Body corporate management services can take care of many issues, from ensuring that meetings are organised to complying with regulations and ensuring that the common property is well maintained. Whether you’re a homeowner or renter, you can benefit from their expertise and experience. Read on to discover more. This article will also provide tips on getting the most out of your management services.
Organised meetings
Organised meetings are an important part of Adelaide body corporate management. When the managing group makes a change, they need to hold a general meeting. Even if it’s to confirm that the new manager is qualified and has the skills required, it is important to document and retain the minutes of all the meetings. It is also necessary to ensure that a quorum of the body corporate’s members is present during the meeting.
An effective body corporate manager must be highly organised. They must also have the ability to find answers to queries quickly. It can be a red flag if a body corporate manager does not know much about strata schemes. One example of a lack of expertise is a manager who has only worked with a single type of strata scheme.
An online meeting allows owners to participate without travelling to the office. The use of computer software also allows body corporate committee members to display information on their computers during the virtual meeting. It saves everyone time. Additionally, an online meeting will reduce the risk of the spread of COVID-19, which can be a serious virus. In addition, virtual meetings are more convenient for owners who live interstate or overseas. The schedule of virtual meetings should be carefully planned to maximise attendance.
Organised meetings are an important part of body corporate management. If there is a dispute or a disagreement, the management team should facilitate resolutions. They should also assist the committee in making decisions. In the case of an AGM, the management company may help the committee reformat the budget if needed. It is also important to note that the manager cannot hold proxy votes for owners.
Organised meetings also provide an opportunity for participants to learn new skills. A good facilitator will guide the conversation and ask questions to spark new ideas. The process can result in an effective collaborative brainstorming session, yielding new ideas and innovative solutions.
Compliance with regulations
Concerning body corporate management, compliance with regulations is of utmost importance. By adhering to government regulations, the business can minimise its risk of lawsuits, fines, and work stoppages. Moreover, it will benefit the employees because they are more likely to be rewarded for their effort. Also, a public appeal is enhanced when organisations comply with labour laws.
Moreover, compliance with regulations improves the business, which results in increased production. Furthermore, regulatory compliance prevents businesses from paying high fines, which benefits their reputation. Apart from that, it ensures peace of mind and reduces lawsuit risk. After all, regulations are implemented to protect people and commerce.
Whether it’s safety, advertising, or employee salary issues, compliance with regulations will help keep your business in good standing. It can also protect the business from criminal charges, preventing legal problems and saving the company’s resources. Compliance is also crucial for avoiding the risk of fines and penalties, especially if the business operates in public.
Non-compliance with regulations may result in huge reputational losses, broken customer trust, and a broken license. Moreover, revocation of a license can affect the business and its objectives. The business can minimise the risks by maintaining regulatory compliance, and daily operations can be carried out without hassle.
Body corporate management ensures that the property meets regulations and rules. It also ensures that common areas are well-maintained and maintained. Furthermore, the manager is a direct point of contact in case of problems. Body corporate management is a vital service to the owners and tenants of the property.
Owners’ levies
Body corporate management costs are based on a budget approved by owners at their Annual General Meeting (AGM). Levies are calculated according to the amount of money the Body Corporate needs to run its operations. Owners can view and approve this budget through their Owners’ portal.
Owners’ levies are an essential part of running a body corporate. Body corporates rely on these levies to meet their costs. However, not all owners can afford to pay their levies. As such, penalties for non-payment are high. Sometimes, the corporate body may even court to recover unpaid levies. As a result, owners must make payments on time to avoid being in arrears for a long time.
Depending on the size of your body corporate, you may need to pay body corporate levies for various things. These include maintenance, repairs and improvements to individual lots, utilities and shared metering. If you are unsure if you should pay a body corporate levy, consult your body corporate manager.
Levies are usually lower for smaller schemes but higher for larger schemes. In general, levies increase in proportion to the number of owners. For example, a building with four units may have the same roof and garden but would cost more to maintain. In addition, the type of structure of the building also plays a role in determining the levies. A high-rise building with 200 apartments will have different maintenance needs and amenities than a new townhouse development with 20 units.