What You Should Know About Estates This Year
How Estate Management Services May Benefit Property Developers
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. Most recognized estate management companies take on managing not just leasehold properties, but freehold properties, as well, thus over the years have taken on the expertise and experience in being able to carry out proper maintenance service of these kinds of properties.
An estate management company takes a similar service task as that of a leasehold management company, but the services of an estate management company are far more extensive, which involves, generally, the following: routine and regular maintenance service of different kinds of properties, leasehold or freehold, which includes site inspection of homes, as well as its environment, like landscaping, car parks, driveways maintenance and improvement and many more of these access areas; regular compliance check on the government’s health and safety regulations on real estate properties; and the workload of collecting ground rents and service charges, which includes providing an invoice. 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.
With so much a service task to perform, the government requires that estate management firms must take up licensing requirements from the local real estate board and, thus, has equal authority license similar to that of a real estate broker’s license which may allow estate management firms to include rental properties and, at the same time, to have the authority to market these properties using the standard real estate marketing methods. By holding a license, estate management services companies are allowed to place a real estate board lockbox, which is a padlocked box that is placed around the doorknob of a house that is on the market, for real estate agents to access in to the house when they bring in clients. In some state licensing requirements, like that in Delaware, Florida, and Illinois, the real estate board requires that estate management companies also apply for community management licenses, since a major part of their service is actually catered to on-site management and supervision.