Managing a body corporate can be tedious and time consuming. Although it’s perfectly legal to manage your own body corporate, it takes a lot of knowledge and experience to handle properly. That’s why property experts recommend body corporate scheme communities to hire the services of an external body corporate instead of resorting to DIY management.
The body corporate consists of all owners that have a shared common property such as a piece of land. By default, the owners themselves become members of the body corporate and they are added and removed as they come and go, respectively.
Managing a body corporate requires diligence, time, and experience. Members of the committee needs to remain accountable and responsible since they are representing the interests and needs of the owners. Whether this committee is internal or a hired service, they are tasked to maintain common facilities, manage essential services, engage service providers, raise levies, purchase sufficient insurance, coordinate with local authorities, deal with disputes, respond to requests from owners, set rules and expectations, welcome new residents and owners, and much more. Most of these tasks are administrative requiring an in-depth knowledge of local regulations and laws. That’s why body corporate management is better left to the hands experts.
The body corporate can apply for services from a third-party provider. Depending on the services available from a particular provider, they might offer these services:
Owner-controlled – The body corporate maintains complete control of property management. The provider only provides guidance and tools such as software.
Administration support – The support provided is based on the requirements of the body corporate, the number of properties owned, body corporate management complexities, the amount of time and effort members are willing to spend, and experience.
Fully managed – Some service providers offer online solutions to help the committee self-manage their body corporate on their own.