The team at FirstPort offers insight into the common, but effective, traits shared by resident directors, to combat the challenges of major works.
Major works and the associated costs, complexities, pressures, and legal obligations can sometimes feel daunting to resident directors. But, with the right skills, effective project management will ensure the works stay on track, and not turn into a major headache. Choosing to become a resident director, taking ownership for the day-to-day management and maintenance of a development, is a significant responsibility. We often hear from residents who want to be more proactively involved in how their development is run but are unsure if they have the right qualifications to fulfil the role. There isn’t a required qualification to become a resident director, and each and every director will have their own unique skills and experience they can harness to support their neighbours. Here, we’ve highlighted some of the common, but effective, traits shared by resident directors we work with.
Strong communicator
Key to success is regularly communicating with your fellow directors, leaseholders, residents, sub-committees, and any other stakeholders. Establishing regular communication with your managing agent is also important, as they’ll be able to advise how best to keep everybody in the loop on important decisions, such as major works.
Team player
Sounds simple right? But establishing close working relationships with all your stakeholders will help keep the project on track – it’s important that everybody feels part of a team that’s all pulling in the same direction. Also, identifying complementary personality types and different skillsets helps to create a well-rounded board of directors. For example, a professional accountant can review budgets – the most successful boards play to each other’s strengths.
Keen learner
While resident directors don’t need to have specific specialist knowledge, as directors of a limited company they will need to gain an understanding of both the relevant aspects of company law and leasehold law. Managing agents are on hand to provide guidance. In fact, our recent survey highlighted that 80% of resident directors rely on their property manager for support or advice in their role.
Long-term thinker
Look at the wider picture, especially when making decisions concerning budgets and major works, as short-term savings can cost more in the long run.
Creative thinker
At times it helps to look for new ways to tackle problems. For example, working with your fellow directors and managing agent to find new ways to engage with leaseholders and residents – a virtual meeting over Teams or Zoom, a WhatsApp group, or dedicated drop-in sessions for each sub-committee.
Acts with integrity
Trust and honesty are crucial to developing strong relationships. Directors must always make decisions in the best interest of the company and its members – never for the individual. Maintaining impartiality and being transparent with important decisions such as instructing required major works is vital.
Well organised
Our survey also revealed that 61% of resident directors are employed and fulfil their role alongside their job, with a third also juggling other responsibilities in their spare time. Getting the work-life balance right can be challenging so it’s important to be organised. As a board, establish clear points of contact and lines of ownership for the various tasks to help prevent anybody becoming overwhelmed by works projects.
Decision maker
As a resident director you need to be decisive but also be willing to listen to your fellow directors, leaseholders, residents and managing agent when making decisions about what’s best for the company and the development. Directors should expect to lead the decision-making process on major works.
Passionate
With our home environments having become even more important to us as a result of the pandemic, resident directors having a genuine passion and taking pride in their community has never been more apparent. It’s this enthusiasm which often has a ‘knock on’ effect and helps ensure fellow leaseholders and residents love where they live and want to work with their RMC to maintain this.
