The Right to Manage (RTM) offers numerous benefits to leaseholders, making it an attractive option for those who wish to have greater control over the management of their apartment block. By exercising RTM, residents can ensure that their building is managed in a way that best reflects their needs and preferences. Here are some of the key benefits:
1. Control Over Management
One of the primary benefits of RTM is that it gives leaseholders direct control over the management of their building. Instead of relying on external managing agents or the landlord, the RTM company—composed of residents themselves—can make decisions about the day-to-day operations. This includes everything from selecting contractors for repairs and maintenance to making decisions about improvements and renovations. With RTM, you have a say in how your home is managed.
2. Financial Transparency
RTM provides greater transparency in financial matters. The RTM company is responsible for managing the service charge budget, meaning that leaseholders can directly oversee how their money is spent. This reduces the risk of unnecessary expenses or overcharging, ensuring that funds are used efficiently and effectively. Regular financial reports and open meetings also mean that residents can stay informed about the building’s finances.
3. Improved Quality of Services
By taking control of management, residents can ensure that the services provided in the building meet their expectations. Whether it's cleaning, maintenance, or security, the RTM company can choose contractors based on quality, reliability, and cost-effectiveness. This often leads to a higher standard of service, as the RTM company is directly accountable to the residents.
4. Potential Cost Savings
RTM can lead to significant cost savings. With greater control over budgeting and the ability to negotiate directly with service providers, the RTM company can often reduce overall costs. Additionally, by eliminating the need for a middleman (the managing agent), residents can avoid paying excessive management fees and other charges that may have previously inflated service costs.
5. Customization and Flexibility
RTM allows leaseholders to tailor the management of the building to their specific needs. This means that decisions can be made quickly and with the residents' best interests in mind, rather than following a one-size-fits-all approach that might be imposed by a third-party managing agent. The RTM company can also implement policies and procedures that reflect the unique character and requirements of the community.
6. Enhanced Community Engagement
Taking on the responsibility of managing the building fosters a greater sense of community among residents. RTM encourages leaseholders to work together, share ideas, and collaborate on decisions that affect their living environment. This not only leads to better management outcomes but also strengthens the community spirit within the building.