Forming A Successful Body Corporate

Forming A Successful Body Corporate

A body corporate is an organisation that is established to represent the owners of sections of larger real estate entities. The members of the body corporate are owners that have a stake in the resulting strata. Once the community has been established, the body corporate is usually responsible for its running and care. A body corporate is, therefore crucial to the wellbeing of the community. Forming one must be undertaken with the utmost care with nothing overlooked or left to chance.

One of the first steps in forming a successful body corporate is to understand its function. These organisations carry out different tasks and serve specific purposes, all to maintain harmonious living collectives that thrive and showcase the best of their ability. Some of the functions of a body corporate are:strata management services

  • Overseeing the maintenance of common areas within the community.
  • Acting as liaisons between owners and the community at large, especially in cases to do with tenants, both short and long-term.
  • Set up rules and regulations that are used to govern those living within the strata. These are known as by-laws and in most cases are legally binding.
  • Manage the joint finances of the strata, from the collection of fees to allotment of funds in areas where they are needed.
  • Determining the amounts that are to be paid in dues as well as payment parameters. They are also responsible for communicating these amounts to all members of the community.
  • Keep running and thorough records that pertain to the state of the community. They also keep records of meetings that are held concerning the running of the strata. The body corporate will also maintain owners records and update them as needed.

When you are fully aware of the functions that are to be carried out by the body corporate, you must determine the scope in which it is to operate. The body corporate must always cater to the best interests of the people; therefore, its purview must reflect what has been determined to be ideal for the strata.

Transparency is valuable and essential in the effective running of a body corporate. Members must always be made aware of changes and adjustments that relate to the operation of the strata. Financial records must always be well kept and accurately maintained so that confidence is always high that the body corporate, and the living community, by extension is in a healthy state and is running as it should be.

The oversight of strata can be daunting when discussing its running by a large group of people. It would be difficult to assign specific tasks to specific people while maintaining the utmost efficiency. This is why owners’ corporations have taken to engaging strata management services to deal with the daily running of the strata. Once a strata manager has been brought on board, the body corporate will define their tasks based on the functions of the body corporate itself. The hiring of a strata manager, therefore, streamlines the execution of these functions by creating a tier of responsibility that is clearly defined.

Body corporate services will be your ideal partner in operating strata that have the highest of living standards for all members of the community. Contact them today to make certain that your body corporate starts on the right footing.

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About the Author: Pankaj Kumar

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