Property management and Block Management London agents can provide professional advice and guidance on multi-story, multi-unit residential and commercial properties. A professional management agent is flexible in terms and can manage you fully or assist you in managing your freehold or leasehold property.
A good property management specialist will have expertise in all aspects of multifamily and multifamily property management and should also have a demonstrated track record of qualifications and compliance.
In particular, preference should be given to those Block Management Agents that are regulated by RICS. RICS is the Royal Institution of Chartered Surveyors, which is at the forefront of regulating this sector.
ARMA (The Association of Residential Managing Agents) is also a leading, recognized body in regulating the property management profession.
Both RICS and ARMA support the standards of the RICS Service Charge Residential Management Code, which sets out the guidelines that the profession should follow.
A key difference between the two regulators mentioned is that RICS actively enforces its strict standards by visiting its members' offices and reviewing their files to ensure compliance.
Some of the areas that the real estate or lease management agent should consider are discussed below.
Hiring and management of real estate personnel. These may be staff employed for property security and maintenance, construction and renovation personnel, direct employees and subcontractors, or employees of the individual tenant .
Health and safety is a key element in managing any development. This includes ensuring the dwelling or property conforms to all current building codes, as well as all aspects of fire safety, risk assessments and evacuation regulations and procedures. It should also include regular testing of these procedures and regular testing of all fire safety equipment such as alarms, emergency lighting and fire extinguishers.
Another key consideration is the need to conduct an asbestos survey and have a formal strategy for dealing with asbestos in any property. Whenever work is required on the building, the asbestos report and information must be made available to the suppliers or contractors so that specific safety precautions can be taken.
Security - This includes both personnel and infrastructure security measures. Door phone maintenance , electronic gates, parking lots, porter and building access controls are all necessary elements of any security strategy for owned or leased properties.
Building Repairs and Maintenance - This includes things like cleaning contracts, gardening, window cleaning , lighting and outdoor spaces. Regular maintenance and servicing of elevators, boilers, fire protection equipment, fire escapes and safety devices is not only essential, but in many cases required by law to ensure the safe operation of the property in accordance with applicable government regulations.
Incidental Expense Management – This includes spending planning (both setting and agreeing limits and preparing annual budgets), all aspects of customer service and response, cash flow management, client reporting and accounts. Arrears collection is an important aspect where a robust system should be put in place to collect unpaid utilities owed by tenants.
Lease management and complaints must fall within the remit of the property management company . Issues of nuisance, noise, neighborhood disputes, and other tenancy violations must be dealt with firmly and courteously by the professional management agent . It should not be left to local residents to sort this out themselves. Members of resident property management companies should be reminded that they are still tenants and remain bound by their duties under the terms and covenants of the property lease.
A competent property manager Block Management London company should compare their standards of service to those set by the Royal Institution of Chartered Surveyors (RICS) as described above. Adhering to the strict standards set by RICS means your lease management company goes beyond the basic legal requirements. It should also do whatever it takes to ensure the safe and efficient operation of your property, including the apartment buildings or blocks of flats.
RICS compliance is the ultimate guarantee of peace of mind, giving you peace of mind that the risk of potential property issues arising and developing into problems is minimized as much as possible. This gives peace of mind and a kind of safety net to tenants, landowners and landlords who benefit from the protection it provides.