What Is A Management Company?

It is important that all owners appreciate the necessity for a Management Company as part of the legal and day to day structure in multiple unit developments, such as apartment blocks, townhouses, office and commercial complexes. All the common parts and services within any complex not belonging to, or the responsibility of a specific person, must be vested in a Body or Company. These common areas can be internal and/or external and/or structural.

Each owner is a member (or shareholder) in this Company. The Company has responsibilities to all the members to ensure that the common parts are maintained to a high standard for the enjoyment of all concerned. The Company, which is in effect your own Company, is responsible for the maintenance and upkeep of all the open spaces and services relating thereto. (If it is an Apartment Block, the Company is also responsible for the upkeep and maintenance of the buildings).

The full responsibilities of the Company are outlined in the Company’s Memorandum and Articles of Association and in the Management Agreements attaching to the title documents. Similarly, all the owners individually have a co-responsibility to the Company to perform certain obligations, set out in the Management Agreements, including payment of service charges etc So, you have a clearly defined situation where the Management Company has definite responsibilities to all it’s members and the members, likewise, have definite responsibilities to their Management Company, and to each other.

The Company, like all limited companies, is managed by a Board of Directors or a Board of Management. At the very beginning, until all the units are sold in a development, the Board of Management normally comprises the developers and/or Solicitor or Solicitor’s Staff. When all the units are sold, the control of the Company is handed over to the owners themselves, who elect their own Board.

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What Are Managing Agents?

Managing Agents like Atlantic Property Management of Westport County Mayo are employed by the Board of Management, where the Board does not wish to undertake full responsibility itself for the day to day management of the Company The Managing Agents are not the Management Company they are simply the servants of the Management Company.

A good firm of Managing Agents will at all times to see that the Company honours it’s obligations to the individual owners and the individual owners, in turn, honour their obligations to the Company and each other.

Managing Agents Services.

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Preparation of Service Charge and Sinking Fund budgets.
* Apportionment and collection of Service Charges.
* Checking, approval and payment of creditors’ invoices.
* Payment of wages and dealing with PAYE and PRSI etc. where applicable.
* Dealing with Revenue Commissioners re: Management Company employees.
* Advising on insurance matters and handling claims.
* Book keeping, accounting, maintaining bank accounts and reconciling statements.
* Preparation of Financial Reports for management meetings.
* Liaising with Auditors and issue of Auditor’s Report and Financial Statements.

* Issuing information and advices to new owners
* Routine site inspections by management personnel.
* Arranging routine common area repairs and maintenance contracts.
* Attending to telephone enquiries and correspondence from owners and residents.
* Attendance at scheduled Board Meetings and the Annual General Meeting.
* Advising the Board of Directors/Committee generally in relation to the provisions of the Lease Agreements and Management Covenants.
* Attending to all correspondence arising out of the above.

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