WHAT IS A MANAGING AGENT?

WHAT IS A MANAGING AGENT?

Managing and administering a scheme, particularly a large scheme, is complicated and time consuming. Occasionally, the body corporate and trustees undertake the entire task, but unless the body corporate is unusually well endowed with specialised knowledge and talents, this is very seldom successful. Most Bodies Corporate appoint a Managing Agent, usually a company or close corporation that specialises in this aspect of Sectional Title administration. Estate agency legislation requires a managing agent who handles body corporate money to register with The Estate Agency Affairs Board and hold a Fidelity Fund Certificate issued by the Board.

The managing agent sends out monthly statements, collects levies and all other money due by owners to the body corporate. On behalf of the body corporate, the managing agent keeps the books, recovers unpaid debts, prepares the annual budget, obtains quotations for repairs and maintenance and sends out notices. The agent also assists the trustees with the numerous time-consuming tasks that arise in administering a scheme. To protect and guide the Body Corporate, the managing agent must have a sound and comprehensive knowledge of the Sectional Titles Act and Rules. A good managing agent can save the body corporate a lot of time, trouble and expense.

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