What is a body corporate manager’s role? In this article, we look at what the role entails, what duties a manager has, and what fees a body corporate must pay. Ultimately, it would be best to look at your corporate body’s policies to ensure they follow the law. As a property owner, you may also want to find out what your duties are, as this can be an essential component of your overall experience with the body corporate.
An excellent corporate manager will maintain the complex’s building, property, and insurance. They also need to oversee regular repairs and maintenance. Often, late levy payments delay the completion of essential maintenance projects or repairs, which is why they are responsible for ensuring that levy payments are made promptly. It includes proper accounting and responsible cost management. In addition, a body corporate manager must also maintain the peace and order of the community, which is another vital aspect of their work.
A body corporate manager is a specialist professional appointed by the body corporate committee to carry out the duties of the board. This person is essentially a business manager who reports directly to the body corporate committee. Unlike a business manager, a body corporate manager does not own individual property but does perform committee administration tasks. They must be able to explain these duties to the complex’s residents. However, the role of a corporate body manager is often unclear.
A body corporate manager can be hired to take care of day-to-day operations and complex strata issues. Although it is not required for a body corporate to appoint a manager, some do. Typically, the outgoing committee invites two BCMs to submit a proposal with a contract and a brief explanatory note. The proposed services are then circulated to the owners for review. The disadvantage of using this method is that there is no way for owners to compare services and costs.
The body corporate manager is a non-voting member of the body corporate committee. The manager has limited powers, such as approving meeting materials or distributing correspondence. However, the body corporate manager is not entitled to amend motions or add items to the agenda. Moreover, a body corporate manager is a part of the committee and is appointed by an ordinary resolution at a general meeting. However, a body corporate manager’s power does not diminish the powers of the committee; it allows executive members to act within their authority.
Duties of body corporate management SA include ensuring compliance with legislation and regulations, working with the committee to stay on top of changes and ensuring that policies are updated. The manager will consult with property owners and advise the body corporate of any issues that might affect compliance. In addition, they will be responsible for keeping up with recurring accounts, such as community electricity and gardening. It may require extensive research on the part of the manager. Ultimately, the role of the body corporate manager is to maintain the community and its values and to make sure that it’s run effectively and efficiently.
In addition to your monthly levies, you might also have to pay special levies and rates. If you fail to pay on time, the levies will become due, resulting in the body corporate losing the right to vote. In addition, there are other fees incurred by body corporates for special projects, insurance, and building repairs. Before you agree to pay these fees, you need to understand them. Here are some examples.
General Meeting requirements
If you are a member of a body corporate, you are likely aware of the Annual General Meeting, or AGM, requirements. While the committee deals with day-to-day issues and matters owners raise, the AGM is when corporate bodies take significant decisions. In the AGM, owners are encouraged to give their input and vote on motions. You should know about the deadline for motions three to six weeks before the end of the financial year.
Professional indemnity insurance
Professional indemnity insurance may be of particular interest if you work in body corporate management. These policies provide peace of mind and protection against lawsuits. Depending on the nature of the work, you may need coverage for up to 5% of your annual turnover, but even then, the rates may be higher. In addition, the minimum premium will vary by insurer and may be as low as PS100 or as high as PS1,000, depending on your needs. The cost of insurance premiums may include insurance premium tax.