Why you should use a property management company
As the leaseholder for a block of flats, it’s your job to make sure that the building is maintained to a high standard. Often, those in charge of the building management don’t realise that it entails much more than simply handling a few odd jobs. The role essentially involves managing a full-time business, so many landlords find that they need help.
The leaseholder could be a number of people or organisations, a local authority, a company or an individual landlord. The block may even be run by a group of residents if a Residents Management Company (RMC) is in place. In this case, the leaseholders who are also living in the building as residents may take it upon themselves to oversee the management of the building. It’s not a job for everyone, but if you feel that this option would work well for your building, it’s worth getting more information.
What is property management?
However, even those who are part of a RMC may need help with the day-to-day aspect of managing the block of flats. This usually is due to the time that the role takes and a lack of management experience. This is where property management companies come in.
A property management company listens to the needs and wants of the leaseholder whilst ensuring that the building is run to a high standard. Companies such as http://www.completepropertygroup.co.uk/property-block-and-estate-management/ will take care of any repairs that may need completing, collect rent and service charges from the building’s tenants, and ensure that communal areas are fit for purpose.
Finding the right company
Block management is not easy, which is why finding the right company is essential. One of the most important things to look for when searching for a property management company is ensuring that they are part of a professional organisation that complies with industry standards. They must also have an independent complaints procedure to protect you should anything not go according to plan.
Don’t settle for a company that cannot prove its worth. They must be extremely knowledgeable in landlord and tenant legislature and able to provide essential accounting services for the building. It’s important that you do your research and make sure that the property management company you choose is the right fit for your block.