Sunday June 7, 2020

How OMCs can be pennywise as recession looms

Owners’ management companies should take action now to future-proof their revenues after the Covid-19 crisis has passed

10th May, 2020
With a deep recession now looming, owners’ management companies face an uncertain future

Many owners’ management companies, or OMCs, were experiencing financial challenges pre-Covid-19. As the economy moves into recession, there are obviously implications for OMCs. The good news is that they can take action now to diminish associated negative effects.

OMCs are the vehicles by which multi-unit residential developments in Ireland are managed, including apartment developments and some housing estates where common areas are owned by an OMC.

Most OMCs operate by billing out annual service...

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