The managing agent is defined “as a person possessing and exercising the right of general control, authority, judgment, and discretion over the business or affairs of the corporation. The term was also defined by Minnesota Courts as those agents who have charge and control of the business activities of the corporation or of some branch or department thereof, and who, in respect to the matters entrusted to them are vested with powers requiring the exercise of independent judgment and discretion. A managing agent is a person or company appointed by the freeholder of a property, or a management company, to manage that property.
The agent’s duties may include:
- Keeping up-to-date records (including budget reports of cash flow and income and expenditure).
- Adequately insuring the property and attending to any insurance claims.
- Ensuring the property is kept in good repair.
- Liaising with tenants generally, including ensuring any tenant’s covenants is enforced.
- Collecting rent and service charges and taking steps to recover any unpaid amounts.
Managing Agents are Jacks of All Trades. Agency is a person who is invested with general power, involving the exercise of judgment and discretion, as distinguished from an ordinary agent or employee, who acts in an inferior capacity, and under the direction and control of superior authority, both in regard to the extent of the work and the manner of executing the same.