The difference between a Management Agent and a Rental Management Administrator
A management agent performs certain duties on behalf of someone else. Generally speaking there are two types of management agents.
Firstly there is the Management Agent.
A Management Agent is a person or body, who can be appointed by the trustees of a body corporate, to perform some or more of the duties and functions of a body corporate as per agreement. This will normally occur when a body corporate decides that their required workload is too high or too complicated. This type of Management Agent must be a registered member of the National Association of Managing Agents (NAMA). Membership of NAMA also requires that to become a member, the person or body must be registered as an Estate Agent with the Estate Agency Affairs Board.
A managing agent may not make any decisions concerning the body corporate or the buildings without the approval of the trustees.
Responsibilities of a Management Agent:
If a managing agent is appointed by the trustees, they are generally responsible for:
– Sending out levy statements;
– Collecting levies;
– Doing the bookkeeping;
– Advising the trustees on matters;
– Assisting with maintenance issues;
– Payment of monthly levy to the provincial Ombud;
– Handling required documentation and forms in communications with the Ombud;
– Appoint an auditor to audit the annual financial statements.
Secondly there is the Rental Management Agent.
A Rental Management Agent is also called a Rental Management Administrator. It is the prerogative of any owner, who wants to rent out a property, to appoint a Rental Management Administrator to rent out a property on behalf of the owner. The Rental Management Administrator must then perform certain duties.
Responsibilities of a Rental Management Administrator:
If a Rental Management Administrator is selected by a property owner, they must generally do the following:
– find, select and place a suitably qualified tenant to rent a property, including the handling of all the required documentation;
– collect the monthly rental amount, deposit and monthly levies;
– pay the monthly rental amount after deduction of levies and commission to the owner;
– pay the monthly required levies to the body corporate; and
– retain the deposit, which usually is equal to the monthly rent amount, in a bank trust account, as safekeeping against damages to a property, which may need repairs at termination of a rental agreement.
The Rental Management Administrator must be registered with the Estate Agency Affairs Board and must have full title status as principal (highest level 5), to run a Real Estate Agency.