How does a Property Management Company Help

You might think that using a property management company is a waste of time and money. While it is true that those who manage their properties themselves can save on monthly fees, the long term benefits far outweigh the costs. Here’s a list of benefits that a professionally managed company can ensure:

• Saves you Time: If you have ever undertaken repairs or ongoing maintenance for your block management I’m sure you would agree that managing these repairs and essential services are nothing but a headache. But professionally managed companies can coordinate these jobs effortlessly. You don’t have to worry about unexpected postponements, cancellations etc. Everything is taken care of. The same applies for regular property maintenance.

• Legal Hassles: Setting up a residential block management company can be a daunting task. There are many legal obligations and requirements that must be met when forming your company. The essential tasks include submitting annual tax reports at Companies House and ensuring that all contractors are equipped and insured to carry out work on the premises. Your property management company can also handle all the paperwork relating to invoicing contractors, solicitors letters and general day to day company secretary services.

• When to hire a property management company: Consider hiring a property manager if you have a large number of flats to look after and more importantly if you do not live near the area. It might be that you have no interest or time to take care of the day to day running of things or to oversee any repairs or ongoing maintenance work such as gardening or window cleaning. Your chosen company will do all this for you.

• Following up on mandatory obligations: Most blocks – if not all will form a Residential Company Directorship to ensure best practices are followed. There are several mandatory obligations such as insurance cover, fire and safety compliance, health and hygiene regulations that are required to be fulfilled. Following each of these can be a cumbersome job. But professional companies can help you in this regard. Make sure that you choose your property managing agent with care. You should be able to choose the services you need from a very basic package to complete management.