A managing agent is the person who runs the everyday operations of a co-op, real estate development or other agency in charge of property or finances. The person in this position acts upon the requests of the owners whether they be an individual or group of individuals. Owners of a property who do not have time to oversee the running of the property--such as leasing or selling condominiums--use managing agents.
The managing agent collects any rental or leasing funds from the residents or businesses on the property and deposits these funds into the corporate account he operates. She ensures all time cards are turned in and employees paid. Along with paying employees, the managing agent pays all bills of the corporation, such as utilities, insurance and vendors. He manages all Insurance claims and negotiates with outside contractors such as maintenance or lawn care companies. The managing agent will document these items and report to the board of trustees. She will also report on any person or business whose account is in arrears.
The managing agent has responsibility for board meetings. He schedules annual and quarterly meetings and reviews reports for the board during the sessions. Along with presenting reports, she also maintains the minutes, which document information, discussions and decisions taking place during the meeting. The managing agent also advises the board of trustees on procedural matters to ensure the meeting runs according to the bylaws of the corporation and applicable state regulations.
The managing agent submits an annual budget to the board of trustees for approval. This budget shows the expected income and disbursements of the organization. He also maintains the books that report the income, payouts, insurance claims and other expenditures of the organization. The agent audits the accounting books on a periodic basis and reports to the board. She also arranges for an outside contractor to perform annual audits on all her accounting procedures.