Often, managing a block of flats is viewed as a colossal undertaking that landlords should leave to a management agency, but if you’re a freehold owner looking to expand your depth of knowledge, you could save yourself some money and learn valuable new skills by managing your block of flats yourself.
The experience has been compared to managing a business, and this isn’t far from the truth. There are many similarities between running a business and managing a block of flats, as we outline in this article.
Both Business And Block Management Involve A Lot Of Communication
In business, communication skills are vital, and these can be transferred easily to managing a block of flats. You’ll need to work with a wide variety of outsourced service providers, tenants, landlords, housing agencies and other governing bodies, all of whom need supporting and liaising with. As such, the communication skills you learned in the business world will be vital to your success as the manager of a block of flats.
You’ll Need To Do A Lot Of Paperwork
Just like running a business, there’s a lot of admin involved in managing a block of flats. You’ll need to make sure you have all the deeds, tenancy agreements, the building insurance policy, leaseholds and contracts for facilities management all in one place, and that you get them all organised as soon as you take over the management of your block. Work with quality service providers, such as Crosby Insurance, who provide blocks of flats insurance, to ensure that you get a great service, allowing you to quickly complete your paperwork and get back to the important work of keeping your block running smoothly.
There Will Be Many Challenges To Overcome
Managing a block of flats is fraught with as many challenges as running your own business is. There are many separate elements of both organisations, each of which needs to be working in cohesion if you want the business, or block of flats, to be a success. Like businesses, blocks of flats are also subject to issues that are beyond the control of the manager, such as weather conditions, the behaviour of residents and problems with the structure of the property. As a result, there’s lots of challenges to keep any property manager on their toes when managing a block.
You Need To Understand The Law Around Managing A Block Of Flats
Businesses come in all shapes and sizes, and each has a different set of laws governing its ownership and other issues. The same can be said of a block of flats. They are subject to many different laws, and there are various forms of leasehold on offer, so you need to understand what laws your block is subject to and what this means for you, the lease owners and those who actually live in the property.
Managing A Property, Like A Business, Can Be Incredibly Rewarding
At the end of the day, whilst there are many challenges inherent in both endeavours, the biggest similarity between managing a business and a block of flats is that they’re both enjoyable and rewarding. You feel the same sense of satisfaction when your business is going well as you do when your block of flats is full, and everything is going smoothly.
Managing a block of flats can seem like a herculean undertaking, but with a little organisation and insight you can turn this endeavour into a profitable and invigorating venture. This article will help you to understand how you can put your business knowledge to good use when managing a block of flats.