What Is Included In The Responsibilities Of Body Corporate Management?
A body of corporate management includes different responsibilities. A body corporate manager is a company that is appointed by the owners of an apartment block who is then responsible for the management of the block on the behalf of all the individual owners.
Working for the collective interest of all the owners is one of the basic responsibilities of a body corporate manager by providing legal compliance as well as financial administration. It is important for a body corporate manager to have solid legislation, property management skills, and knowledge of industry practices.
Responsibilities of body corporate manager!
There are several different responsibilities of a body corporate manager. These duties include:
- Setting dates for committee meetings after discussing them with the, It can be an annual general meeting, extraordinary general meeting, or more.
- Preparing and distributing the notices, minutes, as well as agendas.
- Attending to correspondence
- Arranging the payment of all the raised invoices
- Preparing as well as distributing the financial statements and budgets.
- Preparing as well as distributing the contribution notices.
- Attending to the appeals, submissions, as well as orders
- Ensuring that the strata scheme is compliant with all the WHS that is Work Health & Safety regulations.
- Providing advice on the day-to-day running of the complex, building, and more.
- Handling any and all the complex strata issues.
These are some of the basic responsibilities of a body corporate manager. Outsourcing these tasks to a professional team of experts can ensure the successful operation of the complex and buildings under you. There are several different companies to whom you can outsource the tasks. Some of the benefits of outsourcing body corporate management include:
Outsourcing the financial as well as administrative tasks of your building can help you run your complex effectively. As we have mentioned, there are several companies to whom you can outsource these tasks. Capital Strata is one such company. Along with the duties we have mentioned above, there are several other responsibilities that companies like Capital Strata can help you with. For example – accounting, insurance services, secretarial services, governance services, repair and maintenance services, legal services, and more. Let’s see what all comes in each of these service domains –
- Legal services
Under this, you will be responsible for briefing legal practitioners in all the tribunal as well as court proceedings. Along with that, these companies will also help enforce the action to the recovery of outstanding levies while taking actions to enforce compliance with the corporation’s rules.
- Repair and maintenance – Another aspect of the responsibilities of the body corporate management is to take care of all the repair and maintenance tasks in the buildings.
- Insurance services – Preparing and lodging insurance claims come under the responsibilities of the body corporate management. In addition to this, they are also responsible for obtaining an insurance claim for different companies and the renewal of the insurance.
- Accounting services – Counted among the responsibilities of body corporate management is to handle all the accounting services including collection of levies, preparing the annual budget, opening and administering bank accounts, lodging income tax returns, and more.
In the end, we believe you are now well-equipped with all the information you need to manage the building. So, what are you waiting for? Outsource all your body corporate managers to the best company like Capital Strata.