Property management company

A property management company is usually contracted by a building owner as a third party to manage the day-to.day running of commercial, industrial or residential properties: Services may include repairs, maintenance, and security as well as the managing tenant affairs such as vetting new tenants, collecting rent, handling tax liabilities, and dealing with tenant issues. Such services might also be referred to as full management services, as opposed to lettings services, which may only deal with rental side of a property.

Other terms used to describe property management companies include block management agents or a block management company (where the property is for example a whole block of flats), an estate management company (where the property is for example a whole residential estate), a flat management company (referring to a single flat or apartment as well as a number of flats in the same block).

The services provided by a property management company can vary significantly but will usually be agreed upon by both parties beforehand. Some of the services carried out by a property management company may include:

• Advertising and marketing a property for prospective tenants.
• Interviewing, vetting or screening potential tenants
• Drafting, signing, and renewing leases on behalf of property owners
• Collecting deposits, rent and any arrears.
• Maintaining a property or managing subcontractors to do so.
• Arranging for, managing and checking any required repairs.
• Setting up and adhering to budgets for property maintenance
• Adhering to relevant laws and regulations such as the Building Safety Act
• Making the owner aware of relevant laws and regulations such as the Building Safety Act

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Association of Residential Managing Agents (ARMA) is a professional body for residential managing agents in England & Wales, promoting standards of leasehold management and professionalism through advice, training and guidance.

Institute of Residential Property Managers (IRPM) is the professional body for residential property management specialists providing nationally accredited qualifications and resources to assist property managers in their roles.

Association of Leasehold Enfranchisement Practitioners (ALEP) deal with lease extension processes, freehold acquisition and the correction of management problems within leasehold properties, ensuring an agreed level of conduct and service.

Federation of Private Residents Associations (FPRA) is a non profit lease advice, support and lobbying organisation for private residential leaseholders, tenants’ and residents’ associations, across England and Wales, including Right To Manage Companies, Commonhold, and others, ss well as residential and flat management companies.

Leasehold Advisory Service (LEASE) provide free advice on residential leasehold and park homes law. An independent body governed by a board, appointed as individuals by the Secretary of State for the Department of Levelling Up, Housing & Communities.

The Property Institute is a professional body for residential property managers in England, Scotland, and Wales.

Association of Retirement Housing Managers (ARHM) trade association body for the retirement sector, promoting best practice, ethics and standards within the retirement housing sector.

National Leasehold Group (NLG) an independent networking group promoting professional leasehold management in Housing Associations and Local Authorities, sector specific training, seminars and a conference.

Royal Institute of Chartered Surveyors (RICS) manages professional qualifications and standards in the development and management of land, real estate, construction and infrastructure.