Residential Block Management
At ARKO Property Management we are specialists in managing residential blocks of flats. Although some of the blocks we manage have a commercial element, we essentially concentrate our expertise on private residential dwellings.
Residential management is quite different from managing commercial property. In the commercial sector, decisions are often based on purely business grounds with no room for flexibility. With residential property things can be quite different. A good manager must pay attention to many challenging factors. He must balance his judgments very carefully in his duty to adhere to strict landlord and tenant legislation whilst managing the terms of the lease. Often the lease is out of date and even deficient in the light of ever changing modern legislation.
Many flat leases were written in the 1960's, 70's and early 80's long before the landlord and Tenant Act 1985 and its 1987 revision came into existence. Now we have the Commonhold and Leasehold Reform Act 2002, with its continual updates following various test cases, that have clarified matters along the way.
The best form of property management is that which embraces the modern approach of cooperation. Modern management has changed in that many groups of lessees have purchased their freehold under collective enfranchisement (CEC) or have set up a Right to Manage Company (RTM)
This set up works best when the freehold company has a good board of Directors who work closely in partnership with their managing agent. A good board gives good clear and precise direction but is also willing to be guided by the expert knowledge of their manager who will always be up to date with changing legislation which will have a direct bearing on the decisions that the board have to make.
The biggest difference between commercial and residential property management is that in residential management the manger is managing people's homes. The place where they live.