More and more people in Ireland are living in apartments and multi-unit residential developments. As a Managing Agent, we see our role as being a crucial part of ensuring that these developments provide great places to live for all of their residents.
By providing a professional, focused and proactive service to Owners Management Companies, we are committed to safeguarding the long-term structure of the buildings and maximising the enjoyment of living in the development for all the residents.
We believe residents deserve a safe, secure place to live, with good amenities and a great living environment. We understand the importance that the Owners Management Company has strong finances and a suitable Sinking Fund to provide for longer-term refurbishment needs.
Our professional approach prioritises preventative rather than reactive management and a proactive approach to service charge collections.
What is an Owners Management Company?
If you buy a property in a multi-unit development, an Owners Management Company (OMC) legally owns the common areas and is responsible for their upkeep.
Since the Multi-Unit Developments Act 2011, all new developments must have an OMC in place before the first unit is sold. In the case of developments completed before the Act, developers are legally obliged to establish an OMC.
All of the “common” areas within these developments are vested into an Owners Management Company.
The Directors of these Owners Management Companies are typically voluntary Directors who will appoint a Managing Agent to manage both the operation of the company and the provision of services to the development.
What is a common area?
Common areas are shared elements of the building and can be internal, external and structural components of the building and their related services, for example, drainage systems, lifts, and fire alarm systems.
These shared common areas are managed by the Management Company,
Who owns the Management Company?
When a unit in the development is purchased the new owner becomes a member of the Management Company. The Management Company is owned by the Owners of the units in the development and is correctly referred to as the Owners’ Management Company, the OMC.