Body Corporate Function: How a good Management Partner Can Enhance Effectiveness

Real Estate Blog

If you own a house or an apartment in a unit titled property, you automatically belong to a body corporate. A body corporate is made up of made up of individual unit owners of property within a unit titled property. The members are charged with the management, maintenance and liability of the common amenities shared by everybody within these properties. These can be amenities such as swimming pools, playgrounds, parks or even car parking lots. Since every owner automatically becomes a member of the body corporate, it becomes difficult to manage these properties and ensure every member's compliance and effective participation. This is why many body corporate organizations elect a committee.

In many instances, however, the committees cannot effectively run the body corporate alone. This is because, for starters, the committees are composed of unit owners who have their individual personal engagements besides the body corporate. This is why all body corporate need to contract effective body corporate management partners. The following are some areas where a body corporate can greatly benefit from effective body corporate management.

Collection of levies

In buildings with an extremely large number of investors, it may be difficult for committee members to follow up every member for levies. Sometimes, committee members can also get caught up in their personal activities and lack the time to follow up each member on agreed upon levies. As a result, many of these bodies end up with huge levy arrears. Good body corporate management ensures all owners are notified of levies before conclusion of ownership transactions, and they are also followed up in time routinely. This reduces the overall levy arrears incurred with the body corporate.

Ensuring timely response to maintenance and repair issues

Although body corporate law dictates that they are responsible for repair and maintenance of socially enjoyed amenities, several inevitable instances arise when repairs are not immediately acted upon. Issues may be postponed, and nobody acts on them timely. Such an occurrence can lead to complaints and even lawsuits. Good body corporate management assists the committee to avoid such lapses, and ultimately avoid trouble by reminding and even ensuring the timely action on these complaints.

 Budgeting

Your body corporate management can be very helpful in the budgeting of the yearly activities you plan as a committee. The management body has all financial records pertinent to your body. They prepare member statements, collect levies, and even greatly assist with insurance payment and claims. As such, they are adequately positioned to assist your body with budgeting and planning of annual activities and expenses.

Scheduling and organizing AGMs

Finally, it is not strange to fine body corporate AGMs poorly attended, or not scheduled at all. This is because of various members getting caught up with their private activities. Having a good body corporate management partner means timely scheduled AGMs that all members are promptly reminded to attend.

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7 December 2015

Boosting Your Home Value Before the Appraiser Arrives

Welcome to my blog. My name is Anita. I am an artist and a writer, but I like to create with any canvas that I have, and that includes my home. I see homes as almost blank slates that need special touches to make them shine. Over the years, I have received a lot of calls from friends. When my friends need to sell their homes or have them appraised, they call me for advice. I think I've helped a lot of them get higher evaluations than they would have otherwise, and I love advising them. If you want tips and ideas on getting great appraisals, this blog is for you.