What is the difference between a property management agent and an OMC?
The OMC is a business. In the vast majority of cases, it is a not-for-profit organisation with a limited liability company.
The OMC was formed to oversee the estate’s management. It is owned and controlled by all of the residents of the subdivision. Members of the OMC are similar to shareholders in a commercial trading company in that they are members of the organization.
A property management agent can be an individual or a business. The OMC engages or hires the agent to assist with estate management. The agent follows the instructions of the OMC’s board of directors and is directly responsible to them for the quality of services provided. The OMC and the agent sign a contract, or letter of engagement, outlining the terms of their relationship.
On behalf of the OMC, the agent arranges for maintenance and service delivery. An agent is frequently involved in the management of multiple estates. It could work for a variety of OMCs in this way. A license is required for agents. The Property Services Regulatory Authority oversees them.