FAQ's

Estate property management is the management of all financial, administrative and operational aspects of a residential or commercial building by an owners’ management company and its appointed management agency (e.g. Managewise)

Managing agents such as Managewise Ltd coordinate the day-to-day running of the development in collaboration with the owners’ management company. Essentially, we do the leg work for you! We deal with calls, queries, complaints and any other issues pertaining to the development. We also arrange and attend meetings to keep in regular contact with the owners’ management company.

An OMC is a collective comprised of the owners of the property. This could be one or several companies within a commercial building, and private landlords or private owners within a residential building. The OMC owns the common areas and services of its building(s).

The company appoints a board of directors, who make all decisions affecting the management of the property. All members of the company are eligible candidates for the board of directors. Management decisions made by the board would include the appointing of a management agency such as Managewise.

You are required to represent the interests of all members of your OMC, and to collaborate with the appointment management agency in all areas related to the maintenance and day-to-day running of the property. For further details, please refer to the 1963 Companies Act.

All members of the management company should be kept up to date on issues pertaining to the management of the property such as the procurement of service contracts, the collection of charges and the arrangement of meetings between the company and the managing agent.

Service charges are annual fees owed by all property owners to fund all property management service. These include the upkeep of communal areas (both repairs and running costs), electricity, insurance and refuse collection. Each owner is obliged to pay their share as a contribution to the property as a collective space.

The overall running costs for the development are divided between each owner within the property. The exact amount paid by each owner will depend upon their lease agreement.

As a member of the owners’ Management Company, you are entitled to view any document pertaining to the development.