Being part of a Body Corporate comes with a whole set of responsibilities that don’t exist with single-dwelling ownership.
For instance, Bodies Corporate must hold general meetings at least once a year to make important joint decisions, file tax returns, organise insurance and have a plan for long term maintenance. Keeping on top of this can be time-consuming and complicated, but you can trust us to make sure everything is done right.
Although the majority of our clients are Bodies Corporate, we offer the same high level of service to Cross Leases and Residents’ Associations.
Strata charges a fee for the administration and management of a Body Corporate. There are no hidden costs – the price you’re quoted is the price you’ll pay.
The fee covers the following services:
- Give notice of, and hold, the annual general meeting
- Prepare a draft budget for consideration at the annual general meeting
- Source competitive insurance quotations for your Body Corporate
- Prepare and distribute the minutes of the annual general meeting
- Calculate, invoice and collect levies from owners
- Maintain a register of owners and mortgagees, and record changes of owners’ contact details
- Attend to enquiries and correspondence
- Financial Management
- Monitor cash flow
- Make payments to creditors, on time
- Maintain funds in a trust account for the Body Corporate
- Prepare annual financial reports
- Advise the owners’ committee on maintenance issues
- If required source quotations for minor maintenance work to the common property
- Manage the contract with any third party employed by the Body Corporate for inspections of lifts, fire protection services and other safety requirements
- Supervise the contract with the building manager employed by your Body Corporate
- Ensure your Body Corporate meets its obligations under the Building Act, the Resource Management Act, and the Health and Safety in Employment Act
Strata’s charges for additional services are based on the time and expenses needed, and currently range from $80 – $180 per hour (excluding GST) depending on the staff required to do the work.
Additional services include:
- Convening, holding and distributing minutes of any Extraordinary General Meeting held by the Body Corporate. These meetings can be called at any time throughout the year, such as if the Body Corporate needs to reach an agreement to undertake repairs
- Any matter requiring legal or independent professional advice, or which is subject to legal action by or against the Body Corporate
- Facilitation of maintenance including, but not limited to, obtaining quotations or reports from contractors
- Any matter that requires the unanimous consent of all property owners
- Advice or secretarial services to any Body Corporate Committee
- Additional costs of a bank account for the Body Corporate if it decides not to use Strata’s trust account
- Issuing Pre-Contract and Pre-Settlement Disclosure Statements (charged to the Unit Owner and not the Body Corporate)
- The preparation of GST and Tax returns
- Investing surplus funds
- Debt collection from owners of overdue levies, or other money, due to the Body Corporate (charged to the Unit Owner not the Body Corporate)