Becoming a Resident Director can seem daunting decision. It places a big responsibility on your shoulders, however, by being a Director you can help run your property and actively play a part in the future of your community.
What is a Resident Director?
Resident Directors are members of their property’s Resident Management Company (RMC) or Right to Manage Company (RTM). They are volunteers nominated and 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.
Supporting their community.
Effectively overseeing a property requires active engagement from all stakeholders. The Directors collaborate closely with the property manager to ensure the safety and cleanliness of the development, aiming to create a pleasant living environment.
In addition to managing the property’s day-to-day maintenance, Directors make decisions that strive to benefit the entire community. They supervise the allocation of service charges for the development’s well-being and formulate future plans.
Importantly, each Resident Director bears the responsibility of adhering to various health and safety regulations to safeguard everyone at the development.
Responsibilities of a Resident Director.
The effectiveness of any Resident Management Company (RMC) relies on a robust group of Resident Directors. As an RMC operates as a limited company, each Resident Director carries legal responsibilities that must be diligently fulfilled. These responsibilities include:
- Maintaining Statutory Records
- Financial Record Keeping
- Compliance with Laws and Regulations
- Insurance Oversight
However, as the Directors are volunteers and they may not know the detail behind landlord and tenant laws and/or health and safety regulations, they often employ a property manager, such as Wishtower.