Streamlining the Role of the Sectional Title Portfolio Manager – The Benefits of Appointing an Executive Managing Agent (EMA) in a Community Scheme
Managing a community scheme is no easy task requiring extensive knowledge of legislation governing community schemes, financial understanding, mediation and organisational skills, and the ability to handle various responsibilities and personalities simultaneously.
In this article, we will explore a few examples of how the appointment of an Executive Managing Agent (EMA), in our opinion, can make the role of the sectional title portfolio manager easier and more efficient, these examples being:-
- Expertise and Professionalism:
A key advantage of appointing an Executive Managing Agent (EMA) is the access to their expertise and professionalism. These agents are highly skilled professionals with a deep understanding of the legal and practical intricacies involved in managing community schemes. By leveraging their knowledge and experience, the portfolio manager can rely on the Executive Managing Agent (EMA) for guidance, support, and decision-making, especially when it comes to complex legal, financial, and administrative matters. - Administrative Support:
Managing the administrative tasks of a community scheme can be overwhelming for a sectional title portfolio manager. However, by appointing an Executive Managing Agent (EMA), they gain valuable administrative support. When ZDMgt is appointed as the Executive Managing Agent (EMA) we take over the levy collection and legal management of a community scheme which is a huge relief to the Managing Agent (MA) as well as the community scheme which benefits from the influx of funds. - Financial Management:
Financial management is an integral part of the sectional title portfolio manager’s role. However, it can be a time-consuming and complex task. An Executive Managing Agent (EMA) provides expert advice on financial planning, investment opportunities, and cost-saving measures. This partnership allows the portfolio manager to rely on the agent’s expertise, ensuring that the financial affairs of the community scheme are well-managed and compliant with relevant regulations. - Effective Communication:
Communication plays a critical role in the successful management of a community scheme. An Executive Managing Agent (EMA) can act as a mediator, facilitating effective communication between the portfolio manager, the committee, and the scheme members. They can disseminate information, address queries and concerns, and ensure that all stakeholders are kept informed and engaged. By having a dedicated agent responsible for communication, the portfolio manager can focus on strategic decision-making and problem-solving, creating a more efficient and productive working environment. - Access to Networks and Resources:
Executive Managing Agent’s (EMA’s) often have established networks and access to a wide range of resources that can benefit the sectional title portfolio manager. These networks may include reliable contractors, legal professionals, and service providers. By leveraging these networks, the portfolio manager can tap into a pool of trusted and experienced professionals when it comes to maintenance, repairs, legal matters, or any other specialised requirements. This saves time and effort by eliminating the need to search for suitable service providers and allows the portfolio manager to benefit from the agent’s existing relationships and negotiated contracts.
Appointing an Executive Managing Agent (EMA) in a community scheme can significantly ease the burden on the sectional title portfolio manager. The agent’s expertise, administrative support, financial management skills, effective communication, and access to networks and resources all contribute to streamlining the management process. By delegating certain responsibilities to an Executive Managing Agent (EMA), the portfolio manager can focus on key strategic aspects of their role, ultimately leading to more efficient and effective management of the community scheme.
