Property management is the control, operation, handling and oversight of real estate. It can also be stated as the management of equipment, tooling, personal property and physical capital assets that are used to repair, build and maintain the property.Property Management includes manpower, system, workflow, plan and process to manage the property for the period for which it is acquired. Management indicates different roles which includes maintenance, utilization, acquisition, accountability, control and disposition of the property.
For managing residential properties there is a special term and known as Block management. It is defined as the process of managing residential properties, which includes collecting Service Charges, organizing works, Ground Rents and maintenance on the property sometimes internal cleaning too.
A person who plays the role of property management is called as Property manager. A property manager is a person or third party who is hired by the property owner to handle the daily operations, maintenance, etc. of a real estate investment. Property manager can handle any type of property from flats, houses, lands to factories, hotels, etc.
As the market of real state is growing parallelly with the market or Property management and property manager. It is difficult now days to sort out a property manager for property from the available search engines. Sometime family members or friends in contact in help, but it is always a tough decision to make. So, there are few factors to be looked out before selecting a Property Manager.
Experience is the first key factor to be looked and prefer an individual who is well versed with the property management sector and has an unmatched exposure to it. Look for the individual who exhibits interest and passion to the task ahead.
Property managers are eager to charge for London property management services. Hence enquire about the manager fees and any other cost which would be charged by the property manager. As property management is demanding field, always check for the trustworthy Property manager. A property manager should also exhibit good interpersonal skills and relate well with all either the tenant is young or old.
Most of the times, property managers run more than one properties so it is always wise to get a commitment outline from the managers and the manager is professional enough to meet timeline. Property manager should also be good at screening tenant and completing legal formalities of the same. Property manager should also manage the financial from the tenants. Also look for property managers who attends the call on working hours as there are many property managers who does not entertain problem calls when they are out of office.
There is an Act in United Kingdom by ‘Association of Residential Managing Agents (ARMA)’ for property management called as ‘The Right to Manage’ or RTM. It was introduced in 2002 through the Common hold and Leasehold Reform Act 2002. It provides the statutory right to leaseholders to take over the management of the property from the landlord by setting up a special company. There are over 280 firms registered under ARMA.
Even though the process of RTM is relatively easy, but the criteria and qualifying rules can be very complex. Hence it always recommended to read the detailed guide produced by the Leasehold Advisory Service (LEASE).