What is the difference between a Managing Agent and a Management Company?

 

Ever wonder what the difference is between a Managing Agent and a Management Company?

Wonder no more…

 

When you purchase a property in a multi-unit development, you will automatically become a member of the OMC when you get your Membership Cert. Your Owners' Management Company (OMC) legally owns the common spaces and is responsible for their care; hence, they are legally responsible for all necessary administration and AGMs.

 

It is critical that you understand how OMCs operate.

The OMC was founded for a variety of reasons, to mention a few.

  • In a multi-unit building, manage and maintain common areas.
  • To act as the legal owner of the common spaces on behalf of the unit owners.

 

The OMC is in charge of many things, including preparing annual reports, holding annual meetings of the members, enforcing House Rules, establishing a fair scheme for apportioning the service charge among the various unit owners, and preparing annual budgets for consideration and approval by the members at the AGM.

 

OMCs engage managing agents such as Property Management Ireland on behalf of its owners to conduct the day-to-day operations of their Owner Management Company.

 

Managing agents will make every effort to ensure that the OMC fulfils its responsibilities to the owners and that individual owners honour their duties to the OMC and to one another.

 

A managing agent's responsibilities include the following:

  • To organise the annual AGM and deliver the yearly service charge to the owners
  • To collect service fees and to generate yearly financial statements.
  • Lease agreements and building regulations must be followed.
  • In charge of overseeing the repair and maintenance programs for the communal spaces.
  • Communication with the OMC board of directors and owners on a regular and timely basis
  • Making yearly returns on the company's behalf
  • Observance of all Financial Regulations