There are plenty of Owners Corporation Management companies, formerly known as body corporate, in Australia. However, many of those organisations are not trustworthy, and leave their clients with several unsettled complaints. With the economic growth and development of Australia actively, there are many people who seem to be in dire need of a reliable Owners’ Corporation Management for their property.
However, there are many people who make the mistake of not doing enough of their own research on how to work with an Owners’ Corporation Management. The fact of the matter is that for one to acquire an Owners’ Corporation Management that is both reliable, trustworthy, as well as honest, they need to know exactly what the duties of an Owners’ Corporation Management really are.
What is an Owners’ Corporation?
An Owners’ Corporation, which was formerly known as body corporate, is the corporation responsible for managing common property of retail, industrial, residential, commercial or mixed-use property development. However, anyone whose property, be it an apartment, a unit or a flat, is affected by the Owners’ Corporation is automatically a member of it, and thus, must oblige to the rules and duties inflicted upon them.
What are the Responsibilities of an Owners’ Corporation?
There are some necessary financial as well as legal responsibilities that all members of the Owners’ Corporation must abide by:
- All members must extract as well as maintain the insurance required;
- They must present the certification for owners’ corporation when appealed;
- They must maintain a register for owners’ corporation;
- They must maintain and repair the property, when necessary, as well as other services and fixtures;
- They must arrange and organise financial statements as well as financial records;
- They must assist in raising fees from the lot owners in order to fulfil financial responsibilities.
In addition to the aforementioned duties, all members of the Owners’ Corporation must also follow fully, and carry out all duties and functions that are listed under the owners’ corporation rules, the Owners’ Corporations Act, the Owners’ Corporation Regulations, and any other law.
How to Choose an Owners’ Corporation Management Company
There are many Owners’ Corporation Management companies that you can come across when you really look, but most of these companies have angry customers. One of the best OCM companies in Australia is http://www.mayfieldbcm.com.au/. The reason for that is that they understand fully what the basic duties of an Owners’ Corporation Management Company really are, such as:
An Owners’ Corporation Management Company is required to appoint a manager who in turn assists you in managing your property on a day to day basis. There are two different types of Owners’ Corporation Managers:
- Paid Professional: This manager will be registered and have certified indemnity insurance. A person or company that is awarded in terms of legitimate management of an owners’ corporation by incentives and motives that includes discounted use of facilities, lower fees, or even free accommodation.
- Volunteer Managers: This person or company won’t necessarily be registered or even require to be insured.
Looking at the existing repute of whichever company will definitely give you a better idea of whether or not they’re worth your time and money.