A Managing Agent is an organization (or person) appointed by the members of a Body Corporate or Share Block Company, for the purpose of assisting with all aspects of the management and control of the building or complex.
A Body Corporate is the legal entity of which each and every owner of a unit in a Sectional Title development is a member.
A Sectional Title Building is a building or complex, developed in terms of the Sectional Title Act, in terms of which, each owner of a unit acquires title to a clearly identified portion of the building for his/her sole use and occupation. Ownership is registered in the Deeds Registry.
A Share Block Development is a building or complex, developed in terms of the Share Blocks Control Act, in terms of which, individual shareholders acquire “blocks” of shares in the company. Ownership gives them the right to use and occupy a clearly identified portion of the building or complex.
The 9 pieces of Legislation which affect Bodies Corporate are:
- The Sectional Titles Act
- The Share Blocks Control Act
- The Companies Act
- The Basic Conditions of Employment Act
- The Private Security Industry Regulation Act
- The Unemployment Insurance Act
- The Occupational Health and Safety Act
- The Compensation for Occupational Injuries and Diseases Act
- The Income Tax Act
Managing the affairs of a body corporate is not unlike running a business and whilst most Trustees are keen to make a positive contribution to the successful running of their body corporate, they frequently have neither the time nor the required expertise to do so.
A good Managing Agent will:
- Keep abreast of the legislation which affects bodies corporate
- Be in a position to assist in resolving conflicts
- Be able to deal with third parties in a professional manner
Utilising the services of a Managing Agent:
- Provides continuity with regard to the running of the body corporate's affairs
- Ensures that proper and accurate records are kept
The cost to the body corporate will depend entirely on the scope of the management agreement entered into between itself and Wakefields Property Management, which can range from a very basic service to a fully comprehensive menu of activities. Wakefields Property Management will gladly provide interested trustees of bodies corporate with written quotations, after discussing the particular needs of the body corporate.
Yes. The Trustees are the elected representatives of the members of the body corporate and are ultimately responsible for the running of its affairs. Wakefields Property Management always works very closely with the trustees of its client bodies corporate and encourages the trustees to actively participate in the day-to-day activities of the body corporate.
The Sectional Title Act does not compel a body corporate to employ a managing agent to handle its affairs although it does empower the Trustees and the Body Corporate to appoint a managing agent if they deem it advisable to do so.
The body corporate employs its own supervisor, cleaning staff, security personnel etc. Payment of monthly salaries is, however, effected through Wakefields Property Management’s payroll system and Wakefields Property Management is able to guide the body corporate in HR related matters and the drawing up of Employment Contracts.