Today, strata living has become a popular trend in the real estate market. If you intend to buy property that will be managed by a body corporate, then you will be among the growing number of homeowners who are reaping the benefits of unit ownership. You will reserve your rights to lifestyle and privacy, but avoid the responsibilities involved in maintaining private property. By owning a unit in the shared or jointly owned community living property, you directly become a member of the body corporate. With the overwhelming responsibility of managing financial and administrative aspects related to the whole unit, most body corporates hire a professional to represent their interests in the property.
Who is a body corporate manager?
Body corporate managers are experienced professionals who are hired to manage a jointly-owned or shared property, for example, a condominium complex. It is important for property owners to consider hiring a professional instead of managing the property on their own. This is because of the immense benefits that these professionals offer. Here are the benefits of working with a body corporate manager.
Provide budgetary advice
A manager of a shared or jointly owned facility will be concerned about keeping the costs down. However, cutting costs is never the best way of managing any property. A body corporate manager will use his/her skills to come up with a reasonable budget that will cater for renovation, maintenance needs, and other updates. They will also assist in including sensible increases in the property taxes, utilities, and other similar costs. This will ensure that the entire property is run properly and the body of owners can expect and even plan for any expenses or increases as required.
Legally accurate decisions
When you have jointly owned property, there are different laws that govern how that property should be run and managed and how the body of owners need to communicate and work together. An individual who tries to manage the entire property on his own may not know the legislation that governs the signatures, paperwork required for payments and the decisions to be made. You may face legal action from the body of owners and be legally liable if you overlook or bypass any laws. Body corporate managers are familiar with this legislation and will make sure that all decisions that are made by the facility are legally correct. This means that all paperwork will have appropriate signatures and meetings will be conducted as stated by law.
Though rare, disputes may arise between owners of the shared property. Any disagreements must be quickly resolved to make sure that all owners live amicably. However, this can be a challenge, especially if you chair the same committee with a troublesome neighbor. Body corporate managers will solve any disputes diplomatically by providing the best possible outcome for the disagreement. A professional will ensure that the body of owners works together in harmony.
Body corporate managers have a wealth of expertise and experience in a wide range of disciplines such as asset management, insurance, legal compliance, financial record keeping, maintenance of the shared property, health and safety of the building, and many more. Therefore, joint property owners can rest assured that they have a competent professional who is working on their behalf.