What Makes Good Owners' Corporation Managers?
The common areas of a property such as passages, fences, stairwells, walls and gardens are managed by an owners’ corporation. In case you didn’t know that already, an owners’ corporation, also known as a body corporate, is a body responsible for managing the common property of a retail, residential, industrial, commercial or mixed-use development. If you’re an owner of a unit, apartment or flat, you’re most likely to be a member of an owners’ corporation.
On December 31, 2007, after the enactment of the Owners Corporations Act 2006, ‘body corporate’ became ‘owners’ corporation’.To ensure that all issues faced by the property are resolved without delay, the property owners choose an owners corporation management comprising of owners’ corporation managers.
Now, you may want to know what makes good owners’ corporation managers. You can get a good idea of this by looking at the role of the body corporate manager. Following are the common tasks performed by an owners’ corporation or body corporate manager:
- Preparation and distribution of agendas, notices and minutes
- Providing owners’ corporation certificates
- Attending to correspondence
- Arranging audits and reports required by law
- Arranging repair and maintenance quotations
- Maintaining the register and records of owners’ corporation
- Taking out and maintaining required insurance
- Preparing budgets and financial statements
- Paying invoices
Choosing the Right Owners Corporation Managers
Now that you know the role and responsibilities of an owners’ corporation manager, you’ll be better placed to choose the right owner’s corporation managers. While there are some basic things that all body corporate managers must be able to ensure, you should look for owners’ corporation managers that’ll help fulfill the unique needs of your property/building. Following are a few tips to choose the right owners’ corporation managers.
Choose owners’ corporation managers that ensure that you only pay for what you need. If your building is a high-maintenance property with considerable issues, you’re better off having a corporation management that costs a bit upfront but provides operational services with few extra charges. On the other hand, if you have a relatively trouble-free building, go for owners’ corporation managers that cost less upfront but charge a decent amount for meetings, letters and phone calls.
Consider the Suppliers and Contractors of The Management
An extremely important step in choosing the right owners corporation managers is ensuring that the managers you select have a reliable and reputable list of suppliers and contractors. For the health of your property, finding out who’ll be taking care of it is crucial.
Ensure the Management Is the Right Size for Your Property
An apartment with hundred residences will require a management that is different from the management taking care of a small townhouse complex with less than five properties. For this reason, ensure the management you choose can meet the needs of a property as big or small as yours.
There you have it—the things that make good owners’ corporation managers.