24 October 2022
Although it’s a big responsibility, having everything in place to make sure a development is looked after, clean, and safe, is reassuring for the residents.
Here we explore the roles and responsibilities of a Resident Management Company and how a professional managing agent like FirstPort can help.
What is a managed development?
A managed development can be looked after directly by the freeholder, developer, Resident Management Company or Right to Manage Company, or they’ll choose to appoint an experienced property manager like FirstPort.
To find out more about how all parties work together to manage a development read our blog: How Property Managers, RMC & RTM Companies look after a development.
What is a Resident Management Company (RMC)?
A Resident Management Company (RMC) is a limited company that is usually set up by the developer of a new build site to help maintain and protect the value of the development.
It consists of equal members (or shareholders) who are usually the leaseholders of the development, allowing residents to contribute and control how their development is run and maintained. These equal members appoint Resident Directors (also known as RMC Directors) to make decisions on behalf of all leaseholders on how best to look after the development. To find out more, read our blog: The Role of a Resident Director.
What is a Resident Management Company responsible for?
The RMC is responsible for the general upkeep and maintenance of the building and common areas, making sure that they meet the obligations of the deeds or lease for each home, deciding how service charge funds are invested, and ensuring that everywhere is safe for residents.
The RMC must make sure that the building and common areas meet all the statutory requirements, like health and safety regulations, and ensure all the areas are compliant with landlord and tenant laws and regulations.
As an RMC is a limited company, it also has other legal requirements it has to meet. These include making sure all statutory and financial records are up to date and accurate and that they have the relevant insurance in place to protect themselves and their development.
How an RMC works with a Property Manager?
Once the developer or freeholder has handed over management of the building, the RMC needs to think about how they want the development to be managed; whether they want to manage it themselves or employ a property management company, like FirstPort, to help them.
A property manager is there to support an RMC, helping to ensure all relevant laws and regulations are met, that the building is safe and that the day to day running of the development is smooth for leaseholders and residents.
FirstPort has over 40 years’ experience managing all kinds of residential developments. Our property managers are supported by expert in-house teams who cover health and safety, compliance, procurement, finance, legal, and more.
Our four pillars that help RMCs to succeed
To help RMCs manage developments effectively, we have four pillars that we use as the framework for everything we do. They are:
Strong health and safety
Our number one priority. We have achieved a five-star rating from the British Safety Council in every audit since 2016, demonstrating our commitment to making sure our customers always feel safe and happy in their homes.
High site standards
We employ trusted contractors to make sure that your development is looked after to a high standard, and our property managers carry out regular site visits to make sure everything is in order.
Great customer communications
Communication is key. We want to make sure we are friendly and approachable to our customers and aim to communicate with you openly and honestly. We pride ourselves on making sure you experience great service.
Healthy estate finances
We take looking after our customers’ money very seriously. Service charges are kept safe in each development’s very own interest-bearing bank account, and we make sure we clearly communicate with you regarding any expenditure – so you can trust that your money is in safe hands.
Find out more about how FirstPort can help your RMC
To find out more about how we help RMCs, take a look at our video series, or complete the form below and somebody from our New Business team will be in touch:
Resident Managed Developments
The Role of a Resident Director
The Resident Director Survey 2022
03. How we support Resident Management Companies (RMCs)
The benefits of using a property management company
Smooth sailing at The Waterways with our RMC partnership
Getting things shipshape with Right To Manage Directors at Centre Quay
Top ten traits of effective Resident Directors
A simple guide to residential block management
A simple guide to Right to Manage Companies
The differences between leasehold and freehold property
How Property Managers, Resident Management Companies and Right to Manage Companies look after a development