The functioning of body corporates can often become problematic if the committee members decide to run it on their own. To run the body corporate, it requires good knowledge and understanding about the rules and regulations governing the real estate industry. Since the committee members volunteer to do the job and most likely do not have any prior experience or background related to it, the task can often become very complex and even unmanageable. It becomes evident that there are glaring gaps between the expertise required for doing the job and what the committee members can offer. The best way of running body corporates is to entrust the job to a professional company that specializes in body corporate services or appoint a top rated body corporate manager who can do complete justice to the job.
To know why it would be prudent to hire professional services for running the body corporate, go through this article that points out the reasons.
Statutory and legal compliance
The most important duty of a body corporate manager is to ensure that there is no slip in complying with the statutory requirements as well as legislative requirements. The laws can keep changing, and the manager is aware of the amendments, which is a part of his profession, ensures that the requirements are properly met. It eliminates the chances of being caught on the wrong foot that can lead to some penal action.
Smooth day to day functioning
Running the body corporate is similar to running an office where a number of routine tasks have to be performed daily and also at some specified times or regular intervals. The body corporate manager ensures smooth functioning of the office he holds by taking the responsibility of issuing and collecting levies, paying invoices and looking after accounts, attending to correspondences of the body corporate and most importantly convening meetings, attending it and taking minutes of the meeting.
Maintaining the records in accordance with the legislative needs is the task of the body corporate manager. When called for, the manager has to provide the records to the lot owners or any other stakeholders and interested parties. Since the records are subject to audits, the manager has to ensure that its retrieval is never a problem.
Insurance coverage and claims
The property is insured against possible damages, and the entire aspect of insurance comes under the body corporate manager who has to ensure that there is always proper coverage for all areas. The insurance protects the lot owners from any claims that might arise from the damage to property. The manager obtains the policy renewal quotation and handles insurance claims.
The manager has to maintain the bank account of the body corporate, prepare financial statements, other reports and manage term deposits. In addition to dealing with levy recovery, he has to prepare financials for tax returns, audits and BAS lodgements.
In addition to the above, the scheduled maintenance of the property is also the responsibility of the body corporate manager, who can ensure a better living for lot owners.