Property Management: A Quick Guide
Property Management can be defined as "the establishment of an appropriate framework within which to oversee property holdings to achieve agreed short and long-term objectives, having regard to the purpose for which the estate is held". Property, or Estate Management, is widely interpreted as being concerned with the administration of tenanted land or property.
The profession of property management is concerned with such matters as letting, rent reviews, rent collection, repairs, maintenance, service charge and insurance.
The primary objective of the property manager is to maximise financial returns, thereby enhancing capital value.
Property Management can be broadly broken down into the following competencies:
- Residential Property Management
- Commercial Property Management
- Retail Management
- Estate Management
- Mixed Use Management
The range of day-to-day services provided by a property manager on an ongoing basis are as follows:
- Administer rent, service charge and insurance collections and payments
- Lease Administration
- Maintenance of event diary system
- Pro-active credit control procedures
- Regular client meetings
- Quarterly / Monthly reporting structure
- Monthly trading reports
- Ensure tenant compliance with lease provisions
- 24hr Help Desk
- Ongoing contractor management
- Employment of Staff
- Staff Customer Service Training
- Preparation of audited accounts in accordance with lease provisions
- Planned Preventative Maintenance
- Lease Renewals
- Tenant Consent Applications
- Landlord and Tenant Legislation
- Sinking Fund Life Cycle Valuations
- Terminal / Interim Schedule of Dilapidations
- Waste Management Strategy
- Company secretarial work in respect of Management Companies
- Risk Assessment Surveys
- Energy Management
- Additional Income Generation
Property Management Services in the Development/Letting Phase
The provision of good and sound property management advice during the development/letting phase is essential to ensure the ongoing success of a project. A Property manager would typically provide the following services:
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Prepare Management Structure in liaison with legal advisers
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Review lease documentation
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Prepare Service Charge budgets
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Prepare service charge apportionment schedules
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Advise on Management Company structure
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Prepare Exit Strategy
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Attend contractor site meetings
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Prepare and implement marketing strategy
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Prepare tender documentation
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Review and appoint outsourced contractors
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Prepare tenant handbook / tenant regulations
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Appoint management team
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Installation of footfall system
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Prepare Health & Safety Statement
