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Watson Property Management has specialised in the management of flats and apartments since the early 1990's, enabling our portfolio to grow steadily to its current size of around 4,000 units. It is only since 2002 that we have become directly involved with volume house builders and developers. Since then, we have taken instructions on almost fifty new properties and we're adding to our numbers all the time as more and more developers hear about the service we offer.
We conducted our own market research in order to determine what developers were seeking from their managing agent and our research confirmed several points. Since then we've tried to tailor our approach to meet developers' needs, as our perception is that many developers do not currently receive such a service. This is supported by a recent e-mail from a national developer who said:
I have to say that you have been one of the most efficient managing agents I have had to deal with.
We fully understand that having sold an apartment you are looking for the purchaser to buy further properties from you in the future. As such, you must choose a managing agent that will provide a level of service that preserves and enhances your reputation. That is the level of service we offer.
Does your managing agent:
- Sit down with you at plan stage in order to fully understand the scope of the development and the services provided?
Some developments are straightforward but others can be complex - perhaps incorporating a mix of apartments, houses, or commercial within the scheme. We make ourselves available to our developer clients at an early stage so that we can meet their requirements. Sometimes we provide input into the final detail. Our experience in dealing with the finished article gives us first hand knowledge of the mechanics as we know what does and doesn't work best.
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Prepare a budget that fits the lease?
It's surprising how many budgets are prepared and then administered without any prior reference to the lease. We prefer a copy of the lease at draft stage so that we can be sure that it reflects how the budget will be managed. It's crucial that the lease is drafted in a form that enables the agent to manage correctly in accordance with the original budget but at the same time gives some room for variation if required. We like to liaise with lawyers so that we can advise on areas within the service charge clause.
At the end of the day, the managing agent is the one who will have to interpret the wording of the lease so he should be aware of its contents.
- Produce accurate and realistic initial budgets?
We fully understand the need for developers to provide an attractive product to buyers and the level of service charge can be a deciding factor. That's why we work closely with them in the early stages. Yes, the budget needs to be as low as possible but it also needs to be realistic. We work hard to ensure the budget is reasonable, provides good value for money and is a true reflection of the annual costs. It is not in your interest for leaseholders’ to get a very nasty surprise in the second year. We provide a full budget breakdown which we implement straight from the first completion. We produce itemised costings which can be released to buyers as part of a marketing pack. We even prepare notes for our developer client so that their sales team understand how the budget has been put together. Where necessary, we can liaise with the sales office during development to assist them with any unexpected questions that buyers may raise.
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Have the resources to provide efficient and professional after sales care and maintain an involvement in the complete development process right through to handover of the management company?
Developers need agents who are able remove the burden surrounding the management of the final scheme and leaving them free to concentrate on the sales process. We get involved at an early stage of the development and often carry out work in the background on the developers behalf, such as the creation of the management company, if required. We even provide the directors and company secretary if that is requested. We visit the site during the construction phase in order to meet site managers. This means that a relationship has already been established when handover of the site begins and snagging may become an issue. Often a development will be released in phases so we need to implement services gradually over a period of time, whilst bearing in mind that the builder may still be on site. We work with the developer right through the defects period until they are fully off site and the development is in the hands of the management company.
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Charge set-up costs and require a formal contract?
Perhaps the best part about our service to developers is that the whole thing comes for free. The only costs you face are any out of pocket expenses such as the cost of creating the management company. Other than that, we'll produce the budget, consult and redraft as often as necessary, attend meetings, visit the site, prepare inclusions for the buyers pack, liaise with the sales office and whatever else is required, without any cost to you at all. We won't ask you to commit to a contract because we like to be retained because of our performance, not because of a legal obligation.
Does that sound like your current managing agent, or just like the one you'd like to have? We are constantly working to develop and strengthen our relationships with existing contacts as well as continuing to seek new opportunities with developers for whom we believe we can provide a professional and quality service to complement their own. And not just in Yorkshire. We have surveyors based in the North West, the Midlands and the South East and manage a large variety of apartment blocks from Brighton to Newcastle-upon-Tyne. We'll be happy to discuss property with you, wherever it's located.
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