Les Reynard reports that body corporate trustees, according to management rule 46(1) under the Sectional Titles Act, are responsible for appointing managing agents. This appointment must be in writing, should be signed by at least two trustees and should be for an initial year and then be renewed each year. Terminating this contract would involve the trustees giving notice to the existing agent before signing with a new agent – a process that will take about two months.
The time where trustees casually phoned around getting prices and appointing an agent manager on these grounds are over, because the cheapest quote is seldom the best one. A management agent is responsible for your complex and inherent for millions of rands; therefore a well-informed decision needs to be made. Here are some factors to consider before you employ a managing agent:
§ All managing agents must be registered estate agents. Obtain proof by asking candidates for a copy of their Fidelity Fund Certificate issued by the Estate Agency Affairs Board. This gives the body corporate cover by the Fidelity Fund operated by the Estate Agency Affairs board for loss arising form theft by the managing agent.
§ Make sure that the candidate is a member of the National Association of Managing Agents of South Africa (NAMASA). If so, is the candidate willing to agree to be bound by the rules of NAMASA.
§ Check the candidate’s reputation by finding out how long he/she has been in business. The experience that an agent brings to the table means a lot.
§ Choose a company where, at least the principal has a Certificate in Sectional Titles Scheme Management from the University of Cape Town.
§ If you choose not to go with the giants in the industry, make sure that the company you choose is personally run by its owner. In most cases these companies offer a better service than a company run by an employee.
§ Ask candidates to explain Management Rule 33 (which deals with the authorities needed for luxurious and non-luxurious improvements to the common property) to see if they have the necessary knowledge.
§ Always ask for references from at least ten existing and satisfied bodies corporate. Look for the chairman’s name, phone number and the name and addresses of each complex.
§ Make sure you understand what kind of report you will be getting regarding outstanding levies and all other additional information that you might need.
§ Part of the agent’s usual duties is to attend trustee and body corporate meetings. Ensure that your candidate is comfortable with speaking in public and that he/she displays the necessary confidence and knowledge.
§ Visit a candidate’s working place to see whether he/she is organised or overworked. Also find out who will take over the duties should he/she be sick or on holiday.
(The information in this article is courtesy of Paddocks Press Newsletter October 2008)
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Almost all good real estate agents stay in business because satisfied clients refer them to friends, family, neighbors and co-workers. A good gage of a real estate agents caliber is "word of mouth". Ask the people you trust who they have used and ask them to describe their experiences with their real estate professionals. Successful agents always make customer satisfaction their number one priority and put their customers' needs before their own. Accordingly most people will sing their praises the loudest and you'll hear the same names over and over again. World Estate Agency Directory
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