Key Responsibilities of an Owners Corporation

If you thought that property development was the hard part of your construction project, think again! The hard part is managing that property. You have many tenants and clients to deal with, and they all come with various needs and demands when they occupy your property. This is why you should consider being a part of an owners corporation, a decision that will see you manage your property with ease and less stress. Owners corporations are instrumental in handling all sorts of property ranging from retail, industrial, residential and property with mixed uses. Joining other owners actually makes it easy to enhance any objectives that you might share for the good of your property. So what exactly does such a corporation do? Here are some of the key responsibilities of an owners corporation:

Repair and Maintenance

One of the common problems faced by landlords is the ability to carry out fast and timely repairs. Particularly, properties with many clients present a bigger problem because each client raises different concerns every day. It could be the water supply and plumbing system, sewage and wastewater system, electrical connection, internet and so on. Personally, keeping money aside for all these work can be a challenge considering that the problems crop up at different times of the month. Thankfully, you can easily manage this by being a member of an owners corporation. You contribute money to a kitty that can be accessed to handle emergencies so that your tenants are always comfortable at all times.

Meeting Financial Obligations

Another crucial role played by an owners corporation is to help the members meet the financial obligations associated with their property. Such obligations include land rates and service charges for waste collection. Timely payment of such obligations helps to maintain the hygiene and quality standards of your property.

Set up A Grievance Procedure

When dealing with many occupants on your property, it is imperative to have a grievance procedure for tenants to air out any problems they might be having. Ideally, a grievance procedure must be cost effective and efficient in terms of eliciting timely response to the challenges faced by the tenants. An owners corporation establishes a grievance procedure to suit the nature of the property being managed. A good example include setting up hotline numbers that tenants can use to reach the property managers.

Management and Administration

Managing property is another duty carried out by owners corporations. This includes oversight of daily maintenance procedures such as cleaning of common areas, maintenance of shared facilities such as pools, rent collection and receipt disbursement.