14 reasons why you should be using a London Property Management Company

A London Property Management Company does much more than simply organise the cleaning. Managing a residential building is similar to managing a business, managing basic accounts, legal aspects, major repair projects through to the basic day to day repairs and maintenance. Let’s look at the benefits of using a professional, qualified, London Block Management Company:

1. They have experience in legal matters

Property Management is based on a stringent backbone of laws from individual lease covenants to company legal requirements (find out more legal rights you have as a Leaseholder). To navigate this potential minefield it is essential to have the knowledge and experience that a Property Manager can offer, using this information to efficiently and professionally manage your building.

iconStrangford Management’s London Property Managers are formally trained and experienced in the management of properties along with providing accurate guidance and advice on any legal aspects that may arise giving our clients peace of mind.

 

2. They provide financial management

Micromanagement of your money is essential to any successful management service. A London Property Management Company will have a dedicated accounting software system to provide accurate reconciliation as well as future capital expenditure planning and analysis.

iconStrangford Management use the latest and most innovative property management software allowing us to provide our clients with real-time income / expenditure reports giving the added advantage of micromanaged financial management for past analysis, current statuses and future planning.

 

3.They have experience in day to day repairs

London properties range from historical Grade I listed buildings through to modern day eco buildings and as such your Property Manager will have extensive experience in the specific requirements essential to the maintenance and upkeep of these buildings possibly saving you money in the long term.

London Block Management CompanyWith over a decade of experience in the management, specifically of London’s residential buildings, Strangford Management has the knowledge and connections to professionally carry out the day to day management of your building with precision and speed.

 

4.They are a neutral party for arrears recovery

Unfortunately late service charge payers can result in a severe strain on the management of a building. A London Property Management Company can be a neutral party in the recovery of these arrears, removing any emotional factors between neighbours as legal action can be a necessary path should charges remain outstanding.

London Block Management CompanyHaving a strict yet personal service charge arrears recovery procedure, Strangford Management prove a valuable asset in the micromanagement of our client’s buildings along with their cash flow.

 

5.They provide essential problem solving skills

Problems arise between neighbours that can require delicacy as well as neutrality. At times, it becomes difficult for these issues to be resolved if neighbours take them into their own hands and therefore your Property Manager can provide a professional, impartial and knowledgeable outlet for all parties to become satisfied.

London Block Management CompanyStrangford’s London Property Manager’s provide a proactive on site presence, giving our clients a personal problem solving perspective. Being located in the Central London, we are located close to our clients allowing for immediate reaction to any issues that arise.

 

6.They have access to professional tradesmen

If you need something repaired or replaced at your building, how do you source them, online? Ask your friends? Yellow pages? A London Property Management Company will provide industry accredited, fully insured and experienced contractors ranging in the type of work they carry out.

London Block Management CompanyStrangford Management maintain a trusted preferred contractor list. Contractors must sign up to a list of requirements prior to being allocated work with Strangford Management. Clients also have access to this contractor list as an option should private works be required within their flats.

 

7.They are constantly working on the management of the building

Managing a building can require an extensive commitment in terms of time. With the role being a voluntary one for residents, the only time that can typically be given to the building management is your spare time, your time to unwind or time with the family. A Property Manager is working when you are working as well as when you aren’t. A Property Manager continuously manages your building giving you peace of mind to focus on the areas of your life which are most important to you.

London Block Management CompanyStrangford’s London Property Manager’s provide a proactive on site presence, giving our clients a personal problem solving perspective. Being located in the Central London, we are located close to our clients allowing for immediate reaction to any issues that arise.

 

8.They have negotiation power with Insurance policies

A large budget expenditure each year is the building insurance premium (see our blog on how to reduce your building insurance premium). With this level of expenditure year on year, it is in your best interest to have access to the best quotations possible to ensure you are getting the best cover for your money. London Property Management Companies will have existing relationships with insurance brokers who can provide multiple competitive quotations to get the best deal for you.

London Block Management CompanyStrangford Management have a long relationship with a trusted, London Insurance Brokerage, providing clients with a minimum of 3 quotations annually, proving our value to reducing our client’s financial demands

 

9.They know the requirements for sending invoice demands

In accordance with Landlord and Tenant Law, service charge demands must be sent out with specific information in order to be valid. London Property Management Companies will have the experience to accurately issue these invoices to ensure they are legally valid and payable.

London Block Management CompanyStrangford Management has extensive financial experience, guaranteeing the validity of invoices in compliance with legal requirements. Client’s invoices are also downloadable online via our client’s web portal (see more about what our client portal has to offer here).

 

10.They are a neutral party to mediate court issues

Legal matters can arise between Leaseholders and Landlords in relation to breach of covenants such as unauthorised flat works to noise disturbances. Experience in tribunals may make a difference in the success of breach corrections.

London Block Management CompanyStrangford Management Property Managers are formally trained in the tribunal process ranging from applications for decisions on Lease breaches through to major works dispensations.

 

11. They provide capital expenditure experience

Successful management comes down to preparation and planning. Typically, future capital expenditure works are overlooked, causing financial strain later down the line. A London Property Management Company will have a plan in place for the repair and renewal of major items allowing each Leaseholder to manage their individual finances.

London Block Management CompanyStrangford Management, within the initial 30 days of management, complete a building analysis including a capital expenditure, agreeing with all Leaseholders how the building will be maintained over the coming years.

 

12.They know compliance requirements

There are certain compliance requirements for a residential property that must be adhered to but may be overlooked by an untrained individual. Health and Safety, Fire Risk, Asbestos, Legionella’s are all legal concerns when managing a residential property. A Property Manager will be knowledgeable about the latest compliance requirements, ensuring the safety of all that reside and visit the property.

London Block Management CompanyStrangford Management carry out monthly reviews of all compliance matters throughout their site inspections, completing any works swiftly to maintain a high level of safety.

 

13.They provide micromanagement of the service charge which can provide increased rental yield

When it comes to buy to let properties in London, rental yields are important. Mismanagement of service charge money can result in further invoices being sent leading to an additional unforeseen cost, reducing the overall profit at the end of the year. With accurate and micromanaged accounting, rental yields should improve, protecting your investment.

London Block Management CompanyStrangford Management analyse financial data in order to micromanage spending, reducing any previously unforeseen costs.

 

14. 24 hour on call availability

A Property Manager should be contactable during work hours as well as being an emergency contact when the office is closed. It is imperative to the ongoing management of the building and the residents that a professional be on call to resolve any issues that may arise.

London Block Management CompanyStrangford clients are provided with an emergency contact number should assistance be required so it may be swiftly resolved by an individual that knows the building and has the experience to manage the situation.

 

With all of the above benefits and more, click here to contact us today to discuss how Strangford Management, your preferred London Property Management Company,  can exceed your expectations in the management of your building.