- Managing Agent
A Managing Agent is normally contracted/appointed by either a Developer in a new development, or alternatively, by the Directors of a Management Company, where the Business Park is developed.
The Managing Agent and the Management Company are two entirely different entities. The Managing Agent when contracted/appointed by the Management Company takes their instructions and direction from the Management Company, normally by its Directors.
The Managing Agent (in our case) is contracted to provide day to day services in all aspects of the management of the common areas of a Commercial Business Park, in essence, to relieve the Management Company Directors of this task, as they are inevitably busy in running their own businesses.
The Managing Agent, in all cases, should be contracted through a binding legal contract which clearly sets down both parties’ responsibilities and obligations.
The Managing Agent is paid an agreed fee for the services they provide to the Management Company and this fee is included as part of the overall annual budget which is agreed at Annual General meeting of the Management Company and on which annual service charges are based.
- Management Company.
The Management Company is established for the purpose of:
- Maintaining & managing the common areas of the Business Park.
- The legal ownership of the common areas is vested in the Management Company.
- Property owners become members of the Management Company.
It is important that as soon as possible in any development that the property owners take control of their Management Company by having a number of Unit owners appointed as Directors and thus in control of their Management Company.
- Service Charges
Membership of the Management Company legally obliges all property owners in the Business Park to pay an annual service charge. Service charges are not optional, they are a legal and on-going obligation, contained within the purchase Lease.
Service charges are used to pay for the maintenance and upkeep of all of the common areas in a Business Park and such service charges are budgeted for and agreed annually at Annual General meeting by the members.