Body corporates have long been a source of bemusement and frustration. Thanks to the rise of apartment living and an increase in mixed use commercial properties, they are now coming under greater scrutiny. But they have long been a fact of life for many commercial investors.
Despite this, confusion about the way they work remains – and that often leads to problems. Further, the relevant legislation, which is currently under review, is outdated and complex. And, on top of this, multiple owners makes for multiple, often opposing opinions.
For these reasons, it usually pays for a body corporate to employ a professional body corporate manager. Costs aside, the reality is that well run body corporates attract better tenants, and rents, and are more attractive to buyers.
Unfortunately, horror stories about…
