Resident Management Companies (RMCs) are private companies established to manage the communal areas and services of residential developments. In London, many residential properties, particularly leasehold flats and apartments, are managed by RMCs. These companies are typically formed by the residents themselves, who collectively own shares in the RMC and have a say in the management and maintenance of their building or estate.
The primary responsibilities of RMCs include:
Maintenance and repairs:
RMCs oversee the maintenance and repair of communal areas within the residential development. This can include cleaning, gardening, building maintenance, and other necessary services.
Service charge management:
RMCs collect service charges from the residents to fund maintenance and management activities. These charges cover expenses such as insurance, utilities, cleaning, and general upkeep of the communal areas.
Financial management: RMCs handle financial matters related to the management of the property, including budgeting, accounting, and financial reporting. They are responsible for ensuring that the service charge funds are properly managed and used for the intended purposes.
Compliance with legal obligations:
RMCs ensure that the property meets all legal obligations and requirements,
- such as health and safety regulations, fire safety compliance, and building codes. They may also handle leaseholder inquiries and disputes.
When looking for a resident management company in London, it is important to consider their reputation, experience, and track record in managing similar properties. Residents should also review the terms and conditions of the management agreement and understand the services provided, the frequency of maintenance, and the transparency of financial management.
It’s worth noting that there are also professional property management companies in London that specialize in managing residential properties, including those with RMC structures. These companies can be hired by the RMC or the property owner to handle the day-to-day management tasks on their behalf.
