More than ever, maintaining the quality of your investment is critically important whether you live in the property, or whether it is a rental investment.
In the recent property boom the development of multi-unit apartment complexes became the popular choice. The significance of such multi-unit developments meant that owners shared common areas such as open landscaped areas, central corridor, and lobby areas. Legislation dictated that these common areas were held in ownership by all the owners within the specific block of apartments, and the method by which they shared ownership was through the medium of a management company.
The challenge often presented in these instances is that some owners are reluctant to get actively involved in maintaining the common areas in their development. The ideal solution for the management company is to engage the services of a managing agent. It is the experience of Winters Property Management that for a management company to be successful, it requires the involvement of the owners through the election of a committee to represent their interests. While still controlling the destiny of their management company this allows the owners through their elected committee to give direction to their managing agent to manage their common areas to the highest possible standard while still ensuring that they get the best value for money.
The primary responsibility of this committee is to engage with the managing agent to agree a service charge budget that is mindful of ensuring high quality service combined with value for money. Such services can be straight forward or complex depending on the size and range of services involved. For example in a small apartment block the services may extend only to insuring the building, cleaning the common areas, and maintaining a simple landscaped area. However in larger and more complex developments, services may extend to include lifts, fire alarm maintenance, hard landscaping such as water features, and underground car parks which may require additional services such as controlled access and lighting. Some complex developments may have CCTV facilities installed which will require maintenance.
Vital to the financial wellbeing of a management company is ensuring that a sinking fund is established to preserve the appearance and integrity of the development, and also that all owners subscribe fully to paying their service charges.
By engaging a managing agent such as Winters Property Management, you are assured that these activities, along with the day to day upkeep of your investment, are maintained to a very high standard.
In these testing economic times, value for money combined with quality service will always win out.
