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:
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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