OMC's - Block Management - Multi unit
- The OMC is a company. In the vast majority of cases it is not-for-profit, and is a company limited by guarantee.
- The OMC is established for the management of the estate. It is owned and controlled by all the owners of the homes within the development. The owners are members of the OMC; in a way they are similar to shareholders in a commercial trading company.
- A property management agent may be a person or company. The agent is engaged or hired by the OMC to provide services in the management of the estate. The agent acts under the instructions of the board of directors of the OMC, and is directly answerable to the them for the standard of services. The details of this relationship are written down in a contract, or letter of engagement, between the OMC and the agent.
- The agent arranges the maintenance and service delivery on behalf of the OMC. An agent is often involved in the management of a number of different estates. In this way it may work for a number of different OMCs. Agents are required to hold a license. They are regulated by the Property Services Regulatory Authority.
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