Everything you need to know about block management24 October, 2022
This is the handbook for you if you want to learn how to manage a residential property block, we’ll go over everything from locating the best property management company to learning the fundamentals of block management.
Residential property management does not have to be a difficult or time-consuming procedure.
Working with a reliable, competent, and professional property management business helps alleviate the stress of property management.
What exactly is Block Management?
The process of administering a property or properties on behalf of the owners is known as block management.
This might range from property maintenance and dealing with tenants to collecting rent and paying bills.
How do you manage a block of apartments?
There are several approaches of managing a block of flats. You have the option of doing it yourself or appointing a management agent to handle it on your behalf.
You can either form a business to administer the property or hire a block management company.
If you opt to manage it yourself, be sure you are well-organised and have the time to devote to managing the property.
You will also need to be conversant with the necessary legislation and keep up with repairs and maintenance.
If you do not have the time or expertise to manage the property yourself, hiring a managing agent is an excellent choice.
The managing agents will be in charge of all elements of property management and will typically charge a monthly service fee.
If there are numerous owners, forming a business to administer the property is a viable alternative. The company will be in charge of property management, and each owner will be a shareholder in the company.
If you want someone else to handle your property, hiring a block management company is a wonderful alternative.
The company will be in charge of all elements of property management and will normally charge a monthly service fee.
Why you should hire a block manager
There are numerous advantages to hiring a block management company, including:
Block management businesses can handle all of the day-to-day activities associated with maintaining apartment buildings, such as dealing with maintenance concerns and collecting rent.
This might free up your time so you can concentrate on other things.
Spend less money
A block management business can assist you in lowering your property bills. They can arrange contracts with suppliers and obtain bulk order savings.
They can also advise you on energy-saving techniques that can help you save money on your expenses.
Knowing your home is in capable hands might provide you with piece of mind.
When you choose a block management company, you can be assured that your property is well-cared for.
Key services of block management
Property Management Service
A block management business is in charge of your residential building’s service property management. This involves the management and upkeep of common areas as well as any communal facilities such as gyms or parking lots.
The block management will also be in charge of health and safety compliance, as well as any repairs or maintenance concerns that may emerge.
Insurance and Claims
If your building has tenants, the block management business will be in charge of dealing with any claims or insurance issues that may arise.
This involves handling any damage caused by residents as well as any legal disputes that may arise.
Financial Asset Management
The block management business will also be in charge of your residential building’s accounting and financing.
This includes collecting service costs from tenants as well as coordinating any necessary repairs or upkeep.
A block management business ensures that all contractors are paid and that money is received. They can also provide administrative support, allowing property managers to meet in person.
Regulations Concerning Safety and Health
In addition, the block management will be in charge of ensuring that your building complies with all safety and health laws.
This involves addressing any fire safety or security risks, as well as asbestos management in the facility.
Visits to the Site
Site visits are an important component of the service that block management businesses give.
These regular inspections allow them to check on building conditions and ensure that repairs or maintenance work is done correctly, which will help keep your property safe from any potential threats that may occur if due care is not given in a timely manner.
Liaison with Tenants
If your building has tenants, the block management business will be in charge of dealing with any tenant issues that may emerge.
This includes handling any complaints from residents as well as overseeing any repairs or maintenance that may be required.
The block management business you select should be able to provide all of these management services, as well as others.
A block management business should be able to customise their management service to your individual demands and provide you with excellent customer service.
Choose a block management company that you can rely on and that will make managing your property simple.
How to select a block manager
When selecting a block management business, make sure they are skilled and reliable.
Check that they are members of a professional organisation, such as the Association of Residential Managing Agents (ARMA).
It is also critical to ensure that you understand what management services you require and the fees/service charges that the organisation will charge.
Before making a final decision, seek quotations from several different companies.
The block management business you select should be able to provide all of these management services, as well as others. They should be able to customise their service to your individual requirements and provide you with excellent customer service.
The bottom line
Working with a reputed and experienced block management company is the way to go if you need assistance managing your property block.
You may reap the benefits of having your property professionally managed if you take the time to choose the correct manager.
What exactly is Right To Manage (RTM)?
Right to Manage (RTM) is a procedure that allows residential building tenants to take over property management from the landlord or managing agents.
To do so, the tenants must first form a corporation and then serve notice on the landlord or managing agents.
After the notice is issued, the landlord or managing agent will have a certain amount of time to respond. If they do not react or agree to the transfer of property management, the tenants will be able to take over property management.
RTM is an excellent option for renters to regain ownership of their home and get rid of an unsatisfactory management agent.
It can also save tenants money by eliminating the need to pay managing agency service charges and expenses.
Block Management Software
Residential property management requires the use of block management software. Property managers can use the software to keep track of repairs and upkeep, as well as manage service charges and other payments.
Managers can also communicate with tenants, contractors, and other stakeholders via the software.
This ensures that everyone is up to date on the most recent information and that everyone understands what has to be done and when.
Block management software is a crucial tool for properly managing residential properties. Managing a property would be a challenging and time-consuming chore without it.
You’ll need anything that permits you to run your block on your own if you choose to do so.
Here are a few options:
Blocksonline (ARMA Partner)
Blockman (ARMA Parnter)
Resident (RICS Member)
Residential Block Management is a vast field with great future growth potential. ARMA is the primary regulator in the Residential Block Management sector. However, it should be noted that regulation is not required.
As a result, ARMA membership is not currently required for businesses. Regardless, the regulator plays a vital role in the sector.
It provides members with information and support while also promoting best practises.
There is no explicit regulation for residential block management firms in England and Wales under the existing regulatory framework. However, as the sector expands, this may alter in the future.
For the time being, companies who provide residential block management services should consider becoming members of ARMA.
This will ensure that they are up to date on best practises and can give the finest level of service to their clients.
What you can expect from management agents
When looking for a managing agency for your residential block, it’s critical to establish your expectations early on. This can assist you in locating an agent who can deliver the degree of management service you desire.
Some of the things you should look for in a managing agent are:
The company’s size
Is the company large enough to have a team devoted to your block? You might wish to consider a smaller company that might provide a more personalised service.
Are they from the area? – It can be advantageous if the managing agent is local because they will be familiar with the area and any potential problems that may occur.
Experience of the company
Look for a property management company or an agent who has managed homes similar to yours.
Before making a decision, compare service charges. Fees will vary according to the services offered and the size of your property.
The company’s customer service strategy
Choose a property management company or an agent with whom you believe you can have a strong working relationship.
When you’ve discovered a management agency you like, make sure to get everything in writing. This will assist to avoid any further misunderstandings.