If you are among those who either own or live in an apartment building or a townhouse, you most likely will have a body corporate manager. Now, this doesn’t mean that you won’t have a property or building manager. Most people we know end up thinking all these are the same. Well! They are not.
Remember that when you buy an apartment, you automatically become a part of the building and the common areas within that building. When it comes to common areas and other common places in the building like parking lots, hallways, swimming pools, and lifts, people usually find themselves confused who to contact for its management.
Here, today we are going to take you through some significant differences between a body corporate manager and a property manager. After you are done reading this piece of article, all your queries we have mentioned before will be answered.
Property manager vs body corporate manager
When it comes to body corporate managers and property managers, there is a huge difference between their responsibilities. The major difference between the two is that the property manager works on the behalf of the individual owner to manage their private property whereas the body corporate manager is hired by the owner of the building. A body corporate manager also referred to as a strata manager is a company that is hired by the owner of the building to take care of the collective interest of all the individual owners. Both legal compliance and financial administration come under the responsibility of a strata manager.
The property manager on the other hand manages the individual property on the behalf of an apartment owner. The responsibilities of a property manager are – finding suitable tenants, inspecting the condition of the property, managing repairs, and arranging leases. It is possible for one property manager to handle multiple properties.
So, clearly, there is a huge difference between both property manager roles and a body corporate manager.
Since we are talking about their roles, let’s discuss a bit more about the roles and responsibilities of the body corporate manager.
- Working with the committee to arrange all the meetings.
- Attending the correspondence.
- Handling the payments of all the invoices
- Preparing and distributing the financial statements and budgets.
- Preparing meeting agendas, minutes and more.
- Taking care of the day-to-day operation of the building or complex.
- Ensuring that all the building schemes are in compliance with the WHS rules and regulations.
These are some of the responsibilities of a body corporate manager. Luckily, there are several different professional companies to whom you can outsource your strata management tasks. One such company is Capital Strata. They have a team of professional and highly experienced strata managers who will make sure that everything is working smoothly in your building while taking care of the budgets and all individual owners interests. They will make sure that your building is abiding by all the state and government rules and regulations. Want to know more about how they can help you? All you have to do is contact them.