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Questions?Property management made simple

What is a Management Company?

A management company is a non-trading entity established at the development stage of an estate to control and manage the common areas within multi-unit developments such as apartment’s schemes or housing estates. The members of the management company consist of all the owners of the company and are commonly known as “The Owners Management Company” or OMC.

How is a Management Company managed?

The Management Company or OMC is controlled by the governing body which are the listed directors of the company. Initially at development stage the management company is controlled by the developers until sufficient conveyed units allow a transfer of the common areas to the management company as outlined in the Multi-Unit Development Act 2011. In order to implement a management structure designed for efficiency and positive management it is advisable that the governing body comprises owners elected to the board by the members.

What is the procedure for Election of Company Directors / Governing Body?

The procedure for the appointment of the governing body is set out in the Memorandum and Articles of Association. Interested nominees usually have their interest expressed to the existing governing body and ratified at the Annual General Meeting. A copy of the Memo & Articles can be provided by the managing agent.

What are the responsibilities of a Director?

As with all directorships there are considerable associated responsibilities. The directors ultimately run the legal entity which controls the estate and the company is effectively controlled by The Companies Act 1963. The responsibilities include compliance with all statutory obligations as outlined in the ODCE website.

What’s the difference between a management company and a managing agent?

The management company or OMC is the legal entity which controls the running of the estate and comprises the owners as members in the company. The managing agent is an appointed company with particular experience in building management and specialise in the field of multi-unit estate management appointed by the OMC to act on their behalf.

Why is a Managing Agent Required?

The governing body of each owner’s management company comprises elected representatives from the company members. The directors are generally not entitled to any remuneration and therefore act in a voluntary capacity. Successful management requires specialized systems structures and property management software which experienced agents can provide. Established Managing agents can provide the peace of mind to directors knowing that their company is properly maintained and compliant with the relevant regulations at all times.

How many directors can be elected to the Owners Management Company?

The number of directors and their appointment is laid out in the Memorandum and Articles of Association. The directors are generally supported by an ad hoc residents committee.

What is a lease?

Purchasers who acquire apartments generally hold a title known as a leasehold interest. Unlike a tenancy agreement the lease is a legal title agreement held between the owner and the Management Company. A copy of the head lease can be obtained from the managing agent. The lease outlines responsibilities and covenants of the lessor and lessee.

What are service charges?

Service charges are fees charged annually by the management company for services associated with the running of a managed estate. The lease document outlines how service charges are calculated and the managing agent is responsible for administering the charges. The service charges are set annually as outlined under the Multi-Unit Development Act 2011 (Download PDF) and are payable by all property owners and not tenants.

How can I pay my service charge fee?

Service Charges are made payable directly to the management company and not the managing agent. Residential Estate Services accept cheque, standing order or Bank Transfers. Members should always request a statement or receipt of payment for the records.

How Are Service Charges Set?

At residential Estate Services it is our policy to present to the directors a minimum of three quotations per service variable. We have no obligation or agreement to use certain suppliers and we are always looking for value for money. Working closely with each board we will devise a fair and equitable annual budget and present our findings at a specially convened budget meeting of the members as set out in the Multi-Unit Development Act. At Residential Estates Services we can guarantee the lowest possible insurance premium which is generally the highest cost associated with any development.

What happens if members fail to pay service charges?

The rules and regulations of the Owners Management Company will provide a provision to allow the management company to charge interest on any overdue account. It is our policy that two invoices will be generated and one final reminder. If an agreed payment method is still not set up interest will be charged immediately to the account and legal action will be taking against the debtor immediately.

What is a sinking fund?

A sinking fund is a contingency fund for future capital improvements such as lift replacement, painting, or for any other unexpected remedial works outside the normal scope of the annual maintenance budget. As part of our management fee our surveying department will provide OMC directors with a detailed report of forecasted investment costs.

Learn more about Sinking Funds »

What insurance cover is provided?

The management company insurance policy covers includes,

  • Block Policy On an annual basis Residential Estates Services in conjunction with an appointed broker will contact all the underwriters willing to insure the buildings. We can guarantee the lowest possible quotes available to the market. The block policy will be provided to all members annually along with market evidence showing all the premiums each underwriter quoted.
  • Public Liability Our Brokers will advise as to the suitable level of cover. This is normally included as part of the block policy at no extra cost.
  • Directors & Officers This cover will protect and indemnify the directors of the OMC from any claims against them personally whilst carrying out OMC business within the legal guidelines.

Learn more about Apartment Block Insurance Policies »

How Do I make a claim?

It is important that you notify the managing agent immediately. The agent will notify the insurance company through their broker and they will send a loss adjuster to assess the damage and to advise on the cover in place. Qualifying claims usually are paid within three working weeks. We provide detailed claim management procedures to all members at the commencement of the financial year. These rules are developed and enforced to enhance resident’s peaceful enjoyment of their homes.

What are house rules?

The house rules are stipulations that each owner and resident is expected to abide by. The rules are clearly laid out in the head lease and are legally enforceable. Generally copies of the house rules are clearly displayed at all entrance doors. Landlords are required to ensure that tenants have a copy of the house rules at all times during their tenancy.

What is the Multi-Unit Development Bill?

The Multi-Unit development Act 2011 became law on The 1st April 2011 and it applies to all multi-unit developments with shared amenities, facilities and services. The MUD Act was developed to address the absence of legislation. The Act puts structured processes in place for important matters pertaining to the OMC such as the transfer of ownership of common areas, service charges and sinking fund.

What is the Property Services Regulatory Bill?

The Property Services Regulatory Bill aims to regulate property professionals involved in the area of selling, management and letting of property. The Bill will set out a new licensing system, standards of education and procedures for investigation of malpractice Download.

Our team take great pride in the condition of your property and reaching all asset preservation objectives (physical, financial and social), in keeping with corporate social responsibility standards.

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In respect of residential property management, we are driven by our goal of delivering the highest levels of customer satisfaction and quality in all we do. Our detailed specifications (service level agreements) regarding property maintenance represent best practice in the field, with ongoing regular inspections and feedback reporting to members on the health of your buildings and plant. well as strategic preventative measures.