5 Things Owners Should Know to Successfully Manage Their Property

Owning a property in any capacity is a huge responsibility that can come with a seemingly unlimited number of considerations. I mean, what happens if something goes wrong? What if you have to arrange for repairs or improvements to be made? What are you liable for if things don’t go according to plan?

These are all questions that owners can find themselves asking on any given day. After all, no one likes being blindsided by unforeseen expenses or being told that they are in breach of their legal obligations. That’s why, in this article, we will cover five of the top five things that every owner should be aware of – and why appointing an experienced and effective Block Manager can help with these worries.

Where to find important facilities at your property

This might seem like an obvious point, but it is equally as easy to overlook the location of household facilities as a given. Knowing where to find the fuse box, emergency shut-offs, and smoke and CO2 detectors is particularly important.

Depending on the type of property in question, the fuse box may be kept in any of a number of places, so familiarising yourself with its location – and the type of fuse box – will help to make sure any fixes that may be needed in the future can be carried out quickly and efficiently. It’s also a good idea to update old-style fuse boxes to a modern box with circuit breaker switches to ensure compliance with modern regulations.

You will also need to know the location of the main water valve – and how to shut it off if necessary. The stopcock – usually located under the kitchen sink – allows you to turn the water supply to your property on and off. Finding the stopcock before any potential accident occurs is a much better idea than leaving it to be done during an emergency.

Smoke alarms and CO2 detectors should be distributed throughout your property to warn tenants of potential fire hazards or gas leaks. It is the landlord’s responsibility to ensure that smoke and CO2 detectors are in full working order at the start of every new tenancy and to ensure that the broken detectors are repaired or replaced in a timely manner.

Amenities in your property’s local area

If you are letting out your property to tenants, you may well be their first port of call for enquiries about the local area. Having knowledge of the area surrounding your property – as well as other relevant considerations, such as bin collection days – can help to make sure you maintain a good relationship with your tenants. This is also a good way to keep communication channels open should a disagreement arise in the future. You know what they say: A happy tenant makes for a happy landlord!

A Landlord’s legal obligations and responsibilities

Should you choose to rent your property, in addition to being responsible for the correct installation of working smoke and CO2 detectors, landlords – or their appointed responsible person – have a number of other legal obligations that need to be carefully considered.

From safety certificates to deposit law, landlords have traditionally been required to keep up to date with the latest legislation and regulations related to their industry. Luckily, delegating the management of your block to a management company like Horizon Management can give landlords peace of mind knowing that their legal obligations are being met by a Block Manager with experience in the industry.

How to resolve issues quickly

You might have guessed by now but being a property owner may have its challenges. Things are bound to go amiss at some point – whether a water leak occurs or your financial circumstances change and difficult to keep up with your Service Charge payments. The important thing to consider when things go wrong is simply this: How can it be resolved?

Knowing how to conduct effective communication with tenants, identifying and working with high-quality contractors and being aware of relevant laws and regulations can all help to achieve this.

How can Horizon help

At Horizon Management, our Block Managers have the experience and expertise to help with the effective management of your block. We have the legal and industry resources you need to make your letting experience easier and more efficient than ever – from the maintenance of communal areas and liaising with contractors on your behalf to ensuring all legal requirements are met.

Get in touch with a member of our team today to find out how Horizon Management could help with the effective management of your block.