Block Management
Property Matters manage a number of new and existing apartment developments on behalf of Management Companies and Developers to whom we provide a highly focused, responsive and hands-on property management service. We provide a full range of operational and administrative managed services complemented by proven sub-contractors and tradesmen to whom we outsource key activities whilst working closely with our clients in an open and transparent way to achieve agreed tasks on time and on budget.
We charge a set monthly / quarterly management fee and charge outsourced activities such as gardening, window cleaning, repairs and maintenance etc. separately.
When a Development is complete, the Developer in question is obliged to form a Management Company. As each unit in the development is sold the purchaser becomes a Member of this Management Company. This enables a transfer of ownership and therefore control of the Common Areas within the development. When all the units are sold the developer usually conveys the common areas via his/her solicitor to the Management Company and the owners take control of the Company.
Existing Developments
In an existing development, it is imperative that a healthy Sinking Fund is in place for every Residential Development. This is now a prerequisite if you wish to sell your Apartment.
Property Matters Block Management Services include the following operational & administrative services:
Routine
- Regular on-site visits
- Organising cleaning of common areas in accordance with agreed schedule
- Organising maintenance of lawns, flower beds and grounds
- Organising bins for collection
- Dealing with any matters in relation to security, break-ins, vandalism
- Preparing and enforcing House Rules
- Meeting regularly with management company representatives
- Attend to routine enquiries from residents (owners and tenants).
- Respond to solicitors’ and property owners’ enquiries.
- Attend general meetings of residents.
- Handle insurance claims
Repairs & Maintenance
- Dealing with day to day repairs and maintenance promptly and efficiently
- Planning for recurring maintenance and repairs
- Organising access for repair and maintenance sub-contractors
- Preparing maintenance plans and contracts for plant and machinery such as security gates, lifts and lighting
- Advising on major contract work and the use of specialist professionals and contractors
Financial
- Meeting regularly with Management Company representatives, record minutes and make these available to the board. Give a report on financial. Maintenance and legal matters.
- Presenting invoices to Management Company for payment
- Preparing annual service charge budget to include sinking fund
- Invoicing and collecting service charges
- Managing collection of arrears
- Preparing regular report of income, expenditure and cash flow
- Benchmarking insurance on an annual basis and dealing with insurance issues
- Preparing annual accounts and liasing with company’s auditors
- Preparing and sending out notices for the AGM and any EGM
- Give the board advice about management policy.
Legal
- Liaising with company’s solicitor
- Keeping all appropriate records
- Ensuring compliance with health and safety laws
- Provide secretarial services for the management company
- Manage the collection of arrears.
- Advice of types of insurance needed
Frequently Asked Questions
What is a Managing Agent responsible for?
The maintenance of lights, doors, locks, intercoms, lifts, common area grounds maintenance, refuse collection (apartments only) and sweeping is the collective responsibility of all owners and the actual work is carried out by Property Matters on behalf of the Management Company, i.e. the owners.
What is a Managing Agent not responsible for?
The Managing Agent’s area of responsibility does not extend to the maintenance of items inside each apartment, or to involvement with such events as intruder alarm activations and parties after office hours.
Who decides on the activities of the Managing Agent and when?
The decisions are made at the Management Company AGM, where the aims and suggestions of the owners for the professional management of the complex are discussed and agreed. A Board of Directors is elected from the owners, and this Board works with a chosen Managing Agent to have the agreed proposals carried out.
Is the AGM important?
An Annual General Meeting is arranged by the Managing Agent, on behalf of the Management Company to review the previous year's activities, and discuss and agree plans for the following year. It is important to attend the AGM, as this is the resident’s chance to have a say in the running of the development. All owners are given notice of the time and location of the AGM 21 days in advance. Only owners are entitled to attend the AGM, and those whose accounts are not in arrears are entitled to vote on motions raised. The resolutions agreed are binding on all members.
What is covered by the insurance taken out by the Management Company?
It covers the public liability risk to the development and also the building fabric of the apartment blocks and duplex units. It does not cover the contents of each apartment or townhouse. It is strongly recommended that every owner/resident take out a separate policy covering the contents of their property.
What is a common area?
Everything outside each owner’s property is called a common area. This covers the hallways in the apartment blocks, internal car parks and bin sheds, as well as all outdoor areas and outbuildings except the gardens of any houses in the complex.
What is a Service Charge and how is the amount decided?
In order to meet the costs of running the complex, each property owner pays a service charge on an annual basis. A budget is drawn up each year and presented to the Directors of the Management Company.
The total budget amount will have been divided by the number of properties in the complex (sometimes weighted by the varying size or type of properties concerned). Once the Board of the Management Company approves the budget, it is then charged out to all owners.
What is a Sinking Fund/Reserve Fund?
A proportion of the annual Service Charge is put aside for the replacement of major common-area items, such as painting, replacement of carpets, major repairs to fire alarms or lift mechanisms. Typically, 5% of the annual Service Charge may be put into this Fund. This Fund is important as it helps to minimise the impact of occasional, high-cost maintenance services.
Is the Service Charge the same each year?
No, the budget for the year will vary, depending to the upcoming running costs of the complex. The cost may rise in some years due to inflation and exceptional items but, on other occasions, it may be lower than the previous year.
When is the Service Charge payable?
The Service Change is issued on an annual basis and must be paid by the due date shown on the invoice. Because most Management Companies’ financial years are the same as the calendar year, the service charge is issued at the start of the year. It is in all owners’ interests that all monies in the budget are available, as a shortage of funds means that the Management Company’s (the property owners’) requirements cannot be met, and the complex will suffer, making all properties there less attractive and harder to sell or let.
