A few important functions of managing agents

A few important functions of Managing Agents

Managing Agents are appointed for Bodies Corporate to fulfill certain operational, administrative and legal duties or requirements.

Managing Agents are also expected to stay up to date with changes in legislation, both in Sectional Title as well as other areas of law.

The administration of levy accounts is one of the most important and often overlooked areas of administration. No Body Corporate can function efficiently without a healthy bank balance and it is with the guidance of the Managing Agents that foreseeable expenses are planned for well in advance.

The insurances of the property is also an extremely important aspect of the functions of a Managing Agent. No building or property should ever be under insured, over insured, uninsurable or void of certain policies. It is in this area that the guidance of an experienced Managing Agent can make all the difference.

A Body Corporate, by its very nature and design, must be properly maintained or repaired. Any inaction in this area could expose a Body Corporate to the legal elements, particularly in cases where a failure to do so could result in a potential void, either wholly or partially to the insurance policy.

When improvements or repair work is undertaken, a levy payer wants his or her value for money. The ability to assess quotations and oversee work is of fundamental importance.

The proper control of banking accounts should not be underestimated. The Managing Agents should have the ability to properly reconcile accounts, pay expenses on time and invest surplus funds at preferential rates.

The Managing Agents duties often extend far beyond the scope of their contract. Many aspects of property knowledge, law, building and municipal regulations are encountered on a daily basis.

When choosing a Managing Agent, choose one that’s right for you.