Owners Corporate Management – What you Need to Know

Residential property management is a service that can be provided by a specialist company and if your current property management contract is about to expire, you can contact a leading property management company and they would be happy to provide an all-inclusive quote.

Here are a few of the essential services offered by a property management company.

1. Record keeping – Transparent record keeping is an essential service to manage a residential development, maintaining accurate owners corporation registers at all times.

2. Annual General Meetings – The AGM minutes are recorded using a cloud-based system and owners can access the data at any time. Using Body Corporate in Melbourne ensures that your AGM minutes are always available for inspection.

3. Strata insurance – Property ownership comes with many risks and that means taking out the right insurance cover. The management company obtains policy details and helps the owner corporation to choose the best policies, while also assisting with any claims that might arise. Another role is to arrange independent valuations to endure that insurance cover is adequate, which is essential, while also managing every aspect of insurance, from handling claims to paying premiums.

4. Financial reporting – Wise spending gives you real value for money and a transparent accounting system shows you precisely where your money went. Preparing annual budgets, invoice payment handling, as well as providing levy notices and payment options such as setting up Bitcoin.

5. Repairs/maintenance – Apartment complexes demand regular maintenance, with a team of tradesmen who are tasked with minor repairs and inspections. Things breakdown, fuses blow, pipes leak, all manner of minor issues occur in a busy apartment complex and there needs to a be a fully equipped team to carry out scheduled maintenance.

6. Debt collection – This is a part of a large residential development and the owner corporation has no worries, as the management company handle all debt, including taking legal action and representing the owner corporation in legal matters.

7. Dispute resolution – There are bound to be disputes and these would normally be dealt with by the management company, an organisation with professional mediators. Building trust is paramount with community members; avoiding legal costs is one goal for mediators and they can generally help parties to come to agreements without the need to bother courts. The mediators would fully understand the bylaws and set up procedures for dealing with conflicts across the board.

8. Providing owners with important information – Disputes can be avoided by providing accurate information to owners and other stakeholders and this would be the goal of the management company at all times.

If you are one of a group of apartment owners and you are looking for a leading management company, start with a Google search to find one with offices in Sydney and Melbourne and take the first steps to connecting with the right organisation that will manage your complex efficiently.