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Keeping your communication going with owners is an essential part of property management. You will constantly need to know how they're doing with the properties, vacancies, rent rates, emergencies, compliance, turnover, you name it. But how can you get that information without being bothered by constant messaging or calls? How do you ensure you won't spend too much time responding to mundane requests and questions? You need to be prepared with a plan to relay it to the owners. The following tips will give you a hand in this:
Organise Property Management Communications
Before you do anything else, you should take stock of the types of information you are communicating with owners. This means quarterly earnings, vacancy rates, maintenance requests, tenant surveys, etc. You should review everything you wrote down and parse that into different categories. Consider which bits of information are more critical and which ones may wait. Which needs to have more time set aside, and which ones can be solved quickly? Determine the best way to get that information across to your property owners. Examples can be seen with general housekeeping and any upcoming events wrapped up in a monthly newsletter. At the same time, the annual and quarterly meetings are more effective for reviewing vacancies, turnover rates, earnings and other financial details. Most urgent matters should be handled by phone call.
Understand How and When Owners Want to Communicate
When you're on board with a new client, you may have already had the best methods of communication set up beforehand. Your email templates are good to go, quarterly meetings are planned, text alerts are ready if needed, et cetera. None of that will mean anything if the owner isn't in the habit of checking for any of that, or prefers to avoid text messaging, so all your best plans will be useless in such cases.
Naturally, there is no way you can fine-tune your communications to the needs of every person, but you can make small accommodations to the owners' needs. For example, you can give them the option to opt out of newsletters that don't convey the essential information. You can hold semi-annual meetings for people who can't make it there every three months, et cetera. You should remember that while you have a property management communications plan, things may change, so you may need to make changes to said plan.
Setting Expectations and Boundaries
Setting your expectations and boundaries is essential to keeping your communications focused and free of redundancies.
In starting a meeting with the new owners, you should go over communications policies in greater detail. Let them know how and when you will communicate with them so they can expect emails, calls and meetings alongside text messages from you.
Set up a schedule for face-to-face meetings and give the owners access to your video conferencing software. They should also have your phone number and email address so that you won't end up in their blocked call list or spam folder.
Let them know how and when you plan on getting in touch. Give them the names of employees who would handle specific billing, maintenance, and more questions. Whatever communication channels you choose and agree upon with your property owners, you should ensure it's all in writing and the owners have a copy. If you use a portal, upload the communications guidelines and agreements there so they can access them at all times.
Make sure you and your team are consistent with communications. Moving away from an agreed-upon plan will cause confusion and lack of efficiency, making things more complicated.
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Block management involves the managing of blocks of flats with individual properties under the ownership of leaseholders. A company or individual manages the properties of the block.
This involves taking care of maintenance, looking after the communal parts of the building, taking care of service charge collection and more. Managers have legal responsibilities to handle as well as maintenance.
Portfolio landlords are looking for new ways to use their knowledge, all so extra income can be earned, so managing properties is becoming more popular. The following points will help you understand the laws covering block management and obligations if you’re a manager:
Knowing the Lease Terms
Oftentimes, individual flats in a block may have very different lease terms. As the manager, you will need to figure out what each owner is allowed to do, and what you must do for them. This is one of your first responsibilities as a block manager.
Lease Terms Enforcement
If any of your leaseholders breaches the terms of their lease, such as making unauthorized changes to the property, as well as possibly sub-letting through a company like Airbnb, you will have to address the issue.
Handling Insurance
In each case, the owners’ service charge should include the contribution to the building’s insurance for the entire block. You will need to inform the insurer about the state of a few things, specifically:
The number of owner-occupied flats
The number of rented-out flats
The kinds of tenants living on the premises
These simple questions will help you get the right insurance coverage for your specific situation.
Health and Safety Inspections
As the building manager, it will be your responsibility to ensure the site is always in compliance with health and safety regulations. You will also need to follow maintenance work only carried out by approved contractors.
Fire Safety
You will be responsible for risk assessment and you need to cover all the fire safety measures your building needs for communal areas. This includes alarms, extinguishers, fire doors and more. The best way to get this done is to have a visit from a professional fire safety representative. This will give you the assessment and the exact specifications of what needs to be changed.
Routine Inspections of the Premises
You have to schedule regular inspections of all communal areas, both inside and outside your building. This is necessary to ensure the building is in good condition and that nobody violates the terms of their leases.
Keeping Records
The more detailed, the better. It will be your responsibility to keep those records regarding work done on the building, inspections, payments made and so forth.
Accounting Responsibilities
The block manager is also responsible for collecting service charges, ground rent, budgeting your management account, resource allocation and more. Ensuring the accounts are prepared for your shareholders of the block falls under this point. Management companies benefit from appointed accountants in this case.
Section 20 Notice
This is something that needs to be carried with certain building works, with the cost of each individual leaseholder being no more than £250. There is a consultation procedure in three steps that the manager needs to follow in such cases. If this isn’t done properly, you as the manager will be liable for the cost of the works, over £250 per leaseholder, so keep that in mind.
Keep Up to Date with the Law
You need to ensure you know about any changes in legislation and amendments to the existing laws that may affect the block and your management work, so don’t underestimate that.
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