If your OMC has no cash reserves, or if the cash reserves are lower than the figure for creditors (money owed), then the OMC is effectively broke. This greatly limits the scope of the OMC for any kind of action and may create serious problems in the event of an unforeseen major issue (e.g. in relation to a lift or a roof or a gate). As such, while we fully understand the financial constraints facing many property owners, we work with boards of directors and OMCs to ensure realistic budgets are in place and that OMCs build towards solid Sinking Funds (based, as appropriate, on expert analysis). We also encourage OMCs to have sufficient funding for ongoing upgrade projects (e.g. painting, carpets, signage etc.) as our experience is that targeted projects of this kind pay for themselves for landlords and owners in a short period of time.
Value for Money
As an owner of a property in a multi-unit development, you rightly demand good value for money.
RFPM is not tied to any service providers that work in developments under our care. This means we are free to tender services at any time and to change contractors to improve quality or to get better value for money.
Note that this is not true for many other Managing Agents. Also, our volume of business enables us to negotiate significant discounts with contractors and suppliers, e.g. on energy rates or on refuse collections. These savings feed directly into the pockets of owners in residential developments that we manage.
Professional Corporate Management
If you go to sell your property, and the audited accounts of your owners’ management company have not been lodged with the Companies Registration Office, or (worse) the OMC has been struck off as a company, then this may cause you serious difficulties. The expertise of our staff, and our processes, ensure that this will never happen. We will also ensure your OMC is compliant with its various obligations under the MUD Act as regards AGMs, service charge budgeting and so on.
RFPM and its Property Managers are fully licensed by the Property Services Regulatory Authority. We also play an active part in the Society of Chartered Surveyors of Ireland, including through its Residential Committee.
Service Charge Collection
It is important that you have a fair service charge and that the process by which this has been agreed is transparent and discussed at the AGM. However, once agreed by owners, it is then important that all owners pay their charges as effective management of the development depends on this.
A 2014 report by the Society of Chartered Surveyors Ireland found that most OMCs were seeing year-on-year increases in service charge arrears with a consequent withdrawal of services in many developments. This has not happened in any RFPM development. We employ a dedicated in-house team for service charge collection. We also work with law firms and debt collection agencies as requiredBack to Why RFPM