What is a Resident Management Company?
29 October 2023 | Written by Beverley Kloos
A Resident Management Company (RMC) is a private limited company that helps to maintain and protect the value of a development.
It is usually created when a developer builds a development and wishes to hand over management control to the property owners. Older developments are likely to have a long-running resident management company in place.
The RMC is made up of property owners who are shareholders or members of the company. Resident Directors (also known as RMC Directors) are appointed to make decisions on behalf of all owners on how best to look after the development.
The company is not-for-profit, although it must fulfil several annual obligations to function, including filing company accounts and recording persons with significant control at Companies House.
The RMC is also responsible for upholding the terms of each lease or transfer, which includes making sure the building is properly maintained and always insured, and that the annual budget is well managed.
If you are interested in setting up an RMC, or becoming an RMC Director, our experts are here to help. Please visit the RMC Director Training page for more information.
Share
What is a Service Charge?
Explore the ins and outs of service charges in property management including calculations, legal frameworks, and best practices.
Read more
ESG in Property Management: A Comprehensive Guide for UK Professionals
Discover how to implement effective ESG strategies in property management. Learn about environmental, social, and governance practices to enhance your property portfolio's sustainability and value.
Read more
Energy Efficiency in Buildings: Cost-Saving Solutions for Property Managers
As a property manager, you're constantly looking for ways to reduce operational costs and improve the value of your assets. One of the most effective strategies to achieve these goals is by focusing on energy efficiency in your buildings.
Read more
Leasehold and Freehold Reform Act Passes – Here’s What Leaseholders and Freeholders Need to Know
The Leasehold and Freehold Reform Act completed its journey through Parliament and received Royal Assent on May 24, 2024, officially becoming law.
Read more