What Estate Management Services Offer
Once a huge real estate property is developed the company that develops it goes further as to maintain and improve its property facility by way of outsourcing an estate management company whose primary service is to help maintain the facilities as how the developer would want its property to be sustained. 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. Other pertinent services that an estate management company is willing to service are the following: recommending for long-term maintenance projects, such as the resurfacing of car parks, driveways, pathways within a real estate property; supervising the different kinds of maintenance contracts; taking the responsibility of being a go-between with legal representatives on the sale or purchase of a leasehold property; and even taking care of annual directors’ meetings among residents of a developed estate.
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. Part of holding a government license is allowing the estate management firm to take the task and responsibility of placing a real estate board lockbox, which is a padded box placed on the doorknob of a house for sale, so that real estate agents can access into the house property when they bring in clients. To some states, such as Delaware, Florida, and Illinois, they also impose another kind of license to estate management companies, which is the community management licenses, especially if part of their services include on-site management.