A body corporate is a legal entity that bounds, under a Strata Scheme, a group of people with their joint ownership of a piece of land or a property in a building. For instance, purchasing a duplex entitles you to become a shared owner of the property together with responsibilities for the common area.
On the Gold Coast, Body Corporate Services, Gold Coast takes care of the complicated business of not only running the day-to-day maintenance; they also ensure compliance with legislation by-laws, taxes, insurance, and many more.
Responsibilities of Body Corporate Services
Managing a common property on the Gold Coast is the foremost responsibility of body corporate services, Gold Coast. The responsibilities include common property maintenance in areas such as lifts, driveways, gardens, storage areas, and more. However, various strata schemes are subject to different by-laws.
Generally, body corporate services, Gold Coast include:
- Managing and establishing by-laws application
- Handle and keep correspondence and financial records
- Collect and manage levies
- Strata roll management
- Handle owner disputes
- Takes care of capital budgeting and funds
- Approve renovations
- Handle Strata committee annual meetings, elections, and other body corporate meetings
- Ensure compliance with Fire safety and work health safety
- Regularly check buildings for defects
- Handle common property renewal, maintenance, and repairs
Importance of hiring reputable Body Corporate Services
Life of the different owners of a common property becomes easier when maintenance and management are handled by a reputable body corporate service. The long experience and knowledge of good body corporate services have honed their services to perfectly fit any kind of common property.
While a body corporate can handle body corporate services, running a property can be stressful, time-consuming, and complicated. Exceptional people management and organisational skills are needed with managing large properties. Body corporate bankruptcy can happen when a strata scheme is poorly managed. It can also lead to property devaluation.
The multiple benefits gained from hiring a good body corporate services include:
Taxation and financial management
Body corporate bankruptcy is avoided when the budget stays within the limits of the collected levies from the various owners. Harmony within the property is established when the budget is capable of handling all maintenance work.
Day-to-day management of the property
It is a full-time job for any owner to handle all maintenance and repair schedules and the budget of common property. The careful handling of the day-to-day management of the property ensures the protection of the investment as well as the safety of all occupants.
One of the important responsibilities of body corporate services is to schedule, conduct, and keep records of body corporate meetings. Disputes are minimised while important issues are given opportunities for discussion during meetings.
Handle insurance renewals and claims
Owners and property alike need protection from weather elements and the like. Being insured is one of the best ways to protect both life and property.
Perhaps the most important role of body property services is effective management. In everything concerning a strata scheme, effective management is vital. Everything about the property falls into place when it is effectively managed. A property can quickly devalue and, worse, become bankrupt when it is not managed well. The smartest way for body corporate to avoid these pitfalls is to hire an experienced and reputable body corporate services.
Contact us at Strata Sphere Management to know more about us.