Block Property Management includes the management of residential blocks. The freeholder who owns the block or the Residents’ Flat Management Companies (RMCs) will provide services in accordance with the lease in exchange for service charges due from the leaseholders. In many cases freeholders and RMCs will instruct a professional managing agent to act on their behalf to handle all financial, legal and maintenance aspects with regards to the communal operation of that residential block. Block management can be referred to by other names such as estate management, leasehold management and also remote property management in some cases.
The property management of the block includes providing services for the communal areas such as the communal hall, lifts, gardens and so on which can include, cleaning, repair and maintenance, fire safety checks, building insurance, utility bills etc. and collecting the service charge.
A managing agent is tasked with ensuring that not only do the contractors work effectively but that they are value for money. Block and Estate Management is in-depth, managing the communication between freeholders and contractors, to ensure maintenance standards are kept. This can also include the management of contractors and their work, to ensure they are keeping the property in good repair and that they are value for money.
It is important that the right managing agent or property management company is appointed who has the right resources available to be able to respond quickly to urgent issues. Non-urgent jobs can often wait for a few days until the right resources are available.
Also, it is critical that the right insurance policies are in place for the block, this will help to protect freeholder and leaseholder assets and ensure that they are fully covered for any liabilities which may arise.
Block Property Management Software
There is a need to ensure that the block is in good working order. Managing agents can make scheduled visits to ensure that the common areas are in good condition and will help address a number of key areas. They can make sure that the property is secure, inspect lifts, gates and other items that are in the building and relevant grounds. Also, they should have no hesitation in providing leaseholders with full accounting facilities for budgeting, service charge and year-end accounting and give access to them and provide freeholders and leaseholders with advice on the best way to spend the service charge.
In looking to manage a block development, it will be worth considering investing in block management software to help. The software will help in managing all the accounts and financials, including the relevant stakeholders.
Good managing agents will use comprehensive block management software, like Blocks Online to administer accounts, payments, repairs and more to help manage the development effectively and efficiently. It is worth ensuring that these are compliant with relevant accreditors, such as the Royal Institution of Chartered Surveyors (RICS) and the Association of Residential Managing Agents (ARMA).
