property management

Managing Relationships with a Block Management Company

Posted on December 21, 2018 at 9:05 am

Whether you own a property in a block, you are a landlord or you are a tradesperson looking for work, the relationship you have with a block management company is so important. This will ensure that you work well together and have the same priorities and concerns, and it will make sure things get done in your block.

Make sure you stay in regular contact with your block managers, so they know who you are and recognise you. This will help the relationship along and you will know everybody is on the same page. If you are a landlord, make sure you both establish your aims from the beginning.

When something needs doing, be sure to tell a block management company straight away. If you notice an issue with the roof or the gardens, for example, let them know so they can do something about it and rectify the issue.

Posted in property management

Working with Tradesmen on your Rental Property

Posted on September 26, 2018 at 8:08 pm

Just because you’ve got a rental property, that doesn’t mean you can look after every aspect of it on your own. Everyone has their own strengths and not all landlords are going to be great at DIY. Recognise your strengths, and if home maintenance isn’t one of them, consider working with tradesmen to enhance your property.

It is worth your while seeking out people who are highly skilled and forming ongoing relationships with them. This way, you know your property is in safe hands when it needs any work, and you can rely on the people you select. You may also be able to take out a maintenance contract, so you never have to worry about upkeep, or finding a builder in an emergency. Your trusted tradespeople will be there to help you are a part of your contract. The first time you work with someone, consider obtaining several quotes to gain a better idea of price.

Posted in home improvement, property management

Property Managements Companies in Kettering and What They Do

Posted on December 28, 2017 at 5:46 pm

There are many duties carried out by property management companies. There are many different types of property managers – estate agents, landlords, lettings agents etc. However, the term property management company usually suggests a company that looks after a communal building, taking care of all its managements needs. This kind of company might look after a block of flats, or perhaps a commercial building, in order to keep everything running as it should be. If you are looking for property management in Kettering, these are the kinds of services that should be considered.

With blocks of flats, the ownership can seem a little complicated at first. There will be a landlord who owns the block of flats and the land that it sits on. There will then be individuals who own the individual flats in the building (although they will usually just be leasehold, meaning that the owner only owns the flat for a certain number of years). It will usually be this building owner who appoints a property management company, although in some buildings, the individual flat owners form a residents’ association and become freeholders as well. If this is the case, they will be the ones to appoint the building management company.

The flat owners will pay a service charge to building management companies, which will cover costs for anything that needs to be done to the building. However, this will not always be enough. If there is something more expensive that needs to be done to the building, such as a new roof needing to be put on, the freeholder will usually ask the individual flat owners to pay more money for this. It will be the job of the management company to sort out the work and make sure they secure the best possible price for it.

Flat leaseholders may also pay ground rent to the freeholder. If so, it will also be down to the management company to collect ground rent and make sure it is paid on time. However, the freeholder does not always ask for ground rent to be paid, as it is a fairly nominal amount of money anyway. It could end up costing them more to instruct the management company to collect it!

The building management company, perhaps also known as a block management company, will be responsible for many different aspects of the upkeep and maintenance of the building. They will be responsible for anything that is not within the flats themselves. They will have to ensure that the heating systems are working, and are heating up the building adequately. The costs for this will come from the service charges. They will also have to make sure the building is in a good condition and carry out inspections. If there are maintenance issues, they must book in the work and make sure it is scheduled in with reliable contractors who will do the job well. For larger repairs, they will usually get various quotes so they can compare costs and find the most cost-effective company to do the work. If the building has any communal gardens, the management company will also arrange for regular maintenance of these. There will be plenty of options for you in Kettering. Speak to a few different management agencies and see what they can offer you.

Posted in property management

What do Property Management Agencies Do?

Posted on October 30, 2017 at 7:00 am

A property management agency manages a building on behalf of the freeholders. This could be a company, or it could be a residents’ association set up by the residents, who all own the land between them. In whichever situation, the management agency’s role will be to take care of the property’s exterior and communal areas to make sure it remains in good condition.

The property’s maintenance has many different aspects to it. For example, it will need regular things like window cleaning and hallway cleaning, as well as heating and plumbing work should anything go wrong with the heating systems. When more serious problems occur, the management company is tasked with sorting this as well. Repairs go through the agency and they will source the right contractors to get the work done, making sure they are reliable and the price is fair. Anything from external brickwork to a roof refit would be covered.

Posted in property management

Should you Buy a Property to Rent Out?

Posted on March 7, 2017 at 2:59 pm

The buy to let market is booming and this could provide an excellent opportunity for people wanting to purchase a property and make some money. This is largely due to the rental market being so strong, as people are turning to renting rather than buying. If you have enough money to put down a good deposit on a flat or a house, you are in a very strong financial position.

Buying to let has a lot of benefits for you. It will make you money immediately and as long as the property is decent, it should be very easy for you to find tenants. The rent you can charge will all depend on the area but as a general rule, it should cover your mortgage repayments and make you a decent profit as well.

Bear in mind that renting a property out takes a lot of work. There are lots of regulations to meet and every time something goes wrong, it will be your sole responsibility.

Posted in Estate Agents, property management

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