CASE STUDIES - HOW WE ADD VALUE
1. Capital Project Management
This case study is based on a development which comprises two apartment blocks containing 33 residential apartments. Built in the 1970’s this residential development requires a level of property management which is different from most other apartment blocks specifically due to the age, specification and design of the buildings. A.K. Property Services Limited were appointed as Managing Agents to this development in 2009. We were advised by the property owners upon our appointment of the concerns that they had and of some disquiet among property owners. We set about arranging a company meeting which was in addition to the AGM of the company. We gave property owners a forum to voice their concerns and a long term plan was formulated which included a set of goals and timeframes.
During our time we have added value by carrying out numerous capital projects including:
Due to the age, specification and design of the buildings, there is an ongoing requirement for such capital projects. The co-operation, confidence and acceptance of this, by all property owners is a crucial element in successfully getting projects over the line. Our preparation for each meeting allows for us to provide detailed and accurate information and quotations whereby decisions can be made and agreements reached which binds all property owners. In this regard each property owner fulfils their legal obligation to their Management Company.
Each of these projects were carefully planned in advance in consultation with property owners at all times. As each project reaches its successful completion property owners gain more and more confidence in their own Management Company and this in turn ensures full compliance in the payment of the annual service charge and sinking fund contribution. We regularly attend the AGM of this company whereby we have collected 100% of the service charges in the year.
There is a particular skillset required by a Managing Agent which will ensure that key capital projects are carefully planned, budgeted for, procured, actioned and signed off upon completion. Getting such projects ‘over the line’ and completed is one of our strengths at A.K. Property Services. We have extensive experience, knowledge and skills in this area.
During our time we have added value by carrying out numerous capital projects including:
- Re-landscaping of the green areas
- Tarmacadam re-surfacing of roadways and carpark
- New water tanks
- New roof
- New windows
- New carpets
Due to the age, specification and design of the buildings, there is an ongoing requirement for such capital projects. The co-operation, confidence and acceptance of this, by all property owners is a crucial element in successfully getting projects over the line. Our preparation for each meeting allows for us to provide detailed and accurate information and quotations whereby decisions can be made and agreements reached which binds all property owners. In this regard each property owner fulfils their legal obligation to their Management Company.
Each of these projects were carefully planned in advance in consultation with property owners at all times. As each project reaches its successful completion property owners gain more and more confidence in their own Management Company and this in turn ensures full compliance in the payment of the annual service charge and sinking fund contribution. We regularly attend the AGM of this company whereby we have collected 100% of the service charges in the year.
There is a particular skillset required by a Managing Agent which will ensure that key capital projects are carefully planned, budgeted for, procured, actioned and signed off upon completion. Getting such projects ‘over the line’ and completed is one of our strengths at A.K. Property Services. We have extensive experience, knowledge and skills in this area.
2. Financial Management
Financial Management in one of the largest apartment blocks in the North West is a crucial element for this Management Company. Following a rigorous tendering and interview process by the board of Directors, Aisling Keenan and A.K. Property Services were selected as the Managing Agent. The company bank account of this Management Company was overdrawn in the amount of €10,000.00 when we took it over. Compliance rates with the payment of the annual service charge were at 40%. Within 18 months of taking over this Company we had increased compliance rates to 85% and the bank balance was a healthy €60,000.00 in credit. We can achieve this level of compliance by gaining the confidence of property owners through open communication and the implementation of robust Management Company policies.
PSRA Property Services Agreement
Sample Company Constitution for an OMC
Sample Lease Agreement
Sample Management Company Policy for the collection of Service Charges
Sample Company Constitution for an OMC
Sample Lease Agreement
Sample Management Company Policy for the collection of Service Charges
|
|
| ||||||||