If you’re looking for information on how to manage a residential property block, then this is the guide for you. We’ll cover everything from finding the right property management company to understanding the basics of block management.
Residential property management can be a complex and time-consuming process, but it doesn’t have to be.
By working with a reputable, experienced and professional property management company, you can take the stress out of managing your property.
What is Block Management?
Block management is the process of managing a property or properties on behalf of the owners.
This can include everything from maintaining the property and dealing with tenants to collecting rent and paying bills.
How do you manage a block of flats?
There are a few different ways that you can manage a block of flats. You can choose to do it yourself, or you can appoint a managing agent to do it on your behalf.
You can also set up a company to manage the property, or you can use a block management company.
If you decide to do it yourself, you will need to make sure that you are organized and that you have the time to dedicate to managing the property.
You will also need to be familiar with the relevant legislation, and you will need to keep on top of repairs and maintenance.
Appointing a managing agent is a good option if you do not have the time or the expertise to manage the property yourself.
The managing agents will be responsible for all aspects of property management and they will usually invoice a monthly service charge.
Setting up a company to manage the property is a good option if there are multiple owners. The company will be responsible for the management of the property, and each owner will be a shareholder in the company.
Using a block management company is a good option if you want someone else to do property management for you.
The company will be responsible for all aspects of property management, and they will usually ask for a monthly service charge.
Why Use a Block Management Company?
There are many benefits to using a block management company, including:
Block management companies can take care of all the day-to-day tasks associated with running blocks of flats, from dealing with maintenance issues to collecting rent.
This can free up your time so that you can focus on other things.
A block management company can help you to save money on your property costs. They can negotiate contracts with suppliers and get discounts on bulk orders.
They can also advise you on energy-saving measures that could reduce your bills.
Peace of mind:
Knowing that your property is in safe hands can give you peace of mind.
When you use a block management company, you can be sure that your property is being well-looked after.
Block Management’s Key Services
Service Property Management
A block management company is in charge of the service property management for your residential building. This includes managing and maintaining the common areas, as well as any communal facilities such as gyms or parking areas.
The block management will also be responsible for health and safety compliance, and managing any repairs or maintenance issues that may arise.
Claims and Insurance
If your building has tenants, then the block management company will also be responsible for managing any claims or insurance issues that may arise.
This includes dealing with any damage caused by the residents , as well as managing any legal disputes that may come up.
Financial Property Management
The block management company will also be responsible for managing the accounting and finances of your residential building.
This includes collecting service charges from tenants, as well as managing any repairs or maintenance that needs to be carried out.
Block management company are there to guarantee that all contractors are paid and money is received. They can also offer administrative assistance, allowing property managers to connect in person.
Compliance with Safety and Health Regulations
The block management will also be responsible for ensuring that your building complies with all safety and health regulations.
This includes managing any fire safety or security issues, as well as managing any asbestos that may be present in the building.
Site visits are an important part of the service provided by block management companies.
These regular inspections allow them to check on building conditions and make sure repairs or maintenance work is being done properly, which will help keep your property safe from any potential hazards that could arise without proper attention in a timely manner.
If your building has tenants, then the block management company will also be responsible for managing any tenant issues that may arise.
This includes dealing with any complaints that residents may have, as well as managing any repairs or maintenance that they may need.
The block management company you choose should be able to offer all of these management services, and more.
Block management company should be able to tailor their management service to your specific needs, and they should be able to provide you with a high level of customer service.
Choose a block management that you can trust, and that will make managing your property easy.
How to Choose a Block Management Company
When choosing a block management company, it is important to ensure that they are experienced and reputable.
You should also check that they are members of a professional body such as the Association of Residential Managing Agents (ARMA).
It is also important to make sure that you are clear about what management services you require, and that you understand the fees/ service charge that the company will ask for.
Make sure to get quotes from a few different companies before making your final decision.
The block management company you choose should be able to offer all of these management services, and more. They should be able to tailor their service to your specific needs, and they should be able to provide you with a high level of customer service.
The Bottom Line
If you’re looking for help with managing your property block, then working with a reputable and experienced block management company is the way to go.
By taking the time to find the right company, you can enjoy all the benefits that come with having your property professionally managed.
What is Right To Manage (RTM)?
Right to Manage (RTM) is a process that allows the tenants of a residential building to take over the property management from the landlord or managing agents.
In order to do this, the tenants must form a company and then serve notice on the landlord or managing agents.
Once the notice has been served, the landlord or managing agent will have a set period of time to respond. If they do not respond, or if they agree to the transfer of property management, then the tenants will be able to take over the management of their property.
RTM is a great way for tenants to take control of their property, and to get rid of a managing agent that they are unhappy with.
It can also save tenants money, as they will no longer have to pay managing agents services charge and fees.
The Importance of Block Management Software
Block management software is a vital tool for managing residential properties.
The software enables property managers to keep track of repairs and maintenance, as well as managing service charges and other payments.
The software also allows managers to communicate with tenants, contractors, and other stakeholders.
This ensures that everyone is kept up to date with the latest information, and that everyone knows what needs to be done and when.
Block management software is an essential tool for managing residential properties effectively. Without it, managing a property would be a very difficult and time-consuming task.
If you want to operate your block on your own, you’ll need something that allows you to do so.
Here are a few options:
Blocksonline (ARMA Partner)
Resident (RICS Member)
Blockman (ARMA Parnter)
The Residential Block Management Regulations
Residential Block Management is a large field with significant growth potential in the years ahead. The key regulator in the Residential Block Management market is ARMA. However, it’s worth noting that regulation isn’t necessary.
As a result, it’s not currently a requirement for companies to gain ARMA membership. Despite this, the regulator does provide an important role in the industry.
It offers guidance and support for members, as well as promoting best practice.
The current regulatory landscape means that there is no specific regulation for residential block management companies in England & Wales. However, this may change in the future as the industry continues to grow.
For now, companies that offer residential block management services should look to become members of ARMA.
This will ensure they are up-to-date with best practice and able to provide their clients with the highest standards of service.
When looking for a managing agent for your residential block, it’s important to set out your expectations from the start. This will help you find an agent that is able to provide the level of management service you require.
Some of the things you may want to consider from a managing agent includes:
Size of the company
Is the company big enough to have a dedicated team for your block? You may want to consider a smaller company as they will be able to offer a more personal service.
Are they local? – It can be helpful if the managing agent is local as they will have a good knowledge of the area and any potential problems that could arise.
Look for a property management or an agent that has experience in managing similar properties to yours.
Be sure to compare service charge before making a decision. Fees will vary depending on the services provided and the size of your property.
The company’s approach to customer service
Choose a property management or an agent that you feel you can build a good working relationship with.
When you have found a managing agents that you are happy with, be sure to put everything in writing. This will help to avoid any misunderstanding further down the line.