An Introduction to <BR> Property Management

An Introduction to
Property Management

Understanding Property Management and the complexities that surround it are key to ensuring your time in a leasehold property is maximised

What is a Property Management Company?

A property management company, also known as a managing agent, is normally appointed by the freeholder or landlord and on some occasions by a Right To Manage company (RTM). A Resident Management Company (RMC) can also appoint a property management company, and will generally be formed of leaseholders currently residing in the development.
Property Management which takes place in line with the management of a block of flats is generally referred to as block property management.
A managing agent is usually appointed early on whilst developments are being built. Once appointed they are then responsible for managing the property in accordance with the terms which are specified and outlined within the lease. The managing agent is responsible for providing a wide variety of services, from the management of day-to-day services like a concierge, maintenance of the property and collecting service charge monies to dealing with legal matters including breaches of lease.

Do I need to have a Property Management Company?

Do I need to have a Property Management Company?

Managing a block of flats requires a professional approach and the time to do it. Today’s managing agents need to have a good knowledge of landlord and tenant law, building construction, health and safety regulations, basic accounting and a range of other skills.

Managing agents take instructions from the landlord, RMC, RTM or alternatively the client not the individual leaseholders. But a good managing agent will always be aware of the requirements and wishes of the leaseholder. From keeping the lift working to completing financial reports; maintaining the garden to decorating the hallway, the managing agent plays an important part in your life as a leaseholder and the smooth running of the property you reside in. 

As a leaseholder, you pay for their services through your service charges. So it’s in your interest to have a professional and experienced agent who does the job well.

What aspects should I consider when choosing a Property Management Company?

What aspects should I consider when choosing a Property Management Company?

A good managing agent will be:

Knowledgeable, professional and transparent.

When you begin the process of seeking a property management company you should begin by checking their professional indemnity (PI) insurance, financial stations and qualification of staff to ensure they reach sufficient regulations. Making sure the company are regulated by the Association of Residential Managing Agents (ARMA) is also a good way to choose.

Five things a Property Management Company do:

1. Arranging and overseeing both internal and external repairs
2. Collecting payments from residents for service charge and ground rent
3. Ensuring appropriate insurance cover
4. Keeping the building up to date with the latest health and safety / fire regulations
5. Dealing with the legalities of the leases or transfers

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