When managing a body corporate, multiple tasks must be accomplished. These include keeping accurate accounts and records, collecting levies, and handling costs effectively.
Thankfully, body corporate management Adelaide specialists exist to assist you with these problems. However, before hiring a manager, understand their responsibilities and how they can help you!
Managing the finances of the body corporate
Maintaining the finances of a body corporate is an essential task and part of maintaining its financial health. The body corporate manager has various responsibilities to ensure everything runs smoothly, including ensuring owners have sufficient funds to pay levies and avoiding any losses in revenue.
Maintaining accurate accounting records is an essential task in managing a corporate body’s finances. These should include current-year income and expenses and comparable figures from prior years.
Committees also create a budget to plan how much money the body corporate should spend and how it will be paid for. A successful budget ensures that enough funds are available for all necessary expenditures; failing to meet these needs could leave the body corporate short of funds and unable to pay services or maintenance providers, necessitating owners to contribute additional levies to cover unexpected charges.
The body corporate management Adelaide must maintain a sinking fund for future property maintenance. The body corporate’s legal responsibility is to save these funds for significant works, such as building repairs and capital works on common areas.
All schemes must develop a sinking fund budget each financial year. This estimate indicates how much money the sinking fund may need over the upcoming year and nine years, thus helping minimise the likelihood of asking lot owners to make large one-off payments to cover levies from sinking funds through special levies.
Managing the day-to-day operations of the body corporate
A body corporate is an entity formed by the owners of strata-titled properties, such as apartments and townhomes. This body serves as the governing body for your complex and is responsible for the upkeep of common areas like hallways, lifts and pools in your complex.
The body corporate’s role is to manage the day-to-day operations of a property and keep records for owners’ benefit. It includes recording minutes of meetings, creating financial accounts and budgets, and organising insurance.
Body corporate management Adelaide also involves collecting levies from owners. These fees pay for maintaining common areas and provide funds to cover expenses like insurance, building upkeep/repair, management fees and other incidentals.
Managing the committee
Committee meetings may seem tediously long and insignificant, but if run effectively, they can be an invaluable asset to your body corporate. A well-run committee will regularly collaborate with its body corporate manager and work in harmony.
A body corporate committee is accountable for various management, financial and administrative tasks related to the common property. These include adhering to applicable legislation and regulations, creating budgets and levies, and keeping accurate records of these activities.
The committee must create and enforce body corporate rules. These guidelines exist for the protection of property rights and the interests of all owners collectively.
A successful body corporate committee must communicate clearly and regularly with the rest of the corporation their responsibilities and plans for fulfilling them. Furthermore, regular reports from the committee to the corporate body ensure that everyone remains informed on its progress, which is essential for effective oversight and decision-making.
Managing the property
Body corporate management is essential to ensure the property and common areas are maintained and managed appropriately. A professional manager must oversee these tasks, guaranteeing that the body corporate complies with relevant legislation and industry practices.
A body corporate is a legal entity created when a strata title is registered with the Land Titles Office. It represents all owners of lots in an apartment building, and they all share ownership in its common property, such as hallways, lifts, gardens, pools and parking spaces.
As the body corporate manager, you provide accurate and up-to-date financial records to the body corporate committee. Furthermore, ensure these documents are accessible to all owners of the scheme.
A body corporate manager should organise maintenance projects for the complex, such as painting the walls and fixing fences. Furthermore, they must keep a record of all work done so owners can see what has been done and how it was completed exactly.