Self-management – why RMCs are turning to a managing agent

Over the last few years, Block Management UK Ltd has noticed an influx of self-managed properties enquiring about our services.

We know how challenging managing a block of residential apartments or an estate can be – issues can pop out of nowhere and always require a quick and effective solution.

Here, Business Development Executive Kirsten King explores some of the reasons that drive self-managers to seek our help or to eventually make the decision to switch to a management company.

Reasons to try self-management

Many self-managers have a very good reason to try their hand at managing a property themselves.

Often, it is because they have had a bad experience, or many, with a prior management company.

Some may feel they could find more competitively priced contractors themselves, while others think they can streamline the paperwork to save time and money.

There is plenty of advice available through a quick Google search, giving many the confidence they can do it alone.

However, managing properties is an ever-changing sector with unique challenges many do not see until they meet them face-to-face.

A complex business

A self-manager may feel they can take on the actions usually carried out by a management company.

However, in property management, the ground is always moving – with regular changes to laws, rules and regulations which can be difficult to keep track of.

Add to that the ongoing daily issues that arise from other residents and stakeholders, the pleasure of self-management can quickly get overshadowed by hundreds of other duties.

Managing a block of apartments or an estate has many moving parts, and often you need a thick skin when issues arise affecting residents.

Common issued faced by self-managers

Some of the challenges faced by self-managers include issues with financial management and accounting, organising reliable long-term maintenance, problems collecting service charges and debts, and managing in-fighting between directors and residents.

However, the biggest factor that leads many self-managers to ask about our services is the sheer size of the properties they are looking after. Once a property is more than 10 units, the administration work of stakeholder management becomes too onerous for an unpaid, often unsupported director.

In addition to managing the upkeep, maintenance and collection and accounting of service charges, self-managers may have to juggle multiple issues raised by residents all at once.

Block Management UK Ltd’s expert team can help, using our years of experience to take on these stressful tasks.