The Role of Managing Agents for Body Corporates
The role of managing agents for body corporates is important, and understanding the duties and liabilities of managing agents allows owners and tenants to know what services they are owed. This article will discuss the role of managing agents for body corporates administratively, financially and managerially.
What is the Role of Sectional Title Managing Agents?
Sectional title managing agents, or managing agents for body corporates, have a crucial role to play in the system that is offered by living in a complex. The role of the often independently hired party, the managing agent in question, provides financial and administrative expertise, while acting as the authority on the Sectional Title Act for trustees and owners alike.
The Duties and Liabilities of Managing Agents
Managing agents are responsible for admin, finance and property management.
Sectional title managing agents’ administrative duties include but are not limited to:
- Arranging annual general meetings for all relevant parties
- Taking minutes and handling all follow up of annual general meetings
- Keeping record of all followup activities on the grounds
- Handling administrative duties concerning the building’s insurance cover
- Responding to questions and concerns from owners within a complex
Sectional title managing agents’ financial duties include but are not limited to:
- Collecting levies from owners
- Managing the body corporates’ finances
- Managing and paying body corporate expenses like annual taxes
- Managing all bills like water and electricity
- Supplying all relevant parties with financial statements and reports on a monthly basis
Sectional title managing agent’s company’s managerial duties include but are not limited to:
- Appointing appropriate supervisors, caretakers, gardeners and any other professionals geared to maintain the property to the set standard.
To better understand the role of managing agents for body corporates/sectional title managing agents read more here.