How to set up new body corporate services? A question that will become clear to you when you first purchase a unit within a greater building. You’ll find that you soon become a part of something called “the owner’s corporation”.
This is the body that manages the common space of a residential, commercial, retail or industrial property. Whilst also ensuring that the legal and financial responsibilities are kept up to date. When you buy an apartment within a residential building you are automatically inducted into this corporation, but what happens if you move into a new building without established body corporate services? And, better yet, how to set up new body corporate services?
Inside this blog, we answer this common question by discussing:
- Initial Activation of the Owners Corporation;
- How to Set Up New Body Corporate Services And Why it is So Essential?
- What Strata Management Services Provide?
Initial Activation Of the Owners Corporation
A common query you might hear is “how to set up new body corporate services?” To begin, it is a great idea to hire a Strata manager. Your Strata manager will take care of virtually everything in a clear and well-communicated way. They must hold an annual general meeting with the other homeowners within the building. Before this meeting, a notice will be sent out, at least 14 days before the scheduled date. This notice must have all relevant information such as the date and time, financial statements setting out income, expenditure, assets and liabilities and finally the agenda that includes the following points:
- An election of a committee, which is mandatory for an excess of 13 tenants, but otherwise optional
- Election of key parties, the chairperson and secretary as well as the appointment of a registered manager
- The registration of the owner’s corporation for the main purpose of tax records. Often owners of corporations require a Tax File Number and an Australian Business Number
- Bookkeeping details and records
- Insurance details
- Risk assessment for occupational health and safety purposes
- The budget for the next financial year
- Consideration of financial statements and fee details
These meetings should be held at least once a year, and although they can be held more frequently if the situation requires, they must not exceed 15 months between each gathering of tenants. So, when asked how to set up new body corporate services, understand it is a collaborative effort with many moving parts to follow along.
How To Set Up New Body Corporate Services And Why It Is So Essential?
The owner’s corporation is essential as it carries out duties in the vein of managing and maintaining common property and taking out the relevant insurance for the estate. The day-to-day duties include overseeing maintenance and repairs of these common areas and conducting meetings with tenants to handle matters that may concern them. Without these strata consulting services, buildings can begin to fall into disrepair, not only is this an issue for the current occupants, but it can also put the residence in danger of devaluing over time, a particular problem for people using it as an investment property.
What Strata Management Services Provide
Hiring a reputable Strata management company is so beneficial as they are responsible for all of the administrative aspects of the owner’s corporation. They will assist you in navigating the various requirements, responsibilities and questions you may find throughout the process of creating a new owners corporation. Which is also known as body corporate. So, if you ever feel the need to learn how to set up new body corporate services, finding a highly regarded and qualified Strata management service will be a helpful guide to navigating the body corporate landscape.
So, to answer the age-old question, of how to set up new body corporate services, it is paramount that everything is uniform across the board. A Strata management company will help to draft the initial rules and regulations to be followed throughout all common areas of the building. Whilst, also taking care of budgets and finances, which will in turn assist with future sales within the building.
When you consider the factors that may persuade or dissuade you from buying a property or how to set up new body corporate services, you should always consider the body corporate that manages the building. Whilst some have higher fees than others, they can be justified if there are more facilities available, such as gyms and laundry space. But, when a qualified Strata management company is involved, you can feel safe in the knowledge that the building you’re investing in will be well looked after with minimal strain from the tenants.
So, Get in touch with our friendly team of strata consultants here at Strata Management Consultants today, to get a better understanding of how to set up new body corporate services.