Property management, and of course property managers, play a crucial role in maintaining the functionality, safety, and profitability of property developments. But what exactly does a property manager do, what should residents and leaseholders consider before hiring one?
What is a Property Manager?
A property manager is a professional or more often a company responsible for overseeing the day-to-day operations of real estate developments on behalf of property owners. This includes tasks like resident management, maintenance coordination, financial oversight, and legal compliance which includes Building Safety as well as Fire Safety and Compliance. In many cases, property management companies like Centrick are hired by developers, freeholders or Resident Management Companies (RMCs) and Right to Manage Companies (RTMs) to manage the smooth running of their buildings and wider portfolio. Whilst a property manager or property management firm can be deployed across both commercial and residential property, in this overview we’ll focus on residential developments.
From student housing to short-term lets, to mixed-use developments and BTR schemes, property managers are able to service a wide variety of residential property types. They offer portfolio and individual property owners or leaseholders peace of mind by ensuring that their investments are well-maintained, profitable, and legally compliant, while ensuring the smooth day-to-day running of operations for the benefit of residents.
What Does a Property Manager Do?
The role of a property manager encompasses a broad range of responsibilities designed to keep the development running smoothly. Here are some of the key tasks that property managers handle:
1. Ensuring Peaceful Living
Property managers are responsible for creating a harmonious living environment for residents. They ensure that the broader development runs smoothly, addressing any issues that might disrupt day-to-day living such as maintenance problems, communal area upkeep, everyday amenities like bin collection or access requirements, as well as security needs and ensuring residents adhere to the terms of any lease conditions.
2. Clear Communication
Maintaining clear communication between leaseholders and residents is essential for effective management. Property managers provide regular updates to residents, keep owners informed of any major developments, and serve as a go-to contact for addressing concerns or enquiries. They also act as an accessible form of contact for complaints, maintenance issues and advice.
In addition to everyday and regular communication, property Managers can, and in the case of Centrick, do, hold regular drop-in sessions and open forums to ensure all residents have clear and open lines of communication where they can raise any concerns, ask questions or share feedback about their homes and property.
3. Building Safety
Since the Grenfell Tower tragedy, building safety has become even more of a priority for property managers. With a plethora of regulations and requirements to ensure compliance with, Property Management companies and their property managers are often charged with ensuring that the buildings they oversee comply with the latest fire and safety standards. This includes conducting regular safety audits, implementing fire safety measures, and staying up to date with changing legislation. It’s important to note that the Building Safety Act 2023 and the Building Safety Regulator were established to improve building standards, ensure safety, and support individuals and organisations in fulfilling their duties. These duties include fresh obligations for both individuals and organisations involved in commissioning, designing, constructing, or refurbishing buildings to ensure compliance with Building Regulations. They also place responsibilities on the Principle Accountable Person for Higher Risk Buildings once occupied.
Property managers, and property management firms also support and ensure that the golden thread of information is captured and immediately available for authorities and emergency services should they be required.
4. Specialist Staff
To keep a property running smoothly, property managers often work alongside caretakers, groundskeepers, cleaners, and concierges, in addition to specialist pre-vetted contractors. These on-site staff provide essential services such as cleaning communal areas, managing security, and maintaining the property’s grounds, whilst also ensuring these services are financially viable under the current service charge structure. For external or specialist services, a property manager and property management firm will often be responsible for ensuring best value from any works undertaken.
5. Site Inspections
Regular site inspections are key to identifying potential maintenance issues before they become major problems. Property managers conduct preventative maintenance checks, as well as asset and inventory “digital twins” to ensure that the building is safe and compliant with regulations. This helps minimise disruption for residents and reduces long-term repair costs.
6. Ongoing Maintenance
Arranging for repairs and ongoing maintenance is one of the most time-consuming aspects of property management. Whether it’s scheduling routine fixes or addressing urgent repairs, property managers coordinate all maintenance work to ensure the broader property development in question remains in the best possible condition.
For many residents, this can also mean support when things go wrong in emergencies, individual and small property management firms often don’t have the resource or infrastructure to respond well to out of hours emergencies, but larger more established firms with national presence and scale, like Centrick, have robust emergency and out-of-hours practices to ensure that residents are never left stranded.
7. Budgeting and Financial Management
Property managers and their supporting firms handle a wide range of financial matters, including rent collection, service charges, and financial reporting. They also create budgets for the upkeep of the property, manage accounts, and provide regular financial reports to property owners and leaseholders alike. Ensuring that rent is collected on time and that service charges are used effectively is crucial to maintaining a smooth-running and appealing development.
8. Insurance and Legal Compliance
Property managers, and often wider supporting property management and compliance teams, generally have responsibility for liaising on building insurance and dealing with notices of transfer when properties are sold. Whilst this isn’t always the case, typically they ensure that the property complies with all relevant regulations, such as building codes, health and safety laws, and fire safety standards, which can otherwise be legally complex and time-consuming.
For residents and owners, the impact of insurance premiums can be particularly widely felt – as well as ensuring that the right insurances are in place, property managers and property management firms will often ensure that best value is achieved for the relevant insurances too, helping keep service charge costs as low as possible.
The Centrick Difference
In short, a property manager for buildings of all sizes is a must-have for all residential property developments. They are able to leverage their knowledge and expertise across resident management, building safety and legal compliance to provide a service that keeps residents and leaseholders happy, safe and compliant, while keeping the fabric of the development in its best shape.
Whether you are handling a new development, looking to get started with a trusted and experienced property manager, an RMC looking to outsource, or hoping to switch from a dissatisfactory property management service, Centrick is here to transform the way you manage your development.
With over 500 years of combined experience across its Building & Estate Management team, Centrick provides exceptional support to residents and property owners alike with our range of property management services. With over 26,500 homes, 500 communities, and £4 billion in assets under management, Centrick offers tailored solutions to meet the specific needs of each development. Our ARMA-accredited team are also members of the Institute of Residential Property Management (IRPM), ensuring that we always work to the highest standards in property management.
We understand that every development has unique needs, which is why we offer two tailored property management packages: our Core service, and our bespoke Signature service.
Centrick Core services are ideal for clients seeking a straightforward, service-driven solution for Building and Estate Management. This option is suited to low-density developments with traditional property management requirements. Centrick’s Core service covers all essential management tasks, from tenant communication to site inspections, safety compliance, and financial reporting.
For clients with more complex needs, Centrick offers a bespoke Signature service, ideal for larger developments with additional requirements such as multiple communal areas, on-site teams, or extensive building safety obligations. Properties managed under the Signature service benefit from Centrick’s industry-leading expertise and support, ensuring that even the most complex properties run smoothly and remain compliant with all relevant regulations. So, whatever needs your development and its residents and leaseholders may have, Centrick offer a service for you.
Discover Exceptional Property Management With Centrick
Property managers are an indispensable asset to residents and leaseholders, helping them maintain safe, profitable, and well-run developments. Whether you’re managing a small residential building or a large commercial complex, a property manager can take care of the day-to-day operations, leaving you with more time to focus on what matters to you most.
At Centrick, we make property management easy. Our experienced team is dedicated to delivering top-notch service, ensuring that your property operates efficiently and that your residents feel at home. Whether you’re looking for basic property management services or need a more tailored solution, our team is ready to help.
Get in touch via the form below to learn more about how Centrick’s services can transform your development today!
