So what exactly are these Owner Management Companies you keep hearing about as a new landlord? If you buy a property in a multi-unit development, an Owners Management Company (OMC) legally owns the common areas in that development. These common areas and related services can be internal, external or structural.
Membership of an OMC
When you buy a property in a multi-unit development, you legally become a member of the ‘Owners Management Company’, or ‘OMC’ for short. This happens automatically and means that you have legal rights and obligations. The OMC is responsible for the maintenance and upkeep of all open spaces, common areas and management services and must operate according to the rules of company law that apply to any other commercial company, even though they do not trade for profit.
As a member, you are also entitled to express an interest in becoming a Director of your OMC or to vote for someone else to become a Director. Directors are usually appointed by
a majority vote of the members at the AGM.
Owner Management Companies must comply with the specific obligations imposed by the Multi-Unit Developments Act 2011. They must also comply with company law, which plays an important part in determining the rights and responsibilities of owners as members of the OMC.
Your rights as a member of the OMC
As a member of this company you are entitled to:
- Notice of the company’s general meetings should be provided in advance.
- Participate and vote in the annual general meeting (AGM)
- Entitled to inspect company’s Memorandum and Articles of Association
- Minutes of general meetings of the company and resolutions
- Periodic financial statements
Property Management Agent
The managing agent is the contractor employed by the management company to keep the common areas and facilities in good condition. Managing agents, for example KPM, are appointed by the OMC. Choosing the right management agent can make all the difference in how efficiently your development is managed.
Property Management Company Dublin
With over 25 years experience in property management in Dublin and across Ireland, KPM Group is here to assist you in any way we can. Contact us today and a member of staff will be happy to help.
