PrOPertY


ManageMent addvalue to yourblock?


Advice couldsMart


Flat Living


Property Finance Legal


Maintenance at home in your block


Well kept communal areas can add up to 5% to the value of a flat


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Want to save money and protect your


investment? anthony tokatly argues the case for effective, strategicmanagement


IamsometImes askedby residentswhyit isnecessary tomove forwardwithmajorworks in accordancewith their lease.What I sayto themis simple: if youhadthe opportunitytoput £4,000 intoasavings accountandayearlater wouldbegivenback £25,000,would youdoit? I thinkweallknowwhat theanswerwouldbe. Thesamescenarioapplies to spendingmoney


onproperty –itisoneof thebest investments youcanmake in good timesorbad.Infactthese days if youwanttosellyourpropertyyouhad bettermake absolutelysureitisingood shape both insideandoutinorder tohaveanychance of selling.This isnotaproblemif youliveina house. Youcanmake sure theexteriorislooking its bestandkeep the gardentidy in order to attractbuyersandencouragethemtoview.But whenit comestoblocksofflats, residentshave less individual control over the areas beyond theirownfront door.Ourownresearch, as managers ofnearly 200blocksinSouthWest LondonandSurrey, proves thatwell kept communal areascanadd asmuchas5%to the valueofaflat. The firstwayinwhichgood property


managers canaddvalueisaquickwin.By ensuringthatmaintenanceprojects arecarried outefficientlyandinaccordancewith thelease –andby usingreliablecontractorswhowilldo thejob efficientlyandatarealistic pricethatcan be justified to residents–everyoneiskepthappy. Theblock looksgoodandiswell-maintained andresidents–whether ornottheyare thinking of selling – are comfortable in theknowledge that their investment is being protected.The contractorsweselectfor clientsare referenced andusedtimeandtimeagain.Theyknowthe quality that is expectedofthemandtheyknow theyneed to doanexceptional job in order to be invitedback. It isnotonlywhere visibleworksareconcerned thatgoodmanagement canaddvaluefor flat


Flat Living Winter 2011


it isnotonlywherevisible worksareconcerned


thatgoodmanagement canaddvalue


owners.Imagineyouhaveacceptedanofferon your flat.Mattersarenowinthehandsofthe solicitors (andthemanagingagent).Ihaveheard of propertymanagers takingtwomonths(and chargingmorethan£500) to turnaroundsolicitor enquiries.This isabsurd.Manysales fallthrough becausepeopleloseinterest or findanother propertywherethe transactioncanbecompleted morequickly. Iftheagent investsinadedicated resource forthisfunction,enquiriescanbe turnedaroundwithin 24hours at less thanhalf theprice.Thisisaveryimportantandvisible area andanygoodpropertymanagerwillrecognise this. Atthe sensitiveandfrequentlyemotional timeofbuyingor sellingproperty,thelastthing


Cash-bOOsting serviCes that COuLd save YOuMOneY


nrecognisingtheinvestment valueofan attractive,well-maintainedblock nrespondingrapidly tomaintenanceissues nappointingcontractorsonqualitynot just priceandofferingrepeatbusiness tokeep costscompetitive nusingbuyingpowertokeepservice chargesdown nkeepinglinesofcommunicationwith residentsopenandcosts transparent


anypurchaserneeds isanunnecessaryand costlydelaywhileinformationispassedbetween theparties.The sameapplies to servicecharge information–itshouldbemade availabletothe solicitorsonthesameday.Ifapropertymanager canturnaroundinformationquickly,notonly dotheystartoffonapositivenotewithpotential newresidentsbuttheyare also farmorelikelyto berecommendedbytheconveyancingsolicitors asgood, cost effective,well resourcedagents. Transparent,accurateandtimely financial


information, alongwithconsistentlylowservice chargeswill add valuetoanyproperty.How manytimesdopotentialbuyers viewabeautiful, luxuriously appointedapartmentonly to be told that service charges for the comingyear areridiculously high?Thisisdisappointing to saythe leastand, in the current economic climate, is oftenenoughtomakepotential buyers look elsewhere.Again, this isanarea whereaprofessionalpropertymanager could make a strongimpact. At JJHomes,wehave takenonblockswhere servicechargeshave been unnecessarily highandhaveusedour volume purchasingpower to reduce bigticketitemslike insurance, electricityandliftmaintenanceto reduce charges tomorerealistic levelsandensure theproperty is affordable,longterm. Addingvaluefor residents–andwherepossible


savingthemmoney -via good long-termstrategic management iswhat allagentsshouldbeaiming for.Thatwaythecustomer ishappywiththe servicebeingprovidedandthemanagerismore likelytoretain clientsandmayevenbenefit frompersonal recommendations–everyone’sa winner.●


anthony tokatly ManagingDirector JJHomes (Properties) Ltd tel 020 8296 0181 Fax 020 8773 3434


JJHomesisapropertymanagementcompany based in South London. Formore information go to www.jjhomes.co.uk


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