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Property Management Services

What is a Management Company?

It is important that all owners appreciate the necessity of a Management Company as part of the legal and day to day structure in multiple unit developments, such as apartment blocks, townhouses, office and commercial complexes.

All the common parts and services within any complex, not belonging to, or the responsibility of a specific person, must be vested in a body or a company. These common areas can be internal and / or external and / or structural. Each owner is a member (or Shareholder) in this company.

The company has responsibilities to all the members to ensure that the common parts are maintained to a high standard for the enjoyment of all concerned. The company, which is in effect your own company, is responsible for the maintenance and upkeep of all the open spaces and services relating thereto. (If it is an apartment block, the company is also responsible for the upkeep and maintenance of the building).

The full responsibilities of the company are outlined in the company's Memorandum of Association and the Management Agreements attached to the title documents. Similarly all the owners individually have a co - responsibility to the company to perform certain obligations, set out in the lease agreements, including payment of service charges etc. So, you have a clearly defined situation where the management company has definite responsibilities to all its members, and the Members likewise have definite responsibilities to the management company. The company, like all limited companies, is managed by a board of directors or a board of management. At the first AGM owners of apartments can elect their own board of directors.

What are management agents?

Managing Agents (like Midland Letting & Property Management) are employed by the board of management, where the board does not wish to undertake full responsibility itself for the day to day management of the company. The managing agents are NOT the management company – they are simply the servants of the management company.

A good firm of managing agents will endeavour at all times to see that the company honours it's obligations to the individual owners and that the individual owners, in turn, honour their obligations to the company and each other. If you have any queries whatsoever regarding the above, please don't hesitate to contact our office and we will do our best to assist you.

Midland Letting & Property Management Company | Harbour St. Tullamore Offaly | Tel. (057) 9360960 | Email:info@midlandletting.com