Managing a property takes a lot of work. Keeping on top of finances, maintaining communal areas, and making sure all residents are happy can seem daunting. If you’re looking for support with keeping your apartment block in tip-top condition, why not consider a property management company?
With expertise in all areas of block management, here are a few ways a property management company can help.
Budget and finances
Hiring contractors, carrying out building maintenance and getting the right insurance all costs money. With expenditure in various streams, it’s important to stay on top of budgeting and work systematically. An experienced property management company can facilitate the budgeting process, so you don’t need to worry. They can assign each task a budget and work from there.
They can also take charge of the sinking fund to prepare for any emergencies or unexpected repairs.
Alongside budgeting, a property management company can handle other finances, such as your end of year accounts.
All residential buildings need regular upkeep to keep them in good condition for the tenants. Although you could carry out some maintenance yourself or set up a Right To Manage (RTM) company to handle it, outsourcing to a property management company takes the pressure off and gives you one less thing to think about.
Block management companies are well-equipped to deal with both regular maintenance and emergency issues. They will carry out inspections and checks throughout the year and keep an eye on any potential problems. In the case of emergency repairs, they will be on hand to deal with them quickly and effectively.
Generally, they will also provide documentation so that you can verify the work being done.
Alongside building repairs and maintenance, a property management company can help make sure all communal areas in the building are kept clean and tidy. They will usually hire cleaners to ensure the space is pleasant to be in and to keep everything running smoothly.
Dealing with contractors
As we have mentioned, it is possible to manage the maintenance of your property and building yourself or by forming a Right to Manage (RTM) company. However, it can take a lot of work and end up becoming very expensive.
If you hire a property management company, they can deal with your regular service providers and hire contractors for ad-hoc maintenance. They’ll be able to utilise a network of trusted contractors to keep your property in top condition at an affordable price. Because their contractors will have been vetted for quality, you can be certain they’ll carry out good work.
They will handle all the hiring and legal aspects of contracting so you don’t have to. All of this is included in the service charge you pay as a leaseholder.
Health and safety
Health and safety is a crucial matter for any residential building. It is the property management company’s responsibility to make sure the building is compliant and that safety protocols are outlined and enforced. They can arrange everything from cladding inspections and fire risk assessments to health and safety reports.
Having the correct building insurance for your block is another imperative part of property management. A property management company will not only be able to find the cover the building legally requires but may even be able to help you save money on building insurance every year.
If the need to make an insurance claim arises, the property management company will be well-versed in legal matters and can handle the situation.
Fully managed services
If you’re interested in learning more about block management and how a property management company can help, why not contact us today? At Adam Church, we have a dedicated team of managers, administrators and bookkeepers who can make sure your building gets the care it needs.