THE IMPORTANCE OF BLOCK MANAGEMENT
For many years now, we have talked to clients about the value of effective rental management support – how it helps to maximise monthly income and to minimise demands on the investor’s own time. However, we talk much less often about block management support so, in this post, we’ll aim to address that.
What Is Block Management?
Block management is a term given to the process of managing a block or estate with multiple residential units. It encompasses everything from property maintenance to ensuring regulatory compliance. Specifically, it includes the management and oversight of:
Maintenance and repairs
Regulatory tests and inspections to keep the building safe and legally compliant
Emergency call-outs (as appropriate)
Where required, it can also extend to other forms of support, including liaison with insurers, contractors and local authorities.
The Benefits of Block Management
These and related services are important to property owners and investors because they have a direct bearing on financial returns and profitability. By maintaining the appearance of the property and grounds, the managing agency helps to keep the property in peak condition, maximising its market appeal, improving its occupancy rates, and helping to justify higher monthly rents or asking prices.
Fundamentally, the service is about maintaining the value of a property asset through continuous monitoring and maintenance of the building. In many respects, it is about preventing avoidable problems.
Sometimes, when we are asked to deliver lettings support, we will walk into a building for the first time and find that it is looking run-down and tired. A property that is deteriorating and visually unattractive makes a less enjoyable home for tenants and homeowners, and that, in turn, will have a negative impact on both rental and capital values.
A building that looks uncared for will almost certainly suffer from longer void periods and the landlord may struggle to justify rental increases. Similarly, if the landlord or homeowner should wish to sell that property, the process becomes that much more difficult, unless he or she is prepared to lower the asking price.
It is essential therefore to have a good block manager in place that does what it is employed to do.
Block Management by Fortem
Our block management services have become increasingly popular in recent years. We have seen rising demand on the part of developers, landlords, institutional investors and others, all of whom are keen to maximise the value of their property assets.
We offer a transparent service charge for all leaseholders and can tailor the individual elements of the service to suit different property types, circumstances and client requirements.
To find out more, please contact us to discuss your requirements
Contact:
Darren@fortemproperty.co.uk
Tel. +44 782 432 3462
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If you have any questions about any aspect of property investment, please call us today