More and more apartment residents are taking charge of their environments and investments by forming Residents Management Companies. This arrangement gives occupants the opportunity to manage their building as they see fit, in conjunction with their neighbours, to create stable communities and welcoming homes.
Of course, any company needs to be well organized administratively if it is to realise its goals.ย To that end, here is a brief guide to block management, courtesy of Manage Your Block.
How To Manage Leasehold Apartments
Most blocks of flats are leasehold properties. This means that, while residents may buy their flat within the building, the land remains the property of the landlord. If residents of a leasehold block take over the management of their building by means of an RMC, they become responsible for all the operational activities pertaining to the property. For example, an RMC must keep up to date with all the health and safety reports required by law, including Fire Risk Assessments.
These tasks are sometimes overlooked by those researching how to run leasehold apartments. Fortunately, the Manage Your Block software can be set up to issue alerts when such tasks become due.
How To Manage Freehold Apartments
When a block is built on freehold land and the freehold is included in the purchase of the property, matters can get even more complicated. Advice on how to run freehold apartments can prove confusing since there is so much at stake โ each resident could potentially be a leaseholder, director and shareholder, all at the same time!
Acting as a director can prove intimidating for those who do not have a business background. Good administrative support is essential, and this is available as part of the Manage Your Block package.
๏ปฟ๏ปฟHow To Run A Residentsโ Management Company
One of the biggest challenges of acting as part of the management team of your own apartment block is the wide range of situations which can demand your attention during the course of a year. Here are just a few of the tasks which must be diligently performed for the project to be successful:
- All information and documents must be comprehensively filed, and made available when needed.
- Information must be made available to all company directors.
- Up-to-date contact information must be maintained, not only for blocks residents, but also for contractors and other contacts who the company deals with.
- A day-to-day diary should be kept for future reference, and forthcoming tasks flagged up for attention.
This is an inexhaustive list, and those wondering how to run a right to manage company may have still other necessities to consider.ย However, it may give you a flavour of what is involved in being a company director.ย Fortunately, all of the above tasks can be promptly and efficiently performed by the Manage Your Block package.
We arenโt here to tell you how to run your block of flats, but we can provide you with highly specialized software to make the secretarial side of the project much easier. Contact us for more details on 0333 577 9070 or email info@manageyourblock.co.uk.