Duties of a Body Corporate Specialist

A body corporate specialist is a professional who is an industry expert selected by a body corporate board to manage a condominium property. The body corporate manager’s job is to assist the committee regarding the obligations and duties on behalf of the lot proprietors. They can also be considered as a business manager for a body corporate. It might be confusing for you to understand the duties and services of a body corporate specialist. So here are some of the duties of a body corporate specialist.

Managing Physical Assets

Physical assets are one of the main assets of a strata management scheme. These assets need to be maintained well in order for the investors and owners to perform their tasks and allow them a safe and happy living. Some schemes include appointing a caretaker to maintain buildings while other schemes prefer a body corporate specialist to perform the duties related to maintenance of the buildings.

Managing Financial Assets

Managing the financial assets of the body corporate is extremely important because adequate funds are needed in order to manage the buildings at their best state. This includes tasks such as managing administrative funds, issue and collects levies, prepare draft budgets, set up such approved budget and levies on a system for the owners to access, ensure payment of creditor invoices of the body corporate, maintain and report financial accounts and manage tax returns and audits.

Managing Informational Assets

Dealing with the information and paperwork is one of the main aspects of a body corporate. Therefore, a body corporate manager will perform tasks such as maintain body corporate rolls and registers, maintain all body corporate records, issue by-law contravention notices and disclosure statements, prepare agendas and notices of meetings, and forward minutes of meetings. 

Managing Legislation

This task is also an extremely important task were ensuring the fulfillment of all the statutory and legal requirements of a body corporate scheme to a body corporate manager. Managing legislation includes tasks like facilitating body corporate insurance, monitor coverage matters such as renewals, claims, and confirm compliance with workplace health and safety, fire safety, and all other relevant legislation to minimize risks.

Managing People

People are the heart of a body corporate. Therefore, it is the duty of the body corporate specialist to ensure the continuing of good relationships among everyone in a fair and impartial way to avoid tension and disputes. If you are looking for specialists in body corporate Warrnambool will have many experts for you who can ensure that all the relevant tasks are being fulfilled well.

This specialist is capable of assisting with task-related to property management, legal and financial affairs, insurance, maintenance co-ordination, communication, record-keeping, and enforcement of by-laws. They will make sure that all aspects of the strata schemes are well managed and are in line with the current industry regulations. Therefore, make sure to check if a body corporate specialist has a vast knowledge about the industry regulations, practices and property management, and financial management before choosing one.

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