Owners may not notice the administrative work involved in managing a development but, if this work is not undertaken on a professional and timely basis, then this can reduce the likelihood of, or even prevent, an apartment being rented or sold. For example, a failure to file accounts in a timely manner leads to large fines and may result in a company being struck off. This situation, which prevents owners from selling their property, is not just a theoretical possibility but has happened to numerous management companies in recent years. Fulfilling these obligations arises from company law, to which the management companies of all developments must adhere.
The new Multi-Unit Developments Bill also makes legal a range of administrative requirements for companies that manage residential or mixed-use developments. These include obligations on maintenance of past records (including contracts with sub-contractors) for a period of years, as well as specific requirements in relation to convening of AGMs and information that must be provided to owners on an annual basis (e.g. on income/expenditure, block insurance policies, fire safety procedures and other matters).
As well as these formal requirements, RFPM works on an ongoing basis with Boards of Directors in the developments we manage and we meet quarterly with Directors and Residents Associations in many developments. We provide supports to Directors in these important roles.
Strong administration is also important in gathering and updating IT systems in relation to developments, e.g. as regards contact details of owners and tenants or the up-to-date situation on all owners’ payment of service charges. We ensure that these databases are available in a secure way to those who need access to them, both inside and outside the office (e.g. partial access by after-hours service).
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