What is a Property Management Company?
A property management company, also known as a managing agent, is normally appointed by the freeholder or landlord and on some occasions by a Right To Manage company (RTM). A Resident Management Company (RMC) can also appoint a property management company, and will generally be formed of leaseholders currently residing in the development.
Property Management which takes place in line with the management of a block of flats is generally referred to as block property management.
A managing agent is usually appointed early on whilst developments are being built. Once appointed they are then responsible for managing the property in accordance with the terms which are specified and outlined within the lease. The managing agent is responsible for providing a wide variety of services, from the management of day-to-day services like a concierge, maintenance of the property and collecting service charge monies to dealing with legal matters including breaches of lease.