For property owners and residents of shared buildings, maintaining a high standard of living requires effective management of communal areas and services. One of the most efficient ways to ensure this is through a Resident Management Company or Residents Management Company (RMC). These companies are specialized in managing residential properties, especially when tenants or leaseholders seek more control over their living environment. One increasingly popular option for property owners is RTM Property Management, which empowers residents to take on the responsibility of managing their building’s upkeep while still benefiting from professional expertise.
What is a Resident Management Company?
A Resident Management Company (RMC) is a company that is typically made up of the leaseholders or tenants of a building. The purpose of an RMC is to take control of the management of the building, particularly the communal areas and services. This could include managing maintenance, health and safety, cleaning, and landscaping of shared spaces such as corridors, gardens, and communal halls. By taking ownership of these tasks, the residents have more say in how the building is run and can ensure it meets their needs and expectations.
What is RTM Property Management?
RTM Property Management refers to a system in the UK that allows leaseholders in a block of flats or residential building to take over the management of their building without needing to buy the freehold. The Right to Manage (RTM) legislation gives leaseholders the legal right to form an RTM company and manage the building’s communal areas, even if the freeholder does not agree. This is a valuable option for residents who want more control over the maintenance and operations of their property.
An RTM Property Management company is set up by the residents, and they take over tasks such as managing contractors, arranging repairs, and ensuring compliance with health and safety regulations. Unlike traditional property management where the landlord or freeholder holds control, RTM Property Management allows residents to be involved in decision-making, potentially leading to better quality services and reduced costs.
Why Choose a Resident Management Company or RTM Property Management?
The key advantage of a Residents Management Company or RTM setup is that it gives residents the power to control how their building is managed. In traditional property management models, decisions are made by the landlord or freeholder, which can sometimes lead to disagreements or dissatisfaction among residents. With a Resident Management Company, the residents can ensure that the communal areas are managed to their standards, and there is transparency in financial matters such as service charges and maintenance costs.
Additionally, RTM Property Management can often be more cost-effective. Residents can choose contractors and service providers who offer the best value for money, and they have more say in how funds are spent, which can prevent inflated costs and unnecessary expenditures. By managing the property themselves, residents may also have more flexibility in addressing issues that are important to them, such as sustainability or improving the quality of common areas.
Legal Considerations and Support
Setting up a Resident Management Company or RTM company does require some legal groundwork. Residents need to follow the proper legal procedures to form the company and ensure that they meet all the necessary requirements for RTM. Professional support is available to help guide residents through this process, making it easier to take advantage of the RTM property management system.
In conclusion, opting for a Resident Management Company or RTM Property Management offers residents the opportunity to take charge of the management of their building while enjoying professional expertise in property management. It provides better control over costs, services, and the quality of living spaces. Whether through a Residents Management Company or an RTM setup, residents can ensure that their building is well-maintained and meets their needs, all while benefiting from more transparency and decision-making power.
