Managing a block of flats is a challenging endeavour, especially with so many different areas for issues to arise. Therefore, you must have relevant knowledge and a full commitment to the task. You will need to carry out regular inspections, maintain properties, and follow all contractual stipulations. Whether you’re managing a small block of flats in Yorkshire or a large complex in London, we’ve gathered together five tips to help you manage the property effectively.
Create a Maintenance Strategy
You are responsible for maintaining the property and ensuring all homes are kept to a high standard, which is why you need to create a maintenance strategy. In your plan, you need to provide details on how tenants can report issues, and then hire contractors to carry out work. Further, considering how unpredictable tenants can be, you should invest in a quality block of flats insurance, which will help mitigate risks. You can find block of flats insurance through Quotezone, which will scour the internet for the best UK landlord insurance offers, and email them to you in under two minutes.
Listen to All Residents
The majority of residents in a block of flats are leaseholders, which means you’re responsible for keeping their home in good repair. However, some residents will be flat owners with their own freehold, which saves you from maintaining the inside of their property. That being said, it’s important to have everyone on your side when making decisions that will impact all. Therefore, you should create a forum for residents to find out essential information and voice their concerns. When residents feel valued and listened to, they’re going to be more agreeable if you want to make large changes in the future.
Multi-Channel Communication
Everybody has a different communication preference, which means providing calls, emails, and texts. A great way to keep up communication is to send out a regular newsletter containing all the latest announcements by email, text, WhatsApp, and post. Further, if there are any emergency alerts, you can agree to send these out by text or email.
Offer Multiple Payment Options
In 2022, people like to make payments through different platforms. Therefore, you can provide alternatives to classic direct debits including PayPal, BACS, and online payment platforms. We suggest providing tenants with an online portal, which can be used to receive rent payments. When creating your contract, you should have each resident’s preferred payment method, which means you have better legal standing in the event of arrears.
Clearly Define Staff Roles
You won’t effectively manage a block of flats without a strong team, which will primarily consist of gardeners, cleaners, concierges, and caretakers. To promote a productive workplace, you need to clearly define roles and make sure each person is trained and knows where to take any concerns.
Property management is difficult, and the nature of blocks of flats makes it more so. Fortunately, by using the tips outlined above, you can turn your property management business into a great success.