Sometimes landlords or leaseholders need help to manage a building, and that’s where a property management company (such as Revolution) comes in. This is also known as block management (to be fair, we don’t really have a set title for what we do).
What does a property management company do?
In order to manage a building effectively, property management companies need to have a good knowledge of the law and legislation, health and safety regulations, leases and financial accounting, to name but a few. We then have to match this to the actual needs of the building and the residents who live or own there. This can sometimes be problematic if the lease is poorly written or the expectations of the residents are out of line with what the lease allows. The job of a property management company is often having to explain tactfully what a building needs, whilst not being viewed as trying to stop things from happening.
Property management companies deal directly with tenants, leaseholders and freeholders and can help with handling maintenance and repair issues such as broken lifts or floods, decorating and responding to tenant complaints. They will also handle day-to-day issues such as lost fobs or keys, parking disputes or broken lighting. They then have to manage the odd requests which have ranged from a person being frightened to leave the building due to a peacock in the grounds through to strong smells in corridors. The job does have highs and lows.
The thing people know property management companies most for is actually collecting from them their service charge. Every property management company has to do this task and set a reasonable budget for the the coming year and the years ahead. They have to bank this correctly and spend wisely.
Every property management company has to remember it answers to the apartment owners, but sometimes doing what is the right thing for the building puts the property manager at odds with the apartment owners. We have seen some property managers shy away from the right decisions for fear of losing the management contract. Sadly, what they don’t realise is not making the decision will ultimately cost them the contract anyway as you can’t hide from the inevitable for ever.
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