meeting. Generally, the committee will consist of up to 10 owners of units in the block. They must meet regularly, report to the owners at each meeting, and mediate discussions between owners if necessary.

Whether your building is under the old Strata Titles Act or the new Community Titles Act, it will require a committee to be formed to manage the complex. Regardless, the same responsibilities will remain – they are not allowed to interfere with people’s right to own and live on their property. They can raise issues and make recommendations but cannot evict tenants.

Financial Management

Body corporate managers are responsible for collecting levies, maintaining common areas, purchasing sufficient insurance, managing service providers and other expenditures. They also help to set expectations and rules, welcome new residents, mediate a discussion between owners and address any issues that may arise.