What Does A Property Management Company Do?
17th Sep 2021
Managing agents manage the property in accordance with the terms of the lease and statutory requirements on behalf of their client (e.g. landlord, Resident Management Company (RMC), Right to Manage (RTM) company). The role of a managing agent requires knowledge of landlord and tenant law, building construction, health and safety regulations, accounting and much more.
When you appoint a property management company, you pay a management fee to take the take the pressure of management off your hands.
When you think of property management, you think of the day-to-day running and maintaining of a building. Maintenance, health & safety must be kept up to date with property managers attending regular site inspections to ensure these areas are being implemented.
What do property managers check for on their site inspections?
There are many things our Property Managers will look out for when visiting a development, these will include:
- Checking all health and safety and fire safety aspects;
- Making sure all repairs/maintenance works carried out since the last inspection;
- Inspecting the quality-of-service contractors such as gardeners, cleaners etc;
- Checking pro-actively for anything which will need attention before the next inspection;
- Checking the common (communal) parts generally.
But that’s not all...
We create service charge budgets and present these to our clients; these budgets will determine what the block will require in the next financial year. On our initial site inspection, our property managers will assess what maintenance is needed, and what health & safety precautions need to be implemented. These are then budgeted into the service charge demand.
Our property managers also need to make sure that primary insurance policies are in place on all our sites. It’s important that the correct insurance policies are in place at each site just in case anything was the occur.
There are many insurance policies available to property managers, each with a different purpose.
– Employer’s liability insurance
– Directors and officers (D&O) liability insurance
– Engineering insurance
– Public liability insurance
– Buildings/terrorism insurance
– Contents insurance
At Blocsphere, we have a reliable network of contractors we use at our sites. Building connections with the right contractors is an important job as we only use the best for our sites. Our Property Administrators make sure these contractors are reliable and affordable for our clients.
Whilst ensuring all health & safety aspects are covered, our team also manages the overall cashflow of a block and examines the accounts. We pay invoices on behalf of our clients, manage the collection of service charge and ground rent, and ensure our sites have sufficient funds for any planned maintenance works.
Property Management is a legal minefield and not many people truly understand the work involved. Whilst these are just a few aspects we cover, there is a lot more we do behind the scenes. Our team works tremendously hard to ensure that we are providing the best standard of service we can for our clients.