What Does Block Property Management Involve?
Block property management involves the management and maintenance of residential properties that are part of a larger building complex. The service, which is provided on behalf of Residents’ Flat Management Companies (RMCs) or the freeholders, ensures that the blocks and their shared facilities continue to operate efficiently. The costs of block property management are covered by service charges which are paid by the leaseholders. Read on to find out what block property management in Essex involves.
Collecting service charges
Block property management normally involves collecting service charges, ground rents, and other fees from tenants to cover property maintenance costs. The property manager will often be responsible for managing financial accounts and budgets for the property.
Maintenance and repairs
One of the key aspects of block property management involves carrying out maintenance and repair tasks for common areas, including lobbies, staircases, lifts, gardens and parking areas. Ensuring that a property is well-maintained and that necessary repairs are carried out promptly is crucial for the upkeep of the property, the smooth functioning of shared facilities, and the overall well-being of the residents.
Service contracts
Block property management involves dealing with service contracts, which are agreements between the property management company and external service providers. These contracts outline the terms and conditions under which specific services will be provided to the property. Service contracts play a vital role in ensuring that the property's maintenance and repairs are carried out efficiently and professionally.
Administration
Property managers handle a wide range of administrative tasks when managing blocks of properties. These can include record-keeping, communication with residents, dealing with enquiries, and ensuring compliance with relevant regulations. Administration is a hugely important aspect of block property management since it ensures the smooth operation of the property and the well-being of tenants.
Health and safety
Block property managers are often responsible for health and safety within a block of properties. They will implement and maintain various measures to promote a safe and secure environment within the property, helping to ensure the health and safety of residents, tenants and visitors. Not only do property managers make sure that the building complies with local health and safety regulations, building codes, and other relevant laws but they’ll develop emergency response plans for scenarios like fires or security breaches.
Insurance
A block property management service will also involve arranging and managing insurance policies for the property. Property insurance is vital for protecting the property, its common areas, and the interests of the property owners and tenants. Block property managers ensure that suitable insurance coverage is in place to address potential risks and liabilities associated with the property.
The responsibilities of block property managers are extensive and go well beyond those listed above. To find out more about our block property management services, get in touch with our team today. Send us a message via the website and we’ll get back to you as soon as possible.
Why Do I Need a Valuation Survey?
A valuation survey provides a professional assessment of the value of a property based on various factors ranging from its condition and location to current market conditions. There are several reasons why you might need to have a valuation survey carried out. Whilst the most common is due to buying or selling a property, a valuation may also be necessary to aid with estate planning or in the case of divorce or other legal matters. Read on to discover the most common reasons for valuation surveys in Essex.
Property transactions
When buying or selling a property, a valuation survey helps determine its market value. This ensures that the property is priced fairly, which is important whether you're a seller aiming for a competitive price or a buyer looking for a good deal. Having a valuation survey carried out can provide you with key information to allow you to make informed decisions. A valuation helps prevent surprises related to the property's value. Sellers can avoid potential disputes by pricing accurately, and buyers can avoid overpaying for a property.
Investment decisions
If you’re an investor, a valuation survey can help you evaluate the potential return on investment, allowing you to make informed decisions about buying or selling properties. A valuation helps you accurately determine a property’s market value, which is crucial for assessing whether the purchase price aligns with the property's worth. This can prevent you from overpaying or undervaluing an investment.
Estate planning
A valuation survey is essential for estate planning since it helps to determine the value of your property, which is crucial for inheritance, tax, and distribution purposes. An accurate valuation helps to ensure that your assets are distributed fairly and allows you to take steps to minimise tax liabilities for your heirs. Additionally, valuations provide a clear record of your assets' value, helping protect your estate from potential creditor claims and ensuring that your beneficiaries receive their rightful share.
Divorce or legal matters
Valuation surveys are often carried out during divorce proceedings in order to determine the fair market value of properties and other assets that are to be divided between the spouses. Valuations provide an accurate assessment of their value, helping to ensure that each spouse receives their fair share of the marital assets.
Insurance coverage
A valuation survey can be important for insurance reasons. Knowing how much your home is worth can ensure you get the appropriate level of coverage to protect it in case of damage or loss. You’ll be able to repair or rebuild the property to its original condition when you have the right insurance coverage in place.
As you can see, there are a number of reasons why you might need a valuation survey in Essex. Get in touch with Hair & Son today and find out the market value of your property. Send us a message via our website and we will get back to you as quickly as possible.
What is the role of a residential management company?
Hiring someone to look after all aspects of your residential property management can greatly benefit many companies, individuals, and businesses. In today’s busy property industry, many are finding it easier to delegate some responsibilities to reputable experts, to maximise their time and productivity.
Who needs residential property management and what skills are required?
Whilst there are no set attributes required when you begin working in the residential property management field, there are some highly desired character traits that would certainly be beneficial.
Attention to detail is required, as you will be dealing with a constant stream of questions and queries. You will need the ability to keep track of tenants' requirements as well as keep detailed notes and lists updated regularly. You should be able to predict problems before they arise and have a ‘can-do’ attitude when it comes to rectifying issues.
Excellent communication is essential as you will need to be able to communicate between all parties clearly and concisely. Good computer skills and excellent telephone manners are also highly desirable.
What does a residential management company do?
A residential management company will act on behalf of the tenants and the landlord of properties such as apartment blocks or a busy landlord's portfolio of properties. Their job is to ensure that all properties are maintained and managed to a high level. Daily, weekly or monthly tasks may include, but not be limited to:-
Communicating important information and views between landlords and tenants - residential property management involves a lot of trust being placed in both parties. Communicating regular updates and feeding through any thoughts, problems, or questions from the tenants to the landlord is an essential task.
Taking note of repairs and arranging for them to be carried out - the properties should be regularly checked for repairs and any issues must be spotted ahead of time. Residential management companies should also pass on information about repairs required and arrange for these to be addressed once authorised.
Communal areas - a good level of maintenance should always be maintained in the communal areas of any building. This could include issues such as regular grass-cutting and keeping communal areas clean and tidy.
Onsite facilities - ensuring that any onsite facilities such as elevators and parking lots are in full working order and well maintained is also highly important.
Health and Safety - general health and safety must always be considered, as well as ensuring that any permits and documents are up to date.
What to look for in a good residential property management company?
A good residential property management company will be willing to be open and honest about their level of industry experience and able to present you with their portfolio with references and statistics to back up their claims. A well-oiled team will consist of highly motivated individuals who are always prompt and professional.
A Phoenix rises
I am sure we all know that the airline industry had to survive substantial challenges during the pandemic and it is only now that airlines appear to be returning to full capacity. At a local level we are expecting Easy Jet to expand their flights out of London Southend Airport , many of us look forward to the convenience of flying to sunny destinations from our local airport.
On a further positive note, in 2018 I let a business premises to a company called Rotable Repairs – they repair aircraft wheels and brakes. The company outgrew their original business premises on the Laurence Industrial Estate , which they also rented via ourselves, and now trade from much larger premises in Progress Road. I had the pleasure of a meeting with their MD last week, and received a of a tour of the factory – some of the wheels are as big I am – amazing so close up. Rotable had not been immune to the problems of the airline industry when only very few cargo planes were flying at the height of the pandemic. They are now working at full capacity, beyond pre-pandemic levels and now have the contract for maintaining and servicing the brakes and wheels for British Airways, an account that was won over from a German provider. Among their clients are other household names such as TUI, Wizzair and Loganair. In these troubled economic times it is worth remembering that on ‘your doorstep’ there is a company providing such a service to BA and the like – what a success , I am sure that their business will continue to grow from strength to strength. Well done Rotable – continue to fly the flag!
HERE ARE OUR TOP TIPS
Whatever the reason for wanting to sell your home fast, these tips will help you waste no time in preparing for your sale and securing a buyer.
Gathering all the paperwork required to sell your home can be a lengthy and timely process, but if you start early and ensure, you have all the necessary documents prepared, this will save you a lot of time.
We recommend choosing your conveyancing solicitor early, and we are on hand to guide you through this process.
Give your property a deep clean, tidy away the clutter and rearrange your furniture to give your home a welcoming and spacious feel.
Put yourself in your buyers’ shoes and consider whether there are any fixable issues that may put you off a property. It may seem obvious, but resolving any problems is key for a quick sale.
We are here to guide you through the whole process, so you never feel as if you must make the tricky decisions alone. We will help secure your viewings, answer any difficult questions and negotiate the best price.
Whilst you may be drawn to accept the highest offer, if you’re looking for a quick sale, a chain free buyer is the best way to go. It can be daunting being faced with multiple offers so we are always on hand to help you make the decision and answer any questions.
If you’re thinking of selling, telephone 01702 341177 and speak to a member of our sales team for a FREE VALUATION or alternatively email southend@hairandson.co.uk
HOW TO KNOW WHEN ITS TIME TO UPSIZE
Is your home starting to feel a bit small? As your needs and preferences change, it’s natural to feel like the home you once thought was spacious is now a little tight, and it may be time to move on.
Here are 5 signs it’s time to upsize:
A growing family
It’s obvious that you may need to upsize as you have more children, but as your children get older and grow in size, your home may no longer be suitable. Having three young children sharing a room may be perfect, but as they get older, they may be desperate for their own space. Whether you have reached a point that you’re bursting at the seams, or simply anticipate that your family will soon outgrow your home, both suggest it’s time to upsize.
Working from home
The pandemic has transformed the way we work, and working from home, at least for a couple of days a week, is quickly becoming the norm. Dedicating a room to an office space will help you create boundaries between your work and home life and provide a comfortable, quiet place to work.
Hosting friends and family
If you enjoy hosting your friends and family often, you may need a bigger home to make space for everyone. Whether you need a bigger kitchen to cook for your guests, a large dining room to seat everyone or guest bedrooms for them to stay the night, these are all signs your ready to upsize.
Clutter
Are you finding that your home always feels messy no matter how much you tidy? Or perhaps you’re constantly tripping over things? There may simply not be enough space in your home for your belongings. If you have reached your decluttering limits and you’re still struggling for space, this is a tell-tale sign you have outgrown your home.
Moving in with someone
You may be considering moving in with a partner, or perhaps older relatives need a little extra support and are moving back in with you. Having an extra person in your home, along with all their belongings, can suddenly make your spacious home feel small. Before you get frustrated living on top of each other, upsizing may be a wise move.
Are you ready to upsize? Click HERE to find your perfect home.
Interior design trends for Summer 2022
Supporting your wellbeing and happiness starts with a home that you love, so it’s always a good idea to invest in style and decor. This year, it’s all about boho, minimalism and sustainability! Here are some summer trends which might be missing from your home!
Reworking the living space
Working from home seems to have remained a new normal after the pandemic. Long gone are the make-shift offices on the kitchen table or even the family sofa. Many homeowners have now invested in harmonising their workspace with the rest of their home.
Antiques and second hands
There has been a huge rise in popularity of furniture for re-use and restoration. Thrifting allows more freedom for personalisation as there’s less financial risk involved in painting a re-used piece of furniture rather than something brand new. Vintage items can also create a boho, laid-back feel in your home – perfect for summer!
Arches
2022 will see arches in interior designs come to the forefront according to designers. Curves create a fun yet elegant appeal. Seen in top restaurants and new hotels, they are a subtle and artistic way to implement dimension and style into your home.
Go green!
Tones of green are beloved amongst the younger demographic for their immediate association to nature and serenity. Green plays well into the overarching trend of sustainability and interiors which embrace and implement nature into their design.
Outdoor lighting
As summer begins to bless us with lighter evenings, it’s no surprise that a trend of outdoor lighting has spiked again in 2022. Lanterns and tea lights for your outdoor tables on summer nights can feel reminiscent of sitting outside a restaurant on holiday.
100 Years in Local Property
At the ripe of age of 21, Gordon Hair, known as Gordon by his close family and friends, started business in January 1922 with an office in London Road, Leigh opposite Westleigh School. Originally named Edmunds and Hair, the partnership of two gentleman soon became one and the name changed to Fredk G Hair. At this time, Gordon was in partnership with his brother Alec who was considered to the real salesman of the family! After only a few years in business Gordon Hair acted for The Salvation Army in their sale of what is now a large section of the Marine Estate in Leigh and sold the land between Thames Drive and Tattersall Gardens in the Firms first £100,000 (the equivalent of £6,000,000 in today’s money values) deal to a builder by the name of Jack O’Connor. The majority of these roads were developed between 1935 and 1939 with the last remaining plots at the top of the road being developed only after the Second World War. There were many, many changes in the region during the early years of the century and 1922 must have been a very exciting time for a young 21-year-old to be looking to start out in business. Gordon Hair eventually retired in 1961 and his son William Robert Hair took over the running of the company up to the early 1990s. The company is now run by its joint partners, Laurence Cox and Nick Verdin.
The past 100 years have seen the company go from strength to strength establishing Auction, Lettings, Commercial, Survey, Residential Property and Block Management departments in addition to the Sales Department. Hair and Son truly is your local, long established property services company that has served the community well over many years and we hope for many years to come.
Great British Fish and Chips - could this be the beginning of the end?
Many businesses survived the pandemic, grants were available to small business and coupled with small business rate relief, that continues. Just when we thought things were getting better, we have war in Europe, soaring energy costs and a cost of living crisis in the bargain.
We should all spare a thought for our local fish and chip shop. For many families fish and chips on a Friday or a Saturday night are just part of ‘normal’ life. That much loved ‘ British’ institution is now under serious threat. It is reported that according to insolvency Company Debt, that about one third are at risk of having to close their doors.. Contrary to what is popular belief, the industry has apparently always works on tight margins. With basic costs of fish and sunflower oil having jumped between 60-70% in the last year, aside of soaring energy costs, many will struggle to survive this current wave of price increases. There is a general reluctance in the industry to pass on these costs to the consumer when budgets are already stretched. It is thought that the cost of a portion of cod and chips could rise to £10 by the end of 2022. It has always been perceived that catering premises run with high profit margins and with the cost basic commodities increasing that is no longer the case.
Fish and chip shops will not be the only small business to be under pressure right now with many consumers looking very closely at where they spend their disposable income. As a result of this we are likely to see a levelling off in the rental growth in the retail sector which has been enjoyed by many landlords over the past few years. Whilst our High Streets have already seen a decrease in rental levels in some areas that has not been the case for secondary retail premises , at present we continue to see demand outstripping supply. We may well see some of the heady rent rises, seen over the past few years pulling back, if landlords are to retain continuity of income from their business premises . However, at the time of writing this article we, as letting agents, continue to experience strong demand for retail premises in good locations. Demand continues to outstrip supply for retail premises along with all the other sectors of the commercial property market.
It is, of course, hoped that our politicians will bring in measures to ease the pressure on consumer’s pockets over the coming months but as we are frequently being told our government cannot offer complete protection to individuals against the current cost of living cris9s. In previous articles, I have made reference to that money tree in the garden at 10 Downing Street – regrettably such a tree doesn’t exist , if it did we would all want one !!!
Diane Tait
Associate Partner