Managing Agent for Residents’ Management Companies
A residents' management company is run by volunteers with full company director duties. Our job is to take the workload, and leave the board in control.
What a Residents' Management Company Is
A residents' management company, or RMC, is a company owned by the leaseholders of a block or an estate. It is usually either a party to every lease or the owner of the freehold, and the lease gives it the job of repairing, insuring and maintaining the shared parts and collecting the service charge that pays for them.
Flat management company is the same thing by another name, and it is the term HMRC uses in its guidance on how these companies are taxed. A right to manage (RTM) company is different: it is formed under the Commonhold and Leasehold Reform Act 2002 to take management away from a landlord without buying the freehold.
Why Boards Appoint a Managing Agent
The directors of an RMC are usually leaseholders giving up their own time, and they carry the same duties as any company director under sections 171 to 177 of the Companies Act 2006. On top of that, the company is the party the lease makes responsible for the building, so the statutory regime lands on it as well: Section 20 consultation on major works, fire safety duties, buildings insurance, and the rule in section 42 of the Landlord and Tenant Act 1987 that service charge money is held on trust.
Most boards do not appoint an agent because they cannot cope. They appoint one because the work does not stop, and a volunteer board should not be the only thing standing between the building and a missed consultation or an expired insurance policy.
What the Board Keeps, and What We Take On
The board keeps the decisions: the budget, the level of the reserve fund, which major works go ahead and which contractor is chosen. We prepare the budget for the board to approve, issue the service charge demands with the statutory summary of rights, collect and chase arrears, pay contractors, produce the year-end service charge accounts, and run Section 20 consultations from first notice to final account.
Day to day, we arrange and supervise repairs and planned maintenance, keep the fire risk assessment and other compliance records current, manage the buildings insurance and any claims, and give leaseholders a 24-hour emergency line and an online portal for reporting repairs. Where the board wants it, we act as company secretary as well.
| Service | Fee |
|---|---|
| Company secretary, up to 10 units | £180.00 |
| Company secretary, up to 50 units | £360.00 |
| Company secretary, over 50 units | £480.00 |
Taken from our published Additional Services price list, PBM Form #01-27 rev.6, effective 23 June 2025. All fees quoted are inclusive of VAT.
Where the Money Sits
Each development's money is held in its own designated client account with Lloyds Bank Plc, never pooled with other buildings. The accounts are interest-bearing and the interest belongs to the building.
Our management fee is a fixed annual amount agreed with the board before we start, so it is one identifiable line in the budget. We take no commission on contractor work or on insurance.
Changing to Us from Another Agent
Most agency agreements can be ended on notice, and the handover is the part that needs managing: the client money, the accounts, the leases, the compliance records and the contractor contracts all have to move without a gap. We run that handover and chase the outgoing agent for anything missing.
Smaller blocks are not always best served by full management. Where the board is willing to keep the day-to-day, admin-only management or support for a self-managed block may be the better fit, and we will say so.
Where We Do This
From our Plymouth office, across Devon, Cornwall and the wider South West. Each area page sets out the authority, the fire and rescue service and the local building stock.
Common Questions
What Is an RMC?
RMC stands for residents' management company: a company owned by the leaseholders of a block or estate, usually named in the leases or owning the freehold, which is responsible for running the shared parts and collecting the service charge.
What Is the Difference Between an RMC and an RTM Company?
An RMC is usually set up by the developer and written into the leases, or is formed by leaseholders who buy the freehold. An RTM company is formed by qualifying leaseholders under the Commonhold and Leasehold Reform Act 2002, to take over management from a landlord without buying the freehold. We manage blocks for both.
Is a Flat Management Company the Same as an RMC?
Yes. Flat management company is the phrase HMRC uses for a company that manages a block on behalf of its leaseholders. Residents' management company and resident management company mean the same thing.
Does the Board Lose Control If It Appoints a Managing Agent?
No. The managing agent acts on the board's instructions. The board approves the budget, decides on major works and the reserve fund, and can end the appointment under the terms of the agreement. The agent carries out the work and reports back.
Does an RMC Have to File Accounts at Companies House?
Yes. Like any company, an RMC files annual accounts and a confirmation statement at Companies House, and a company that stops filing can be struck off. The service charge accounts that leaseholders receive are separate from the company accounts.
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Read moreRead more: RMC Director Duties: Companies Act Sections 171 to 177, Appointing and Removing RMC and RTM Company Directors, Questions to Ask a Managing Agent Before Appointing, How to Change Your Managing Agent: From Notice to Handover