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Directors of a Self-Managed Development Looking to Relax and Enjoy Their Free Time
It’s understandable that the Residents Management Company Directors of a self-managed development might want to make better use of their free time because managing your own development is both demanding and time-consuming. Not to mention the need to keep up with all the legal compliance and having to deal with any leaseholder issues or concerns.
In this instance, we’re talking about the Directors of the Residents Management Company of a small development consisting of 30 apartments in 6 blocks called Glengarth in Uppermill near Oldham.
The Residents Management Company
Typically, all leaseholders in a development are members of the Residents' Management Company (RMC). The RMC is usually formed by the leaseholders to manage and maintain the building, and membership is often tied to the ownership of a leasehold flat or apartment. This means that when a flat is sold, the membership (usually in the form of a share) is automatically transferred to the new owner.
Whilst all the leaseholders are members of the RMC, a number of those members will be Directors of the RMC and they take on a greater burden, in terms of the level of responsibility they bear and the amount of time they need to dedicate to the day-to-day management of the development. How many Directors there are often depends on the size of the development and the number of leaseholders willing to become Directors.
At some point, as is the case here, it’s not unusual for the RMC Directors of a self-managed development to elect to handover the burden of responsibility for the day-to-day management to a professional management company, such as ourselves.
Why Engage A Professional Management Company?
This can happen for a variety of reasons, including;
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A difference of opinion between members.
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Not enough members being willing to take over from existing Directors who might like to step down for some reason.
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A general realisation that the burden of responsibility is growing – along with the ever-expanding legislation and compliance requirements - or, as in this example,
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The simple fact that many of the members are at a stage in life where they naturally wish to spend more time relaxing and enjoying themselves (a time that comes to us all).
But the reason doesn’t really matter.
The truth is, most people lead very busy lives, these days, and taking on the added responsibilities of self-management is a huge commitment, as well as a potential minefield for those without the training or experience to know what they’re doing. It’s far better to engage a professional management company, like Casserly Property Management, to handle that burden for you, which is exactly what the Glengarth Residents Management Company decided to do.
In Conclusion
We took over the management of Glengarth on the 1st June 2022 and I’m pleased to report that the Directors (and members) are fully committed to making the most of their newly available free time.
If you’re a member or a Director of a Residents Management Company who’s self-managing your development but are beginning to see the attraction of outsourcing to a professional management company, please do get in touch (use the button below) and take advantage of a free, no obligation consultation. I’d be delighted to explain how it all works and answer any questions you may have.
You may also like to download a copy of our free eBook, The 6 Topics to Review When Removing a Poor Managing Agent and Appointing a New One by clicking here.
Best wishes,
Paul
Paul Casserly
Casserly Property Management
P.S. If you've found this article interesting, informative or useful in any way, please share it using the following links. And I'd love to hear your thoughts, as well. Just leave your comments below. Thank you.
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