Understanding the Role of a Body Corporate Management Firm

The roles and responsibilities of a body corporate management are to manage a collective property. Though it sounds simple, it is not so. The role has a lot of responsibilities involved and they are very critical when we take the example of a strata property.

When we have a keen look, some of the obligations of the owner’s management team are to look after the property well and keep it safe. They also need to maintain the present status of the property or try and improve the same. Body Corporate Manager also needs to keep it insured and also make sure that property is used in a well organised way.

A good fund is also required to implement the above said actions. This is when the executive committee along with the strata manager discuss about the costs of the shared ownership of the said common property. This is done by establishing budgets, by collecting tolls and also by maintaining the right record of all the relevant financial transactions.

This can be termed as the most sensitive of all the tasks and this also involves a number of crucial duties. In order to manage the scheme, all you need is a compliance policy in place along with the support facilities. The support facilities will help in measuring and reporting and will also help to take care of the tasks related to monitoring. This is the main role of the body corporate management.

One can come across a number of terms when it comes to body corporate management. While some use the terms like strata management some might only relate to the term owners corporation. Whatever the term being used, the complete process does involve a lot of fund management and at the same time, this level of supervision can also bring in a lot of advantages to the strata scheme. The professional corporate body also has to conduct some independent audits and also have to make sure that they hire only reputated service providers for their maintenance as well as repair works.

It is also said that the body corporate also needs to have a general meeting which has to be organised atleast once in a year. This said, the body can also conduct any special meetings quarterly if atleast one third of the owners have requested for the same.

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