What is a Management Company?
What is the Managing Agent's Role?
In the case of multi-unit complexes, mixed-use and residential apartment blocks, all owners share an interest in the management and upkeep of the complex and its common areas. As with any property, apartments and townhouses must be properly maintained and managed if they are to hold their commercial value. Indeed, the level of management affects the very quality of life in these developments.
In order to oversee these important responsibilities, a Management Company is set up. The first directors of this Management Company are usually the developers and/or their solicitors', who then appoint managing agents, such as Wyse, to oversee the running of the company. Later on, other directors nominated by apartment owners are appointed. Once all the properties in the complex are sold, the developer will hand over total control to the owners.
At this point all the owners in the complex elect the directors and officers of their Management Company who appoint, or re-appoint, a managing agent.
Together the Managing Company and the Managing Agent will agree the required level of service and management for the complex. The managing agent’s role is to ensure that the complex is maintained as agreed.
Find out more about the Managing Agent's role