19 May 2022
Becoming a Resident Director is a big responsibility to undertake, but by doing so you help shape the running of your development and actively play a part in the future of your community. In this article, we explore the roles and responsibilities of a Resident Director and explain how a property manager like FirstPort can help.
What is a Resident Director?
Resident Directors are members of their development’s Resident Management Company (RMC) or Right to Manage Company (RTM). They’re volunteers who are appointed by their fellow leaseholders to manage and maintain the building and common areas, as well as ensuring compliance with the obligations of the deeds or lease for each home. They decide how best to achieve this, either by self-managing or, in most cases, by appointing a professional managing agent like FirstPort.
RMCs are usually set up by the original developer of the building to protect the interests of everybody living in the development.
The RMC consists of equal members or shareholders, who are typically leaseholders at the development. They use their skills to work together in making decisions that will benefit the whole development.
How do Resident Directors support their community?
They work with the property manager to make sure that their development is a secure, clean and nice place to live.
As well as the general upkeep of their building and private communal areas, they make decisions that will benefit the entire community. They oversee how service charges are spent to look after the development, as well as creating plans for the future. Crucially, every Resident Director also has a duty to comply with a range of health and safety regulations that protect everyone at the development.
What responsibilities do Resident Directors have?
A strong group of Resident Directors are responsible for the success of any RMC, but as an RMC is limited company, all Resident Directors have legal responsibilities that need to be upheld which include:
- Maintain all statutory records, and report any changes
- Keep an accurate record of the RMC’s finances
- Ensure they are compliant with all relevant laws and regulations
- Ensure they have the right insurance, to protect themselves and the development
What is a property manager?
As RMCs usually consist of leaseholders at the development, they may not know the detail behind landlord and tenant laws and/or health and safety regulations.
RMCs will often employ a professional property manager, like FirstPort, to help oversee the running of the development. Applying our expertise, we help to fill any knowledge gaps within your RMC to make sure nothing is missed, and that the community is a great place to live.
How can FirstPort help?
We work with hundreds of RMCs to help them manage their developments. With over 40 years’ experience, we understand what you need to help you meet your legal and management obligations.
By choosing us, we will:
- Ensure health and safety, fire risk assessment and asset compliance
- Conduct regular site visits to assess performance
- Manage repairs, maintenance and major works
- Issue service charge budgets and accounts and process payments
- Ensure appropriate key insurance is in place
- Provide financial and management information via our online portal
- Act as your Company Secretary if needed
Read more about the roles and responsibilities of an RMC director. Alternatively, you can watch our video series on how FirstPort supports Resident Management Companies.
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