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block management companies

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  • block management companies

    Hi all,

    When renting or buying a leasehold property in a block of flats (which still by definition means your a tenant), do you look at the block management company which is in place at the development, or just how it is maintained ie. if it looks good, it must be good.

    Or do you as the tenant renting the property just look at the letting agent in place for the flat?

    Kind Regards

    Advance Block Management
    Block Management Company - Property Management Services

  • #2
    Re: block management companies

    Hi

    As estate agents dealing in both sales and lettings i think we are well placed to help with your question.

    Lets take renting first - Basically the tenant just want s to see that the block is kept well, pretty much all they care about as its the landlord that has more issues to deal with if things need doing.

    Buying an apartment then yes how the block looks is a factor but more importantly what the monthly costs are and what you get for your money. in our location sensible average maintenance is circa £1000 per annum and usually includes buildings insurance, communal cleaning, garden if required and a small 'slush fund'

    Saying that there are some blocks that have notoriously high charges and you get little extra from the above (maybe lift maintenance) This is a shame as effects the resale price of the property.

    I am guessing form your email signature you are looking at winning more business? - As an agent i know there are many block unhappy with their current management company and this comes down to cost and also work undertaken which they are paying top money and the management company do not shop around they use prefered contractors.

    Hope that helps!
    Jacks and Jones Estate Agents
    http://www.jacksandjones.co.uk

    Comment


    • #3
      Re: block management companies

      Hi there,

      Thanks for the reply, this is much appreciated

      I do agree that having high service charges can affect the resale price of the property.

      Unfortunately not many leaseholders know that if they aren't happy with the management company that they can terminate the agreement, either by forming a RTM company or by getting involved and by being on the comittee.

      We specialise in reducing service charges so we have seen all sorts of 'unknown' charges and 'high comissions'. When you take that all out, and the agent is happy with their fixed management fee, it benefits both parties, the agent and the leaseholders.

      Thanks for the reply again.

      Kind Regards
      Block Management Company - Property Management Services

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