Archive for September, 2009

Law reform commission

Tuesday, September 29th, 2009

The Law Reform Commission, in its June 2008 report, made recommendations for both new and existing multi-unit apartment developments.

At a basic level, it has highlighted the lack of understanding regarding the structure, role and responsibilities of Property Management Companies in Ireland.  The law reform lays out some of the basic principles upon which a management company, management agent and the developer should conform to.

For information on this report, we have outlined some of the basic recommendations:

http://www.blockmanagement.ie/what_are_plr.htm

or if you wish to view the full report:

http://www.lawreform.ie/publications/LRC%2090-2008.pdf

Call our office at 01 2871905 now to find out more.

When is the service charge payable?

Sunday, September 27th, 2009

The Service Change is issued on an annual basis and must be paid by the due date shown on the invoice. Because most Management Companies’ financial years are the same as the calendar year, the service charge is issued at the start of the year.

It is in all owners’ interests that all monies in the budget are available, as a shortage of funds means that the Management Company’s (the property owners’) requirements cannot be met, and the complex will suffer, making all properties there less attractive and harder to sell or let.  Many management companies facilitate monthly and quarterly payments. The late payment of service charges can place significant pressure on the management company to provide the services as laid out in the budget.

Is the service charge the same each year?

Sunday, September 27th, 2009

No, the budget for the year will vary, depending to the upcoming running costs of the complex. The cost may rise in some years due to inflation and exceptional items but, on other occasions, it may be lower than the previous year.  Some costs have come down in recent times as more competitive quotes are received making decreases in the service charges possible.

What is a sinking fund?

Sunday, September 27th, 2009

A proportion of the annual Service Charge is put aside for the replacement of major common-area items,  replacement of carpets, major repairs to fire alarms or lift mechanisms.

The amount will depend on the size of the development and is paid as part of the annual Service Charge.  This Fund is important as it helps to minimise the impact of occasional, high-cost maintenance services.

What is a Service Charge and how is the amount decided?

Sunday, September 27th, 2009

In order to meet the costs of running the complex, each property owner pays a service charge on an annual basis. A budget is drawn up each year and presented to the Directors of the Management Company.

The total budget amount will have been divided by the number of properties in the complex (sometimes weighted by the varying size or type of properties concerned).

Once the Board of the Management Company approves the budget, it is then charged out to all owners.

Should I attend the AGM?

Sunday, September 27th, 2009

An Annual General Meeting is arranged by the Managing Agent, on behalf of the Management Company to review the previous year’s activities, and discuss and agree plans for the following year.

It is important to attend the AGM, as this is the resident’s chance to have a say in the running of the development. All owners are given notice of the time and location of the AGM at least 21 days in advance.

Only owners are entitled to attend the AGM, and those whose accounts are not in arrears are entitled to vote on motions raised. The resolutions agreed are binding on all members so it is important to get involved at least by attending the AGM.

Who decides on the activities of the managing agent?

Sunday, September 27th, 2009

The decisions are made at the Management Company AGM, where the aims and suggestions of the owners for the professional management of the complex are discussed and agreed.

A Board of Directors is elected from the owners, and this Board works with a chosen Managing Agent to have the agreed proposals carried out.

What is a Managing Agent such as BlockManagement.ie responsible for?

Tuesday, September 22nd, 2009

The responsbilities vary slightly for each development.  In general, the management agent on behalf of the management company will look after the maintenance of lights, doors, locks, intercoms, lifts, common area grounds maintenance,block insurance, public liability and refuse collection among others.  This work is organised and supervised by the managing agent on behalf of the Management Company, i.e. the owners.

For more information call o1 2871905

What is a managing agent?

Tuesday, September 22nd, 2009

Managing Agents (such as BlockManagement.ie) are employed by the Board of Management where the Board does not wish to undertake the full responsibility itself for the day to day management of the property.

The Managing Agents are NOT the Management Company, we are simply servants of the Management Company.  A good firm of Managing Agents will do everything possible to ensure that the Company honours its obligations to the individual owners and also that the individual owners honour their responsibilities to the Management Company and each other.

If you have any questions, please don’t hesitate to contact BlockManagement.ie and we will explain in detail the level of professional services available to you, without obligation.

Services provided by Blockmanagement.ie

Tuesday, September 22nd, 2009

BlockManagement.ie includes in its customised service package:

1. Complete satisfaction guarantee.
2. Lower management fee without loss in frequency or quality of services provided.
3. Discounted fees for landlords letting their property to include rent assurance, tenant vetting and emergency call out service.
4. Discounted fees for residents looking to sell their property including our full BlockManagement.ie marketing package.
5. Service to provide list of vetted tradesmen to all members at discounted rates exclusive to BlockManagement.ie clients.
6. Yearly review of all contracts and a signed declaration that no surcharge or commission – in cash or in kind – has been received by BlockManagement.ie in the selection of contractors to carry out works on behalf of the Property Management Company.