Block Management: An Overview
Are you a landlord of a residential block? Do you struggle to please your leaseholders or effectively manage the property? Then maybe you should consider hiring a block management company. Block management could be what you need to satisfy your leaseholders and help guarantee your block is successful. They can take over many of the tasks that weigh you down, pleasing your clients and even improving your cash flow. It might seem daunting to hand over such essential duties to another company, but if you are inexperienced or overwhelmed it will be the best decision for your property.
So, if you are on the fence about whether or not to hire a block management company, then read this blog to learn more about what they are, what they do and how they can help you.
What is Block Management?
Block management is where an individual or organisation takes on the task of managing residential flats or commercial offices. The importance of this job is growing as more blocks are built, usually within cities, with landlords wanting more experienced people to take over the day-to-day management.
In a standard block, the properties inside are generally owned by leaseholders. Sometimes these are residents, but they can also be rented out. It is the leaseholder who is responsible for everything within that property, while the owner of the whole building is the landlord.
A block can have areas that are shared with more than one resident, and these communal areas are where problems can arise. This is where a block management agency can bring their knowledge and expertise to help resolve issues and create happy clients and residents.
Who Are Their Customers?
So does a leaseholder employ a block management company, or is it the landlord? Landlords are responsible for hiring a block management company as their role differs considerably from a landlord of a house. Managing a block of flats brings more challenges and complications, meaning that they are more likely to turn to a block management company to look after the property on their behalf. While the landlord seeks out the management company, it is the leaseholders that pay for the service on a monthly basis. This means the management company has to use their skills to please leaseholders, bringing new tenants, keeping up maintenance and carrying out many more services they should offer.
So, both landlords and leaseholders are the customers of a block management company. They are taking the duties off the landlord, to try to manage the leaseholders and any tenants.
What Services Do They Offer?
Now that you have an understanding of block management and the basics of what they do, it’s time to learn more about their services. Most block management companies are brought in to help avoid disagreements amongst residents who are unsatisfied with the state of the building. Whether it’s weed-filled gardens or a leaky exterior pipe, tenants may start blaming one another for the disrepair, leading to tension within the building. Professional block management companies should specialise in resolving issues. With more knowledge and experience, they can dedicate more time to the job of managing than landlords could.
There are more specific services that block management companies offer, but they can vary depending on the requirements of the building. But, generally, there are many things that each company should provide. This includes organising contractors to deal with work such as gardening, rubbish disposal, lift maintenance and the cleaning and maintenance of communal areas. Ground rent collection should be a service offered by all management companies, as well as building inspections, building insurance, health and safety and compliance with the latest laws including leaseholder rules and regulation. They should also provide full and transparent accounts throughout their management period, highlighting where money has been spent.
Some services are more extensive than others, but it depends on the company and the building. When looking for a block management company, there should be the offer of bespoke packages so that your building receives all the right services, and doesn’t end up paying for ones that are unnecessary.
A block management company can be the difference between happy, loyal leaseholders and an empty block. They can take over the difficult tasks that you don’t have time to resolve or that you lack the knowledge on. Basically they help run your block smoothly and become the first point of call for leaseholders. If you are interested in hiring a block management company for your London property, contact us for more information on the services we offer.