PROPERTY MANAGEMENT


BLOCK needsYOU


Your FELIX KEEN explains why gettinginvolvedwith


your Residents’Management Company could save you money and improve your property


themanagementoftheir blockwilltakeup toomuchoftheir timeandtheymight not seepositiveresults forthemselvesand their property.However,there canbesignificant returnsfor thosewilling to putevenasmall amount of timeinto theirmanagement and joinaResident’sManagementCompany. Ioversee ateamwhich specialisesin


*


managing residentialblockswhere thereis an existing residents’management company (orRMC)inplace,responsible forinstructing themanagement of the building. Becoming moreinvolvedinthemanagement processis notasonerous as itmayfirst appear andthere are significant benefits for residents willing to become more active in the affairs of their block. Many blocks of flats will already have a


Residents’ Associationinplace.These groups of volunteers provide an important forum forresidents to discussissues andare akey point of contact formanaging agents and the freeholder of the building. Getting involved in theResidents’Association in your block is agood waytoensureyou areinformedof anychanges or developments andyou can also help provideaninsight into theculture ofwhereyou live forthe block’sprofessional managers. However,whereflat owners have joined


together andgonedownthe enfranchisement route, buying the freehold of their building betweenthem, setting up anRMC(whichis part of theenfranchisement process) provides afurther opportunityfor leaseholders.Inthis situationtheRMCwillhavethe powers of an independent company tomake decisions on behalf of its‘shareholders’-the residents themselves.


54


ARE YOUWARY OF GETTING more involved in the way your building is run?Many residentsmay feel that becomingmoreinvolvedin


AnRMCisaneffectiveway of placing


residents in direct control.Normally through theappointment of directorsofthe company, residents have an equal say inimportant issues such as in theappointment ofmanaging agents.Getting involved in therunning of the RMCwill give you a voice in issueswhichaffect your daytoday living,and youwillalsohave moreinfluenceoverthe useofpropertyfunds and charges,whichrepresent animportant expensefor anyflatowner. Crucially, in joininganRMCyouwon’t


be on your own. Being part of anRMC normally involves working with a teamof fellow residentsaswellasotheremployed professionals, such as surveyors and solicitors.AnRMCwill typicallyappoint a professional propertymanagement company to handle theday to dayblockmanagement, butwillretain responsibility forthe ultimate decisionsonmajor worksand approving contractors. Scheduledmeetings will be held


(often quarterly) between residents, plus representatives fromtheproperty management company and staff from thedevelopmentitself. Thesegiveavital opportunitytoassessthe work of the managing agent, identify anyongoing issues anddirectbudgeting forthemaintenanceof theblock andanymajorworks needed. By workingasamemberintheRMC, you canreviewthe budgetingofyourblock and


independentcompany tomake decisions...


TheRMCwill have thepowers of an


ensure that themanagementcompany is fully integratedintothe resident community. Ultimately this gives individual residents a much greatersay over howmoney is spent. Giventhatyourhomeisdirectly


impacted, you should already have a keen interest in theeffectivemanagementof your block. Becoming an activemember of theRMC will allowamuch greater direct involvementinthe day-to-day issues whichaffect youand your home.From theperspective of themanagingagent, workingwithanRMCis equallyuseful as having residentsdirectlyinvolvedinthe management of a block is the best way to ensure that they arehappy with theway their service charges are spent. For leaseholders in a block this can provide


a significant return as well as ensuring that theirblock isefficientlymanaged andthat anyissues arequickly resolved.Potential property valuesmaywellincreaseasa result of a more positive general impression forpotential buyers.Havinggreater input into blockmanagementcan allowfor direct influence overmajorworks andimprovements to thebuilding andits facilities,which are an importantinvestment in attracting new buyers andimproving generalvalues. As the managing agentisresponsible to theRMC, beingamemberwillallow youmoredirect


Issue 14, Spring Flat Living


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64