As a business that is always looking to learn more about the sectional title industry and how to serve it better, Mirfin conducted a client survey with the objective of gaining a more thorough understanding of the needs and preferences of industry decision-makers and, more specifically, to understand what managing agents expect from service providers in terms of service delivery in 2021.
It has become the norm to increase insurance cover for community schemes by 10%, or even 15%, per year. On the other hand, some bodies corporate choose not to increase cover at all. However, how often do bodies corporate consider decreasing cover?
The valuation is compiled remotely, based on the latest approved sectional title plans, public imagery and a telephonic interview with a representative of the body corporate.
When the new Sectional Title Management Act came into effect in October 2016, the number of valuers that claim to specialise in sectional title valuations increased considerably as this new market presented a lucrative new opportunity for many valuers.
We are often asked for guidance as to when expenses should be allocated to the administrative fund versus the reserve fund. As a result of overlapping areas, it seems to be an area where no-one has definitive answer. To assist bodies corporate and managing agents in allocating expenses to the correct fund, we have compiled some guidelines to help you make sense of it.