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Sectional title properties series (Part 2) – Who is the Managing Agent?

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Sectional title properties series (Part 2) – Who is the Managing Agent?

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Previous: Sectional title properties series (Part 1) – Sectional Title Complexes/Estates

The managing agent is one of the many service providers that the trustees of the body corporate appoint. Managing agents are normally companies that are experienced in sectional title legislation and operations. They often provide great assistance to the trustees of the body corporate in the management of the complex and its affairs.

The managing agent will charge a monthly fee for the services that they provide. Typically, managing agents provide quite a comprehensive list of services, from handling day to day matters and administrative queries to the bigger events, such as organizing and hosting the annual general meeting as well as the collection and invoicing of levies etc.

It is important that owners and trustees hold the managing agent accountable for the duties that they are supposed to provide. This is necessary to ensure money is not being wasted on a managing agent that is not performing their duties to an acceptable standard.

A managing agent is a contracted, appointed party and their appointment can be terminated at any time by the trustees of the body corporate. Ultimately, the final responsibility is still with the trustees and does not pass to the managing agent at any time.

Owners should always make sure that they are aware of the managing agent of their respective body corporate in order to be able to engage on matters when necessary. It is also important so that a due diligence on the managing agent can be conducted and if any owner feels that the appointed provider is not worthy, they can notify the trustees of such unhappiness.

Next: Sectional title properties series (Part 3) – Who are the Trustees?

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Shameer Chothia is currently an Employee Benefits Consultant at Momentum Consultant and Actuaries. He is the chairman of the Rhine Stone Body Corporate and the Founder and Head Financial Coach at LMS Financial Coaching. Shameer is deeply passionate about financial literacy and education. He truly believes that there is duty to empower people with education, which makes a difference in their everyday lives. To achieve this, he founded LMS, actively changing lives by empowering people with financial knowledge

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