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A Residents Management Company is formed by residents in a block of flats who want to undertake the management and maintenance of the building they live in. Each resident will become a shareholder in the company, which then becomes responsible for the management of the freehold of the entire building. A residents’ property management company service can help you set up and manage your community.
A Residents Management Company (RMC) is a company formed by the residents of a block of flats or a housing estate (usually leaseholders or freeholders), with the purpose of managing the communal areas of their property.
The RMC is typically responsible for managing and maintaining the common parts of the property, such as hallways, green areas, car parks, and other shared spaces.
Resident Management Services (RMS) are professional services provided by property management companies that are specifically tailored to the needs of leasehold and freehold property owners in a particular building.
Resident Management Services cover areas and issues such as:
To form a residents property management company, there are several steps that are required:
Step 1: identify a group of residents who are interested in forming the RMC – ideally a mix of leaseholders and freeholders.
Step 2: appoint a company secretary – the company secretary is responsible for ensuring that the company complies with all relevant laws and regulations. The team’s company secretariat service can do this for you if necessary.
Step 3: prepare the memorandum and articles of association – these documents set out the rules for how the RMC will be run.
Step 4: register the RMC with Companies House – this can be done online, and involves providing details of the company’s directors and shareholders.
Step 5: open a bank account for the RMC to manage the company’s finances.
Step 6: hold an initial meeting of the RMC to appoint the directors and the company’s objectives.
Step 7: obtain insurance – the RMC will need to obtain insurance to cover the common areas of the property.
Once these steps have been taken, the RMC can begin to manage the communal areas of the property and start to make decisions about how the property is run and managed.
When using resident management services, there are a number of things you can expect, including:
Our panel of experts are regulated by the following regulatory bodies including but not limited to: the Royal Institution of Chartered Surveyors (RICS), The Property Ombudsman (TPO), Society of Operations Engineers (SOE), Chartered Association of Building Engineers (CABE), Faculty of Party Wall Surveyors (FPWS), the International Real Estate Federation (FIABCI) and the Chartered Institute of Building (CIOB).
