The types of property most often bought by property management companies are commercial properties, blocks of flats, or housing estates which are divided into units. Each of these units is normally owned by a company or a person who may trade or live in that unit or lease/rent it out.
Property management companies also take responsibility for the repair and maintenance of property and land - "the facilities". These responsibilities include but are not limited to cleaning costs, decoration of common areas, grounds maintenance, garden maintenance, caretaking, security, roof repairs, gutter repairs, lifts maintenance, and more. Property management companies are responsible for paying insurance, rates, and other taxes.
Property management companies do not always buy the freehold from a landlord - they sometimes purchase the head lease instead. The company then issues sub-leases to unit holders who pay the property management company for the provision of services. In this situation, the head lease holder is still responsible to the freehold owner of the building and/or land.
Your property management company may be either a company limited by guarantee (not for profit) or a company limited by shares (allowing profits to be distributed to the shareholders). Please indicate when ordering which type of company you'd prefer us to set up for you.
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Property management company formation - frequently asked questions