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How important is a juristic person committee to management of a condominium and housing estate?
06 āļ.āļ. 2023
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Residents of a condominium complex or developed housing estate must be familiar with the term âjuristic person committee.â The committeeâs elected members are in charge of supervising a contracted property management team who handle the residential propertyâs day-to-day operations. The committee have the power to formulate a policy and enforce the regulations of the property project, oversee its finances and make decisions on various issues concerning the residential project.
A juristic person committee plays an important role in a property project. It can be said that if the elected committee is a good one, the residents will have a positive residential experience.
As both condominiums and housing estates host common areas and other shared assets that all residents co-own and use, the property project needs to have a central management team who represent the residents in handling operations and managing the shared valuable assets of the joint owners.
A well-groomed project is the result of having an efficient property management team and a juristic person committee that share the same vision, goals and guidelines on looking after the project.
The committee delivers a policy and property managers must have specialist knowledge of, and experience in, overseeing operations according to plan. The committee creates a policy for managing the property and prioritizes issues that property managers are expected to place importance on.
Issues of real importance may include preventive management that helps reduce long-term maintenance costs. Property managers must draw up a preventive management plan and get a team of technicians and engineers plus a support team from the headquarters ready to dole out advice as necessary. They must be able to manage the propertyâs daily operations efficiently toward the stated goals.
The projectâs spruced-up physical appearance assures a positive image and impact on its resale value and rent. Efficient budgeting demands smart planning.
Reduced utility costs and newly created database on the use of common spaces to determine a schedule for turning on and off the electrical power are some of the benefits of aligning an action plan with a formulated policy. How the juristic person generates extra revenue out of the funds for maintenance and management of the public facilities also requires strategic planning.
At many property projects, joint owners tend to elect members of the juristic person board who have relevant experience in engineering, finance and law. They expect the committee members to apply their knowledge and expertise to raise the efficiency of property management. But thatâs not always the case. If the property management firm in charge has high standards of service with expertise in different fields, then they can provide committee members with useful advice.
Take PLUS Property, for example. In preparing a team of property managers for a housing estate, the company would choose staff who have undergone training in property management with professional certifications as required by laws such as the Condominium Act and Land Development Act.
PLUS Property has support teams based at its corporate headquarters with the law, finance and accounting, technical and building services engineering departments. These experts are well qualified to provide advice. The company also has an audit team tasked with conducting official examinations.
Besides, the company also organizes special staff training on different subjects such as security systems, firefighting, first aid and emergency care. Its personnel are prepared to deal with any unforeseen situations that may arise in the property project.
Therefore, the juristic person committee plays an important role in laying property management plans. However, property managers are no less important. They are responsible for putting the committeeâs plans into action and bringing them to fruition in an efficient manner.
Itâs important to choose a property management company that is up to standard with expertise in key areas. They must be able to share their knowledge and give advice to the board.
In case the committee donât have any expertise in key areas, PLUS Property has support teams specializing in law, engineering and other disciplines. These specialists have a good understanding of the Condominium Act and Land Development Act. The companyâs audit team helps bring transparency and accountability to different aspects of property management work. This will ease the burden on the committee and protect the interests of residents.
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Plus Property is a full-service professional real estate agency that provides comprehensive assistance in reselling/letting properties and the purchasing of second-hand condominium units. With more than 20 years of experience, PLUSâs team of quality professionals manages residential and commercial properties and also manages projectsâ sales and marketing, heeding to all types of demand.
For additional information about our services, call 02 688 7555 or click here
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