Tips from the Experts: Managing Your Rental Block
Monday, June 01, 2015 by
Having a good agent to help with the management of a block can have a huge impact on the value of a property. We speak to D&G’s head of Block Management, Calum Watson to find out his five tips for making sure your property is well looked after and your tenants are happy.
Leases usually provide for cyclical decoration of both the exterior and common parts of the building. This ensures that the building remains in good repair and decorative order as well as attractive to prospective purchasers.
Fire safety compliance
Residents should feel secure in their home, and a comprehensive fire safety installation, which will typically include smoke alarms, maintained fire doors and emergency lighting, is crucial in ensuring that in the event of an incident, all parties remain safe.
The old adage of ‘cash is king’ is very true, and a well-run building should always hold adequate funds to ensure that the building can be managed professionally and maintained properly. The collection of a reserve fund for future and/or unforeseen expenditure is a prudent addition.
A good agent will ensure that residents are kept updated on issues at the building, including proposed major works, ongoing repairs, and developments. This could take the form of email circulars, newsletters, and ensuring regular inspections of the building.
Nothing is more frustrating than a lack of response to queries, and the allocated Property Manager should have a manageable portfolio, with appropriate support, in order to effectively and promptly deal with issues as they arise.
We hope these five tips helped you with managing your block. If you would like any help, contact us and we can help you to manage your property effectively.