Block property management services are in charge of a group of properties within an apartment block. The precise tasks of a property manager vary depending on the service contract, the pricing, and the type of rental property or building being managed. Property management often includes promoting the property and finding renters, tenancy admin, monthly fee collecting, and legal obligations.
Not every landlord wants or requires assistance with rental management. Property management or block management is sometimes misunderstood as a ‘either/or’ dilemma. You can either go for it, turn over your keys and let go, or do it all yourself. However, the actuality is that property management is far more complex, with a variety of services, cost structures, and levels of participation to select from.
In this post, we’ll go over everything you ought to know about a property management company and residential rental management. We’ll discuss what property management is and what services do property management companies provide.
What is a property manager?
Simply said, property management is the administration of rental properties and physical property. Property managers or block managers are an organisation who manages a property on behalf of a landlord and assists them throughout the tenancy process in the private rental sector.
The primary goal of having property support is to make the life of a landlord easier. Its purpose is to ensure that the necessary administration is handled and that all legal requirements are met. This could imply taking on full responsibility or reminding the landlord of what needs to be done when, while remaining available to provide expert assistance. The property manager’s level of control and responsibility is determined by the landlord’s requirements and the services provided by the organisation.
6 Services provided by a property management service
It is the landlord’s job to keep the property block safe and liveable. Handling all reasonable property maintenance requests is part of this. These can range from minor tasks like replacing light bulbs or installing new locks to larger and more urgent tasks like repairing a burst pipe, eradicating vermin, or restoring fire damage. These must be addressed as soon as possible, and many of them necessitate the assistance of professional property managers.
A well-kept exterior not only improves curb appeal to prospective tenants, but it also keeps the property grounds safe. This includes clearing ice and snow in the winter (if applicable) and keeping plants under control (removing weeds and cutting overhead branches) in the spring and summer.
As well as on-site maintenance, a block property management firm is responsible for carrying out regular checks of important building components such as the fire alarms, lifts, door entry system and vehicle gates.
Insurance and Finance
Many property management companies provide financial services on behalf of the landlord, such as mortgage payments, insurance, tradespeople, and solicitors. They will also provide an annual rental revenue and expense report for landlords’ tax records, as well as advice on necessary tax deductions and set-up. The report will include the monthly cash flow from each of the landlord’s properties in their portfolio, as well as any expenses spent during the tax year.
Health & Safety
One of the more time-consuming components of investing in real estate is the maintenance required, which can become costly if neglected for an extended period of time. Property management companies will handle this for landlords by performing routine inspections, identifying issues that need to be rectified, and compiling them in a report, along with any quotations for repair work, for the landlord to review at their leisure.
If a repair is required on the landlord’s property, the property management company responsible will arrange for the work to be completed by a licenced, qualified, and recommended tradesmen, as well as the payment to be made.
Internal and external painting and decorating
Apartment blocks often succumb to a substantial amount of wear and tear housing hundreds of people at one time.
A property management company will upkeep the interior and exterior decor of the building, mainly communal areas of the building such as lobbies and corridors which often require a regular amount of painting touch ups to keep the building looking fresh and new.
Regular checks of any trees around the building is extremely important not only for the aesthetics of the grounds but also for health and safety reasons. Adverse weather conditions could be a potential hazard if any trees are significantly close to apartments and windows.
Regular pruning of branches and complete removal if required is essential for the safety of tenants, and is something that comes under the responsibility of the property management service.
Property management services FAQs
What does property management involve?
A third-party contractor oversees the everyday operations of residential, commercial, or industrial real estate. Property managers are often in charge of day-to-day repairs as well as continuous maintenance, security, and upkeep of buildings.
What is the primary goal of a property manager?
A property manager is an individual or other business hired by a property owner to oversee and manage the day-to-day operations of the property or properties. The property manager works on behalf of the owner to maintain the property with regular site checks and repairs when needed.
What value does a property manager bring?
They will conduct frequent routine inspections with an eye for detail, alert the landlord to any issues, address potential problems such as late rent payments, organise necessary repairs in conjunction with the landlord, and act on the landlord’s behalf if the tenant has breached their contract.
Looking For an Expert Block Management Company?
These are just a few of the jobs and responsibilities of a good property management company.
Scanlans Property Management offers comprehensive block management services that cover all of a property manager’s responsibilities. We have a team of competent and knowledgeable personnel who are always available to answer tenants’ complaints or questions.
Our property management services cover everything from insurance and claims to repairs and maintenance, building surveying services, site visits, and more.
Leave A Comment
You must be logged in to post a comment.