Question 1

What is estate property management?

Accepted Answer

Estate property management is the management of all financial, administrative and operational aspects of a residential or commercial building by an owners’ management company and its appointed management agency (e.g. Managewise)

Question 2

What is the managing agent’s role?

Accepted Answer

Managing agents such as Managewise Ltd coordinate the day-to-day running of the development in collaboration with the owners’ management company. Essentially, we do the leg work for you! We deal with calls, queries, complaints and any other issues pertaining to the development. We also arrange and attend meetings to keep in regular contact with the owners’ management company.

Question 3

What is an owners’ management company? (OMC)

Accepted Answer

An OMC is a collective comprised of the owners of the property. This could be one or several companies within a commercial building, and private landlords or private owners within a residential building. The OMC owns the common areas and services of its building(s).

Question 4

Who makes the decisions within an owners’ management company?

Accepted Answer

The company appoints a board of directors, who make all decisions affecting the management of the property. All members of the company are eligible candidates for the board of directors. Management decisions made by the board would include the appointing of a management agency such as Managewise.

Question 5

I’ve been appointed a company director. What are my main responsibilities?

Accepted Answer

You are required to represent the interests of all members of your OMC, and to collaborate with the appointment management agency in all areas related to the maintenance and day-to-day running of the property. For further details, please refer to the 1963 Companies Act.

Question 6

As a member of the owners’ management company, what sort of communications should I be getting from our managing agent?

Accepted Answer

All members of the management company should be kept up to date on issues pertaining to the management of the property such as the procurement of service contracts, the collection of charges and the arrangement of meetings between the company and the managing agent.

Question 7

What are service charges?

Accepted Answer

Service charges are annual fees owed by all property owners to fund all property management service. These include the upkeep of communal areas (both repairs and running costs), electricity, insurance and refuse collection. Each owner is obliged to pay their share as a contribution to the property as a collective space.

Question 8

How are service charges calculated?

Accepted Answer

The overall running costs for the development are divided between each owner within the property. The exact amount paid by each owner will depend upon their lease agreement.

Question 9

What information about my development am I entitled to?

Accepted Answer

As a member of the owners’ Management Company, you are entitled to view any document pertaining to the development.

FAQ's