What Estate Management Services Offer
Nowadays, the set up in real estate development has become segmented, primarily, for the purpose of getting the most of services, as well as saving cost from outsourcing services via estate management companies. Generally, most real estate developers rely on recognized estate management companies who have the professional experience and expertise in carrying out management services in maintaining order and improvement in as many kinds of real estate properties, which include leasehold and freehold ones.
An estate management company can accommodate as many varied services that it can offer to a real estate developer, such as the following: drafting, preparation and implementation of agreed budgets, which is usually the first step of which a proposal is offered by the estate management catering to the budget of the developer; routine site inspections, which include leased properties or fully owned and their surrounding site grounds, such as grass areas, flowerbeds, car parks, driveways, etc; maintenance and improvements of all communal areas; taking the task of compliance with government’s health and safety regulations on real estate property management; and even the complexities of invoicing and collecting service charges and ground rents. While the job may be broken down into the mentioned services, but the estate management company is also capable of introducing other services in their portfolio, which are proposing for long-term for large maintenance projects, like resurfacing car parks and driveways; supervising of maintenance contracts; arranging for annual meetings of directors in an established real estate property; and liaising with solicitors in connection with a sale or purchase of a leasehold property.
Basically, to put up an estate management company, part of the government requirement is for it to take up a license from the local real estate board, to which it is similar in license authority as that of a real estate broker, which can include in its management service that of rental properties, as well as being allowed to market these kinds of properties following the standard real estate marketing strategies. Another aspect of having a government license is allowing the estate management company to take the responsibility of putting a real estate board lockbox at the doorknob of a house that is on the market so that any real estate agent can access into the house when they want their clients to see the property. Apart from this kind of license, in some states, like Florida, Illinois, and Delaware, estate management firms are also required to have community management licenses, especially if their services include on-site management.