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Property Management Company (PMC)

Property Management, known as a 'flat management company', is the daily oversight of commercial, residential, or industrial real estate by third-party contractors on behalf of a landlord.

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Property Management Company (PMC)

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  1. Property Management Company (PMC) www.futureformations.co.uk

  2. What is Property Management Company?

  3. Property Management, known as a 'flat management company', is the daily oversight of commercial, residential, or industrial real estate by third-party contractors on behalf of a landlord. Basically, property managers are taking care of finding and assessing tenants, preparing tenancy agreements, the maintenance issues, day-to-day upkeep of the property, managing finances between the tenants and landlords, security, etc.

  4. It is a Landlord's or owner of the property's responsibility to pay the property managers a fee or a percentage of the rent generated by a property while it is under their management. • If you want to set up PMC, your company needs to be licensed, meaning your company needs to be regulated by one of the government-approved redress schemes. • The approved schemes are The Property Ombudsman and Property Redress Scheme. If you cannot provide your license and you act as a PMC, you are facing a fine of up to £5000, and you can be banned from performing your duties.

  5. The scheme is to protect not only property managers but tenets as well in case of a dispute. • Your PMC can be Limited by Shares or Limited by Guarantee, therefore you need to register it at Companies House, have a Registered Office Address, have all their members listed on the registrar along with their Service Address, and submitting annual accounts and confirmation statements to HMRC. • When forming Property Management companies, it is a requirement Memorandum and Articles of Association. The objects in your Articles of Association must list: the configuration of the building, the land, and the company's responsibilities for maintenance, repairs, insurance.

  6. Future Formations Ltd 4 Cochrane House Admirals Way, Canary Wharf London E14 9UD +442077818033 • Contact Us www.futureformations.co.uk support@futureformations.co.uk

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